05-13-1991 EDA MIN - Laserfiche WebLink

Home Browse Search

E(:onomic Development Aut.hority Minut.es May 13, 1991 Page 2 e 6. COT!.sid~LJ:on_trad, for Bro(:hure Project Rill Ruhin reviewerl the contract for the hrochure project which was rlrHfb:~rl hy the City's Attorney with t.he EDA. He indicateo that the (:ontract is wi th CEP Art &. Desi gn ann stated that the staff has rp(:ommendpc1 that 5,000 hrochures and 2,500 pnvelopes be printed at. this 1i mR . COMMISSIONER KROPUENSKE MOVED TO APPROVE THE CONTRACT WITH CEP ART &. DESIGN AND THAT CEP BE PAID 1/3 OF THE PRICE OUTLINED IN SECTION 3 AT THTS TIME. c;OMMTSSTONER HOLMGREN SECONDED THE MOTTON. THE MOTTON c;l\RRJED 1)-0. 7. Qonsioer Contrllets With Minnesota HOllSin!! Fin~l!nce A~enc'y e Rill Ruhin explained that the EDA aut.horized an application to the Minnesota Housing Fimmce Agen(:y for the Minnesota City Partidpation Program at its last meet.ing. He st.at.ed that. the agency received 37 rpquests totalling in excess of $95,000,000 in mortgage revenup honos. He stat.eo that t.he agen(:y hy law is authorized to issue only $39,002,000 in mortgage revenue honds. Bill Rubin indicated that the C1 ty of Elk Ri ver and its EDA has been awarded $796,446 in mortgage revpnue bonds. He i nd icated that in order to participa.te in the program the Cit.y must sign two contracts; the Allotment Agreement and the Program Application Commitment Agreement. Bi] 1 Rubin pxplaineo that the Agency has increased the qualifying in(:omp limits from an adjusted gross income of S24,OOO to $26,000. He also furthpr pxplained that the Agency does allow participating cities to adjust the maximum purr-hase pricp of the homes. Bill Rubin pxp] rd ned that the Agency's maxi mum purchase price of Sherburne County homes is $n(~,OOO and thp Elk Hivpr a.pplication reflects a maximum pln'tehasp pri ce of $75,000. He st.ated that staff is suggesting that the maximum pur(:hase pricp he increaRen from $75,000 to $78,000 dollars. At thiR time, only First National Mortgage indir-atpd an interpst in participating in fhp program. COMMTSSIONER DIETZ MOVED TO APPROVE THE ALLOTMENT AGRF.EMENT AND THE PROGRAM APPLICATTON COMMITMENT AGREEMENT FOR THE MTNNESQ1'A HOUSING FTNANc;E AGENCY AND TO DESIGNATE FIRST NATIONAL MORTGAGE AS THE NRTTc;TPATTNG LENDER OF THE PROGRAM AND TO An.TUST THE MAXIMUM PURCHASE PRTc;fl: TO $7A, 000 ANn TO AUTHORJZF. A 1% DEPOSIT FEE WITH THE APPLICATTON. c;OMMTSSIONF.R HOLMGREN SECONDED THE MOTION. THE MOTTON CAmPED 5-0. R. ru sq!.~'LS .J pnp!:_..!'iite ACllJljB i tiPJ.! e Ri 11 Ruhin reviewed the background of the .Jenne site acquisition. He inclkated that thp City had submitteo a Purr-ha.se Agreement to Ms. Jenne in thp amount, of $109,540 on March 25. He indicated that Ms. .Jenne has nnt. Ilcr-epted HIP Purchase Agrepment ami her Attorney Ruhmitteo a Jetter to thp c;ity Attornpy regarding her conr-erns. Bill Rubin explained that hpf' concprns are wi t.h IlSSf'ssments on thp property ann the envi ronmpntaJ WHrTanties in the Pnrchasp Agr>eement. Bill Rubin indicated that Ms.