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HomeMy WebLinkAbout2014-010 EDAR Commissioner Lin Myszkowski introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2014-10 RESOLUTION APPROVING CONTINUATION OF RENEW HOME BUYER INCENTIVE PROGRAM AND REAUTHORIZING THE USE OF FUNDS FROM TAX INCREMENT DISTRICT NO. 3 HOUSING ACCOUNT WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (EDA) approved Resolution 2009-02, which established certain housing programs in the City of Brooklyn Center, including the ReNew Home Buyer Incentive Program including the ReNew Loan Program and ReNew Grant Program; and WHEREAS, Resolution 2009-02 authorized the use of Tax Increment Finance District No. 3 Housing Account Funds to fund the ReNew Home Buyer Incentive Programs; and WHEREAS, mortgage foreclosures and vacant properties continue to be significant problems in the City, resulting in neighborhood blight,deterioration,health and safety hazards, resulting in decreasing property values and disincentives to reinvestment in City neighborhoods, among others; and WHEREAS, the EDA has determined that it is in the public interest to address these problems by encouraging occupancy and home ownership of such vacant and foreclosed buildings; and WHEREAS, the EDA has reviewed the results of the performance of the Housing Programs established to promote home ownership of foreclosed and vacant properties; and WHEREAS, the EDA has determined that it is reasonable and appropriate to continue to operate the Housing Program and fund its operation from available funds from the Tax Increment District No. 3 Housing Account; and WHEREAS, the EDA has determined that it is in the best interest of the public and the public health, safety and welfare of the residents of the City that the EDA continue operation of the Housing Program and make funds available, therefore, all as hereinafter provided. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of Brooklyn Center, Minnesota as follows: EDA RESOLUTION NO. 2014-10 1. The EDA hereby approves the continuation of its Home Buyer Incentive Programs to promote homeownership of foreclosed and vacant properties. The loan assistance programs, including the ReNew Loan Program to provide loans for down payment and closing cost assistance and the ReNew Grant Program to provide grants for down payment and closing costs assistance, are hereby authorized for funding in the amount of $100,000 which includes administrative expenses. 2. The EDA hereby approves the use of Tax Increment District No. 3 housing account funds to fund the continuation of the ReNew Home Buyer Assistance Programs including the Loan Program and Grant Program. 3. The President and Executive Director of the Economic Development Authority of Brooklyn Center, Minnesota are hereby authorized and directed to take all such other further steps as are reasonable and necessary to affect the Housing Programs described by this resolution. R Mav 12, 2114 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Carol Kleven and upon vote being taken thereon,the following voted in favor thereof. Tim Willson, Carol Kleven, Kris Lawrence-Anderson, Lin Myszkowski, and Dan Ryan; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.