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EXHIBIT A <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION <br /> RESOLUTION NO. 98-EDC-23 <br /> CITY OF MOUNDS VIEW <br /> • COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> • <br /> RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY'S <br /> CONSIDERATION TO APPLY FOR THE "COMMUNITY FIX-UP FUND" PROGRAM <br /> OFFERED THROUGH THE MINNESOTA HOUSING FINANCE AGENCY <br /> WHEREAS, due to the age and condition of the city's housing stock it is important to encourage <br /> reinvestment in the community to avoid blight and to upgrade the quality, livability and <br /> marketability of the housing stock; and <br /> • <br /> WHEREAS, the city may apply to the MHFA for participation in the"Community Fix-up Fund" <br /> program to target a specific area of housing within the community. Under this program, the <br /> annual adjusted household income limit for homeowners within a qualifying community is <br /> increased from $49,000 to $69,920, thereby increasing the availability of loans at a lower <br /> interest rate to Mounds View homeowners. In addition, the city will significantly reduce the <br /> interest rate by providing a subsidy for a proposed loan program to further encourage <br /> participation; and • <br /> WHEREAS, the EDC has determined that the specific target area of housing need required for <br /> proposal for the "Community Fix-up Fund" program are homes built before 1965. In part, <br /> because over 50% of homes built in the city were built before 1965 and that these homes <br /> predominantly show the greatest need for home improvement and revitalization; and <br /> WHEREAS, the Economic Development Commission finds that by applying for the"Community <br /> Fix-up Fund" program, more Mounds View homeowners may become eligible for home <br /> improvement loans at a reduced interest rate. <br /> NOW THEREFORE, BE IT RESOLVED that the Economic Development Commission of the <br /> City of Mounds View hereby recommends that the Economic Development Authority approve <br /> application to the MHFA for the"Community Fix-up Fund".program as part of a city sponsored <br /> home improvement loan subsidy program. <br /> • Adopted this 23th day of April, 1998. <br /> • <br /> • <br /> ATTEST: <br /> Chair <br /> (SEAL) IT • (,-).0A;(. . <br /> City Administor <br />