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iitiV., Elk River Resolution No. 14-03 A Resolution of the Housing and Redevelopment Authority in and for the City of Elk River Approving a Redevelopment plan for an Owner-occupied Housing Rehabilitation Program WHEREAS, the HRA has proposed to undertake a program (the "Program") to assist in the rehabilitation of owner-occupied single-family homes by making loans to qualifying homeowners in a targeted area in the City of Elk River (the "City") pursuant to a Redevelopment Plan (the "Redevelopment Plan") for the Program, adopted in accordance with Minnesota Statutes, Sections 469.001 to 469.047 (the "HRA Act"); WHEREAS, the HRA has caused to be prepared and has previously approved the Owner- Occupied Housing Rehabilitation Program Policies and Procedures (as modified, the "Procedures") setting forth, among other things, the terms and conditions under which the HRA will make loans to qualifying homeowners, a copy of which is on file with the HRA Executive Director, along with related Program documents, including but not limited to an Administrative Agreement with Central Minnesota Housing Partnership, Inc. to administer the Program (collectively, as modified, the "Program Documents"); WHEREAS, the City Planning Commission has provided a written comment to this Board finding that the Redevelopment Plan is consistent with the City's comprehensive plan;and WHEREAS, the HRA has requested that the City hold a public hearing regarding the Redevelopment Plan duly noticed in accordance with the HRA Act. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board") of the Housing and Redevelopment Authority in and for the City of Elk River, Minnesota (the "HRA") as follows: Section 1. Findings;Plan Adopted; Further Proceedings. 1.01. The Board finds that there exists a need in the City to provide financial assistance for the rehabilitation of residential properties in the Project Area (as defined in the Redevelopment Plan); that the Program will provide for the rehabilitation of owner-occupied housing property located in the Project Area; and that the activities to undertake the Program, all in accordance with the Procedures and the Redevelopment Plan, constitute a "redevelopment project" pursuant to Minnesota Statutes, Section 469.002, subd. 14(5). 1.02. The Board further finds that: (a) the land within the Project Area would not be available for redevelopment without the financial aid to be sought under the Redevelopment Plan; (b) the Redevelopment Plan will afford maximum opportunity, consistent with the needs of the City as a 446105v1 JSB EL185-26