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EXHIBIT A <br /> - 1 <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT COMMISSION <br /> RESOLUTION NO. 98-EDC-25 <br /> CITY OF MOUNDS VIEW <br /> COUNTY OF RAMSEY <br /> STATE OF MINNESOTA <br /> RESOLUTION RECOMMENDING THE ECONOMIC DEVELOPMENT AUTHORITY'S <br /> APPROVAL OF TAX INCREMENT FINANCING AND PROGRAM GUIDELINES FOR THE <br /> PROPOSED HOME IMPROVEMENT LOAN INTEREST SUBSIDY PROGRAM <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 /> WHEREAS, the EDC has determined that by implementing a program which subsidizes <br /> (reduces) the interest rate for home improvement loans for all qualifying homeowners within the <br /> city, an incentive will be provided to rehabilitate and improve the city's housing stock; and <br /> WHEREAS, the EDC has determined that any such Home Improvement Loan Interest <br /> Subsidy Program should have the following two components in order to accommodate all <br /> homeowners within the City : <br /> A. A MHFA Home Improvement Loan Interest Subsidy which will take <br /> advantage of(and further reduce the interest rate for) existing MHFA loan programs <br /> with below-market interest rates for qualifying low to moderate income households; <br /> and <br /> B. A Market Rate Home Improvement Loan Interest Subsidy for all other <br /> qualifying homeowners within the city who would not otherwise qualify for MHFA <br /> home improvement loans; and <br /> WHEREAS, as part of the proposed Home Improvement Loan Interest Subsidy Program, <br /> the EDA approved an application to the MHFA for the Community Fix-up Fund Program, which <br /> was ultimately approved by the MHFA, and which will allow more homeowners within the City to <br /> access low interest rate home improvement loans under the MHFA Home Improvement <br /> Loan Interest Subsidy component of the overall Home Improvement Loan Interest Subsidy <br /> Program; and <br /> WHEREAS, the EDC has reviewed the attached Program Guidelines for each of the two <br /> components of the Home Improvement Loan Interest Subsidy Program and has <br /> determined that the guidelines are consistent with the objective of providing Mounds View <br /> homeowners with economic incentives to rehabilitate and improve their homes; and <br /> WHEREAS, the EDC has concluded that using tax increment funds is a necessary and <br /> appropriate means of subsidizing the two types of loans that are envisioned under the Home <br /> IIImprovement Loan Interest Subsidy Program, thereby ensuring that more Mounds View <br /> homeowners will have access to home improvement loans at a reduced interest rate and that <br />