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Exhibit C <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 /> CONSIDERATION OF LOAN GUIDELINES AND TAX INCREMENT FINANCING FOR THE <br /> PROPOSED INTEREST SUBSIDY HOME IMPROVEMENT LOAN 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 marketability <br /> of the housing stock; and <br /> WHEREAS, as part of an Interest Subsidy Home Improvement Loan Program the EDA approved <br /> //G <br /> application to the Minnesota Housing Finance Agency for the Community Fix-up Fund Program and <br /> was ultimately approved by the MHFA which will allow more homeowners within the city to access 7 <br /> low interest rates for home improvement loans; and <br /> WHEREAS, the EDC has reviewed the proposed guidelines for the Rterest bsidy Pogram and P 1 <br /> has determined that the guidelines meet the objectives needed to provide Mounds View <br /> homeowners incentives to perform needed rehabilitation and home improvements to theirhomes; <br /> 414 <br /> and • C� <br /> WHEREAS, the Economic Development Commission finds that by approving tax increment funds <br /> for subsidizing home improvement loans, more Mounds View homeowners may access home <br /> improvement loans at a reduced interest rate; and <br /> WHEREAS, the Economic Development Commission has determined that approving tax increment <br /> funds for subsidizing home improvement loans, the entire community of Mounds View will benefit <br /> by improving the quality and livability of the city's housing. <br /> a� <br /> NOW THEREFORE, BE IT RESOLVED THAT the Economic Development Commission hereby <br /> recommends approval to the Economic Development Authority for the allocation of$75,000 in tax <br /> increment funds to administer and subsidize home improvement loans for Mounds View <br /> homeowners and to approve the Interest subsidy guidelines for MHFA and Market Rate loans in <br /> conjunction with participating lenders. <br /> Adopted this 32 h day of June 1998. P <br /> cAP <br /> ATTEST: <br /> Chair <br /> i0v <br /> (SEAL) <br /> City Administrator <br />