HRA RES 1999-02 - 00000976RESOLUTION NO. HRA 2- 1999
A RESOLUTION MODIFYING THE FRIDLEY REVOLVING LOAN PROGRAM
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 1. Recitals.
1.01 The Authority has previously established, by HRA Resolutions Nos. 3-1993, 4-1993, 16-1995, 8-
1996, and 19-1997, housing rehabilitation programs which, among other things, provided for the making of
loans funded by the Authority in the City of Fridley.
1.02 It has been proposed that the Authority now modify provisions of the revolving loan program (the
"Revolving Loan Fund").
Section 2. Findin�s.
2.01 The Authority hereby finds that the Revolving Fund Loan promotes the purposes of the Authority
as those purposes are defined in the Minnesota Statutes 469.001, et. seq. (the "Act").
2.02 The Authority hereby finds that the Revolving Fund Loan assists in the preservation, maintenance,
and provision of adequate housing stock; that accomplishing this is a public purpose in that there are many
residences in the City which require rehabilitation.
2.03 The Authority hereby finds that rising home improvement and rehabilitation costs make it more
expensive for participants in the Revolving Loan Fund to complete their home improvement projects and
that it is prudent to increase the maximum loan amount to accommodate these higher costs.
Section 3. Modification of Pro_r� am.
3.01 The Authority hereby approves and amends the Revolving Loan Fund as described in HRA
Resolution No. 8-1996, Schedule A, Section I, Subsection B, Paragraph 5, to read as follows:
"The Revolving Loan will carry an annual interest of five (S) percent and
must be repaid in monthly installments. The maximum Revolving Loan shall
not exceed $35, 000. The maximum term shall not exceed 20 years. All
Revolving Loans will be secured with a separate mortgage. "
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
1N AND FOR THE CITY OF FRIDLEY, MINNESOTA, THIS 1ST DAY OF APRIL 1999.
LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
WILLIAM W. BURNS, EXECUTIVE DIRECTOR