RES 1995-27 - 00002864Me*
RESOLUTION NO. 27 - 1995
RESOLUTION MAKING CERTAIN FINDINGS REGARDING HOMESTEAD
TAX TREATMENT OF PROPERTY IN HYDE PARK BEING PURCHASED
BY ANOKA COUNTY COMMUNITY ACTION PROGRAM, INC.
WHEREAS, Minnesota Statutes Section 273.124, subd. 6(j) specifically requires
that the City, where the Leasehold cooperative is located, must make findings
regarding the property in order for the cooperative to obtain homestead tax
treatment under that statute.
NOW, THEREFORE, BE IT RESOLVED, that the City of Fridley finds that the
granting of homestead tax treatment for the properties located at 6008 - 2nd
Street, 5908 and 5916 - 2 1/2 Street in Fridley, Minnesota, will facilitate
safe, clean, affordable housing for the cooperative members that would
otherwise not be available absent the homestead designation for those
properties; and
BE IT FURTHER RESOLVED, that the City of Fridley finds that ACCAP has
presented information satisfactory to the City of Fridley showing that the
savings obtained from the homestead tax designation of these properties will
be used to reduce the tenants' rents or provide a level of furnishing or
maintenance not possible absent the designation of homestead; and
' BE IT FURTHER RESOLVED, that the City of Fridley finds that ACCAP has
submitted documents showing that the cooperative association will have a lease
for occupancy of the property for a term of at least 20 years which allows the
association to participate materially in the management of the property, and
that a minimum of 408 of the cooperative association members will have incomes
of 608 of the area median gross income, and that ACCAP will be obtaining
financing for this project from the Minnesota Housing Finance Agency; and
BE IT FURTHER RESOLVED, that ACCAP enters into and executes the Contract for
Private Redevelopment as approved by the Fridley Housing and Redevelopment
Authority at its April 13, 1995 meeting.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 24TH DAY OF
APRIL. 1995.
WILLIAM J. 'EE - MAYOR
ATTEST:
IWILLIAM A. CHAMPA - CI CLERK