Agenda Packets - 2026/02/09 - Laserfiche WebLink

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Resolution 10208 Page 2 2. Use of Funds: The EDA is authorized to use LAHA funds for any eligible purpose permitted under Minnesota law, including but not limited to development or preservation of affordable housing, rehabilitation or repair programs, gap financing, rental assistance or stabilization programs, and administrative costs as allowed by statute. 3. Reporting and Compliance: The EDA shall prepare all required reports, maintain financial and program records, and provide updates to the City Council as needed to ensure compliance with Minnesota Housing and Department of Revenue requirements. 4. Financial Management and Coordination with City Staff: The EDAshall work collaboratively with City staff to ensure proper financial management, accounting, and oversight of LAHA funds. LAHA funds shall be deposited into a dedicated account within the City's financial system. The EDA is authorized to request disbursements consistent with approved program budgets and City financial policies. 5. Effective Date and Execution: This resolution shall take effect immediately upon its adoption. BE IT FURTHER RESOLVED that the City Council approves the Resolution in substantially the form presented to the City Council subject to any modifications that do not alter the substance of the transaction and that are approved by the City Administrator and the City Attorney. BE IT FINALLY RESOLVED that the Mayor, the City Administrator, and other City and EDA officials, staff, and consultants are authorized to execute the Resolution and to take any and all other steps necessary or convenient to carry out the obligations under the Resolution as well as to fulfill the intent of this Resolution. Adopted by this 9th day of February 2026. Zach Lindstrom, Mayor Attest: Nyle Zikmund, City Administrator (SEAL)