HomeMy WebLinkAboutCity Council Resolution 2002-301CITY OF PLYMOUTH
RESOLUTION 2002-301
AUTHORIZING A $500,000.00 LINE OF CREDIT BE ESTABLISHED FOR THE
PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY TO ACQUIRE
PROPERTIES SUBJECT TO THE RIGHT OF FIRST REFUSAL
WHEREAS the Plymouth Housing and Redevelopment Authority is currently placing
Declarations of Restrictive Covenants on units, which provide the Plymouth Housing and
Redevelopment Authority the "Right of First Refiisal".
WHEREAS the Plymouth Housing and Redevelopment Authority wants to maintain the
affordability of these units by purchasing the units as they turn over and selling them to
other low or moderate -income households when possible.
WHEREAS the Plymouth Housing and Redevelopment Authority needs to secure a line
of credit to provide an additional funding source, in case the Plymouth Housing and
Redevelopment Authority reserve funds are not sufficient to purchase the unit(s).
WHEREAS the City of Plymouth, Minnesota agrees to act as the lender to the Plymouth
Housing and Redevelopment Authority.
BE IT RESOLVED the City Council of Plymouth, Minnesota authorizes a $500,000 line
of credit be established for the Plymouth Housing and Redevelopment Authority to be
used to acquire properties subject to the "Right of First Refiisal".
Adopted by the City Council on June 25, 2002.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of
Plymouth, Minnesota, certifies that I compared the foregoing resolution adopted at a
meeting of the Plymouth City Council on June 25, 2002 with the original thereof on file
in my office, and the same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this
day of
City Clerk