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<br />. <br /> <br />. <br /> <br />. <br /> <br />RESOLUTION 90 - 13 <br /> <br />RESOLUTION FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION OF THE CITY OF ELK RIVER <br />A RESOLUTION REQUESTING A HIGHER LOAN LIMIT <br /> <br />WHEREAS, Sherburne County is becoming a tier of the Minneapolis <br />Metropolitan area and is the second fastest growing <br />County in Minnesota; and, <br /> <br />WHEREAS, the City FHA loan limit of $87,100 is suppressing the <br />variety of options in the City housing market; and, <br /> <br />WHEREAS, buyers go to adjacent counties that have the $107,600 <br />FHA loan limit to find housing; and, <br /> <br />WHEREAS, these conditions force the County to continue to have <br />a lower average selling price; and, <br /> <br />WHEREAS, the City is concerned about the long-term affects of <br />this suppression of financing options during this time <br />of rapid growth and change; and, <br /> <br />WHEREAS, the City has studied the affects of accomplishing a <br />higher loan limit by transferring to a different MSA. <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the City of Elk River <br />requests that Sherburne County be granted FHA loan <br />limits that equal the level offered in the Minneapolis <br />and St. Paul metropolitan areas. <br /> <br />Passed and adopted by the City Council of the City of Elk River <br />this 16th day of April, 1990. <br /> <br />,-)~ ACZ;;:& <br /> <br />James A. Tralle, Mayor <br /> <br />ATTEST: <br /> <br /> <br />Sandra Thackeray, <br />