HomeMy WebLinkAbout1994-023 Council ResolutionCouncil 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.
RESOLUTION NO. 23 - 94
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Vernon F. Reinert, Mayor
ATTEST:
jCj
Marilyn iAnderson, Clerk -Treasurer
The motion for the adoption of the foregoing resolution was duly
seconded by Council Member Neal and upon vote being taken thereon,
the following voted in favor thereof: Elliott, Neal, Reinert.
The following voted against same: Kuether. Council Member
Bergeson was absent.
Whereupon said resolution was declared duly passed and adopted.