1994-023 Council Resolution - Laserfiche WebLink

Home Search

Council Member Elliott introduced the following resolution and �-- moved its adoption: CITY OF LINO LAKES RESOLUTION NO. 23 - 94 RESOLUTION RELATING TO COTTAGE HOMESTEADS WILLOW POND PROJECT: MAKING CERTAIN FINDINGS BE IT RESOLVED by the City Council of the City of Lino Lakes, Minnesota (City): 1. The City has determined to provide financial assistance, as described herein, to the Cottage Homesteads of Willow Ponds Project (Project). 2. In order to facilitate the construction of the Project, the City Council finds and determines as follows: A) The proposed site of the Project on Elm Street is properly zoned for a 90 -unit senior housing project plus a clubhouse. Sewer and water utilities are available and can be connected to the site and the units. B) The Project is in a duly established tax increment financing district and a tax increment plan providing for tax increment assistance to the Project has been adopted by the City Council. C) The Council has given approval to an additional rent subsidy plan for the Project funded by waiver by the City of the following fees: City SAC Unit Charges City WAC Unit Charges City Park Dedication Fees $ 49,260.00 $121,275.00 $ 8,160.00 TOTAL $178,695.00 3. The City staff and City's financial advisers are authorized and directed to initiate the necessary procedures for the issuance by the City of its Housing Revenue Bonds pursuant to Minnesota Statutes, Chapter 462C, to provide funding for the construction of the Project. Adopted by the Lino Lakes City Council this 30th day of March, 1994.