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HomeMy WebLinkAbout2017-016 EDARCommissioner April Graves introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2017-16 RESOLUTION APPROVING LOAN PROGRAM ADMINISTRATION SERVICES WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the "Authority"), working together with the Minnesota Housing Finance Agency, has established a home improvement incentive loan program (the "Home Improvement Program") providing interest rate subsidies to qualified homeowners for the costs of malting repairs and improvements to their homes; and WHEREAS, the Authority has established policies and procedures for the implementation of the Home Improvement Program (the "Home Improvement Program Guidelines"), a copy of which are on file with the Executive Director; and WHEREAS, in connection with the continued administration of the Home Improvement Program, the Authority and the Center for Energy and Environment, a Minnesota nonprofit corporation ("CEE") desire to enter into a Loan Origination Agreement (the "CEE Agreement") whereby CEE will provide loan origination services to the Authority; and WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (the "Authority") has also established a ReNew Buyer Incentive Program (the "ReNew Program" and together with the Home Improvement Program, the "Programs") providing assistance to homebuyer with costs associated with buying or improving a foreclosed or vacant homes; and WHEREAS, the Authority has established policies and procedures for the implementation of the ReNew Program (the "ReNew Guidelines"), a copy of which are on file with the Executive Director; and WHEREAS, in connection with the continued administration of the ReNew Program, the Authority and the Community Reinvestment Fund, ("CRF") desire to enter into a Loan Servicing Agreement (the "CRF Agreement" and together with the CEE Agreement, the "Agreements") formalizing CRF's role as loan servicer and providing that CRF will continue to provide loan servicing for the ReNew Program; and WHEREAS, the participating entities have the institutional, managerial and financial capability to insure adequate project and grant administration for the Programs; and WHEREAS, a portion of the financing for the Programs is funded from the Authority's Tax Increment Financing District No. 3 Housing Account. NOW, THEREFORE, BE IT RESOLVED, by the Economic Development Authority of Brooklyn Center, Minnesota Board of Commissioners as follows: RESOLUTION NO. 2017-16 1. The Authority hereby reaffirms the Programs and declares that it is in the public interest of the residents of the City of Brooklyn Center to continue administering the Programs. 2. That the Agreements are hereby approved and the Executive Director of the Authority is authorized and directed to execute and deliver the Agreements on behalf of the Authority. 3. That the authority to approve, execute and deliver future amendments to the Agreements and any consents required under the Agreements is hereby delegated to the Executive Director, subject to the following conditions: (a) such amendments or consents do not materially adversely affect the interests of the Authority; (b) such amendments or consents do not contravene or violate any policy of the Authority or the City of Brooklyn Center, and (c) such amendments or consents are acceptable in form and substance to the counsel retained by the Authority to review such amendments. The authorization hereby given shall be further construed as authorization for the execution and delivery of such certificates and related items as may be required to demonstrate compliance with the Agreements, as amended, and the terms of this Resolution. The execution of any instrument by the Executive Director shall be conclusive evidence of the approval of such instruments in accordance with the terms hereof. In the absence of the Executive Director any instrument authorized by this paragraph to be executed and delivered may be executed by the officer of the Authority or the City of Brooklyn Center authorized to act in his/her place and stead. 4. That the Authority staff is authorized and directed to implement the terms of the Agreements as provided therein. October 9 2017 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Dan Ryan and upon vote being taken thereon, the following voted in favor thereof. Tim Willson, Marquita Butler, April Graves, Kris Lawrence -Anderson, Dan Ryan and the following voted against the same: whereupon said resolution was declared duly passed and adopted.