HomeMy WebLinkAboutHousing & Redevelopment Authority Resolution 93-10HRA RESOLUTION 93-10
RESOLUTION REQUESTING AN INTER -FUND LOAN FROM THE CITY OF
PLYMOUTH FOR CONSTRUCTION OF A HOUSE ON PROPERTY OWNED BY THE
PLYMOUTH HRA
WHEREAS, the Plymouth HRA wishes to provide an affordable homeownership oPPOMMY
for a Plymouth family; and,
WH1RtBAS, the Plymouth HRA has purchased a lot and obtained a portion of a tax forfeited
lot from the City for such a purpose; and,
WHEREAS, the Plymouth HRA requires a short term construction loan to develop this
property with a single family home;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE PLYMOUTH HOUSDiG
AND RBDBVELDF IBNT AUTHORITY OF THE CITY OF PLYMOUTH, MINNESOTA,
that is requests approval from the City Council or an inter -fund loan from the City of
Plymouth to use for construction costs to develop a single family home with such loan not -to-
exceed $60,000 at an interest rate as determined by the Finance Director with such loan to be
paid in full at time of purchase of the property by a qualified buyer.
Adopted by the Housing and Redevelopment Authority on June 15, 1993.
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