HomeMy WebLinkAboutResolution - 93-82 - Authorizing City's Participation in Minnesota Housing Finance Agency's Minnesota Cities Participation Program - 04/20/1993 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
• RESOLUTION #93-
8 2 .
A RESOLUTION AUTHORIZING THE CITY OF EDEN PRAIRIE'S PARTICIPATION IN
THE MINNESOTA HOUSING FINANCE AGENCY'S (1bIHFA) MINNESOTA CITIES
PARTICIPATION PROGRAM (MCPP)
WHEREAS, The City of Eden Prairie is eligible to participate in the Minnesota Housing
Finance Agency's QdHFA) Minnesota Cities Participation Program (MCPP) for the purpose of
assisting first time home buyers in purchasing homes in Eden Prairie.
WHEREAS, By participating in the MCPP the City will allow MHFA to access the City of
Eden Prairie's local government bond authority to sell bonds on behalf of the City of Eden Prairie.
WHEREAS, The proceeds from MHFA's sale of mortgage revenue bonds will be used to
provide below market financing to low and moderate income first time home buyers.
WHEREAS,MHFA will incur bond issuance expenses that would have normally been incurred
by cities selling their own bonds.
WHEREAS, The City's total bond request will be $2,OW,000.
• WHEREAS,The City will submit a proposal deposit of$20,000,which is refunded to the City
when bonds are sold by MHFA.
WHEREAS, The fee charged to the City by MHFA for participating in the MCPP will be
$100 for $500,000 allocated to Eden Prairie, or $200, if the City receives'$2,000,000.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF EDEN PRAIRIE, that the City of Eden Prairie will participate in the MHFA's Minnesota
Cities Participation Program and Authorizes the City Manager to execute the MHFA Mortgage
Revenue Allotment Agreement and Program Application-Commitment Agreement.
ADOPTED by the City Council of the City of Ed airie this Oth day of April, 1993.
Douglas B. Tenpas, Mayor
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