HomeMy WebLinkAboutCity Council Resolution 1990-267Pursuant to
of the City
day of
present:
The followi
CITY OF PLYMOUTH
due call and notice thereof, a regular meeting
Council of the City of Plymouth, Minnesota, was held on the 16th
April , 19903 The following members were
Mayor Bergman, Counci members Helliwell, Ricker, and Zitur
ng members were absent: Councilmember V
iou
Councilmember Zitur introduced the following Resolution and
moved its adoption:
RESOLUTION 90- 267
ESTABLISHMENT OF NEW HOME IMPROVEMENT GRANT/LOAN PROGRAM REPAYMENT GUIDELINES
AND GRANT/LOAN LIMITS UNDER THE COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM,
YEAR XVI
WHEREAS, the Home Improvement Grant/Loan Program provides an effective way of
rehabilitating older dwellings and reducing scarce energy resources; and;
WHEREAS, Hennepin County and the federal government's Department of Housing
and Urban Development allow each municipality within the Urban County to adopt
its own repayment guidelines and grant/loan limits, provided they comply with
federal regulations; and,
WHEREAS, the City of Plymouth has been using the same grant limit of $8,250
per household since 1982, and has used the same repayment agreement for two
years; and,
WHEREAS, the Plymouth Housing and Redevelopment Authority at its meeting of
March 15, 1990, unanimously recommended, by Resolution 90-02, that the Home
Improvement Grant/Loan Program grant/loan amount be changed to reflect
increases in the cost of living, building materials and labor, and that an
increase be made in the repayment agreement period from ten (10) years to
twenty (20) years to recapture a greater amount of money for future low income
homeowners;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF
PLYMOUTH, MINNESOTA, that it should and hereby does set the maximum home
improvement grant/loan at $10,000, and extend the repayment agreement to
twenty (20) years requiring full repayment to the City for the first ten (10)
years, and providing that the repayment amount be decreased by ten percent
(10%) per year for the second ten (10) years, until the end of twenty (20)
years when the entire amount is fully forgiven.
FURTHER, that this resolution take effect on July 1, 1990, for all new
eligible applicants.
The motion for adoption of the foregoing Resolution was duly seconded
by Councilmember Ricker , and upon vote being taken thereon,
the following voted in favor thereof: Mayor Bergman, Councilmembers
The following voted against or abstained None
Whereupon the Resolution was declared duly passed and adopted.