HRA RES 1996-13 - 00001094HRA RESOLUTION N0. 13 - 1996
A RESOLUTION AUTHORIZING THE FUNDING OF THE FRIDLEY REVOLVING LOAN
PROGRAM; PROVIDING FOR THE DELEGATION OF CERTAIN POWERS AND
DUTIES; AUTHORIZING THE EXECUTION OF DOCUMENTS
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority"), as follows:
Section l. RPritals.
1.01. The Authority has previously established a Comprehensive Housing
Rehabilitation Program for the City of Fridley (the "Program") for the
residents of all of the City of Fridley's neighborhoods. One of the
types of loans available under the Program is a loan to assist with home
improvements (the "Revolving Loan Program") as more fully described in
HRA Resolution No. 12 - 1996.
1.02. The Authority has entered into the necessary agreements to implement the
Program.
1.03. It has been proposed that the Authority now enter into the necessary
agreements to finance and provide the funds required for the Revolving
Loan Program.
1.04. It has been proposed that the Authority borrow the sum of $1,500,000 from
the City to fund the Revolving Loan Program.
Section 2. Findinas.
2.01. The Authority hereby finds that its area of operation in which it has
implemented the Revolving Loan Program is the area within the territorial
boundaries of the City as provided for in MinnP�ota StatutP�, Section
469.002, Subd. 8 and that the Revolving Loan Program is available to all
eligible City residents.
2.02. The Authority hereby finds that the adoption of the Revolving Loan Program
has and continues to promote the purposes of the Authority as those
purposes are defined in MinnP�ota StatutP�, 469.001, �t_s_eC�. (the "Act").
2.03. The Authority hereby finds that the Revolving Loan Program is
assisting in the alleviation of shortages of decent, safe and sanitary
residential housing available within the City at prices affordable to
persons and families of low or moderate income as described therein.
2.04. The Authority hereby finds that preservation of the quality of life in the
City is dependent upon the maintenance, provision, and preservation of an
adequate housing stock; that accomplishing this is a public purpose in
that there are many residences in the City which require rehabilitation;
that a need exists to provide in a timely fashion affordable housing to
persons of low and moderate income as described in the Act and herein
residing and expected to reside in the City; that many owners,
would-be purchasers or providers of residences are unable
Page 2-- HRA Resolution No. 13 - 1996
to obtain mortgage credit for rehabilitation of residences under current
market conditions; and that in establishing its Revolving Loan Program
the Authority is acting in all respects to benefit the citizens of the
City and to serve a public purpose in improving and otherwise promoting
their health, welfare and prosperity.
2.05. The Authority hereby finds that a long term source of funds is necessary
to maintain the Revolving Loan Program.
Section 3. Authori�ation for Funding.
3.01. The Authority hereby approves and adopts funding for the Revolving
Loan Program as described in the Financial Analysis for the Revolving
Loan Program attached as Schedule A to this Resolution.
Section 4. �PlPgation of PowPr and �utiPS.
4.01. In accordance with the Act, specifically MinnP�ota StatutP�, Section
429.012, Subd. 1(3), and in accordance with Schedule A, the officers,
agents and employees of the Authority are hereby authorized to take such
actions as may be necessary to provide the funds necessary to operate the
Revolving Loan Program.
Section 5. Authori�ation for FxPrution of �ocumPnts.
5.01. The Executive Director and the Chairman are hereby authorized to execute
all documents necessary to implement the Program, including any loan
documents with the City which will provide $1,500,000 in funds for the
Revolving Loan Program.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
FRIDLEY THIS 11TH DAY OF JULY, 1996.
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR