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Page 5 <br />February 12, 1996 <br />Mounds View City Council <br />COUNCIL BUSINESS: <br />A. Consideration of Resolution No. 4893, Regarding Minnesota Cities Participation Program from <br />MHFA for First Time Home Buyer Mortgages. <br />Mr. Harrington explained that in 1995 the City of Mounds View received approximately $262,000 from <br />MHFA to distribute to qualified potential first time homebuyeres. Of that amount, the city used about <br />$260,000 on three families. He noted that the program has income limitations and requires that the purchase <br />price of a home cannot exceed $95,000. The funds can also be used to buy down interest rates and be used <br />for closing costs. Funds are available through MHFA for 1996 and if the city is interested in participating in <br />the program, they must pass a resolution requesting participation in the program, which is offered to cities on a <br />first-come/first-serve basis. <br />Ms. Trude noted that in the past, the program also allowed a person to purchase a two bedroom home and set <br />aside funds to make it into a three bedroom home under one mortgage. She feels this is an excellent way to <br />provide upgraded housing. <br />MOTION/SECOND: Quick/Blanchard to Approve Resolution No. 4893, Authorizing the Application for the <br />Minnesota Cities Participation Program. <br />VOTE: 5• ayes 0 nays- Motion Carried <br />B. Consideration and Formal Introduction of Ordinance No. 572, Amending the Municipal Code of <br />Mounds View By Amending Chapter 1005, Entitled "Housing Code". <br />Mr. Harrington explained that at the February Work Session, the council discussed the updates to the Housing <br />Code of the Municipal Code, in particular how it relates to code violations and livability of dwellings. At that <br />time, the council directed staff to prepare Ordinance 572 which would amend the Municipal Code. This <br />ordinance would modify the city's code for occupancy standards, minimum square footage's, and removing <br />immediate dangers which may exist. <br />MOTION/SECOND: Hankner, Blanchard to Waive the Reading and to Formally Introduce Ordinance No. <br />572, Amending the Municipal Code of Mounds View by Amending Chapter 1005, entitled "Housing Code". <br />VOTE: 5 ayes 0 nays Motion Carried <br />C. Consideration of Approval to Authorize a Contract for Services Relating to Continuing Disclosure with <br />Springsted, Inc. <br />Mary Tatarek, Interim Finance Coordinator, distributed copies of the a proposed contract for financial advisor <br />services. <br />• <br />