05-13-09 Council Agenda - Laserfiche WebLink

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RESOLUTION OF GOVERNING BODY WHERF.,AS, the City of Little Canada has formed I-Iousing Improvement Areas (HIA's) to benefit Fleur Royale Condominiums and Canabury Condominiums located within the City of Little Canada, and WHEREAS, fees have been levied to support financing costs for building improvements for each complex, and WHEREAS, City financing costs will be at taxable rates that create a greater repayment burden for residents of these complexes, and WHEREAS, Ramsey County had funding available to provide rehabilitation loans for eligible condominiums and townhouses, and WHEREAS, Fleur Royale and Canabury Condominiums have over 50% ownership/occupancy that meets I-IUD low/moderate income guidelines, and WHEREAS, Ramsey County loan funding will allow the blending of interest rates resulting in lower net interest costs to residents of these complexes thereby making repayments more affordable, NOW, THERF,FORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LITTLE CANADA, MINNESOTA that: 1. The City of Little Canada hereby supports and authorizes the Ramsey County Funding Request Application in the amount of $400,000 with said financing to be used to provide lower cost financing than would otherwise be available for Fleur Royal and Canabury Condominiums. 2. The City will secure Ramsey County's funds through fees levied against the real property of each owner that will be collected with future property tax payments. 3. The City Administrator is authorized to execute all necessary application materials on behalf of the City of Little Canada and will provide coordination with Ramsey County to ensure the successful completion of these projects. Adopted this day of May, 2009. By: Bill Blesener, Mayor Joel R. Hanson, City Administrator 7