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<br />i · <br /> <br />RESOLUTION No. 96 - 014 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RAMSEY <br />CiTY OF NEW BRIGHTON <br /> <br />RESOLUTION AUTHORIZING PAYMENT OF MINNESOTA CITY PARTICIPATION <br />PROGRAM APPLICATION ALLOCATION AND PROCESSING FEE FROM THE CITY'S <br />DEVELOPMENT ACCOUNT <br /> <br />WHEREAS, the City Council approved the City of New Brighton's submittal of an application <br />for the Minnesota Housing Finance Agency's Minnesota City Participation Program on February 13, <br />:; 1996; and <br /> <br />WHEREAS, the MHFA has committed $488,435 for first-time home buyers within the City of <br />New Brighton to be administered by local lenders; and <br /> <br />WHEREAS, the MHFA requires a $100 processing fee; and <br /> <br />WHEREAS, the MHFA requires and a $4,884.35 deposit which will be refunded after the MHFA <br />sells the mortgage revenue bonds in order to initiate the program; and <br /> <br />WHEREAS, the City is committed to developing and implementing policies and programs to <br />address existing and potential housing needs within New Brighton; and <br /> <br />WHEREAS, the City will use the Development Fund that was established in part to promote the <br />City's housing goals. <br /> <br />Now, THEREFORE BE IT RESOLVED BY THE CrrY COUNCIL OF THE CITY OF NEW BRIGHTON that <br />the City shall participate in the Minnesota City Participation Program and make payment of the <br />application processing fee and the fully refundable allocation fee from the City's Development Fund. <br /> <br />Adopted this 12 day of March, 1996. <br /> <br />ATTEST: <br /> <br />~~~ <br />~."- ~ ..,/ /, <br />Robert Benke, " ayor <br /> <br />, <br />, <br />-:: ATTEST: <br />" <br /> <br />" .~ <br /> <br />., " Margaret Egan, <br />" Finance Director/City Clerk <br /> <br />~z~ <br /> <br />M tthew S. Fulton, City Manager <br /> <br />!! <br /> <br />(Seal) <br />