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HomeMy WebLinkAbout85-042 Kr RESOLUTION NO. 85-42 RESOLUTION OF THE CITY OF LAKEVILLE . WHEREAS, Minnesota Statutes, Chapter 462C, authorizes the City of Lakeville (the "City" to issue and sell revenue bonds or obligations to finance single family and multif amily housing developments in accordance with an approved housing program and housing plan; and WHEREAS, pursuant to Minnesota Statutes, Chapters 462C and 462A, the City is also granted the express authority to collect reasonable interest, fees, and charges in connection with the sale and issuance of such bonds and obligations to cover its administrative and operational costs related to such sale and. issuance and related to the provision of technical, consultative, and other assistance services provided in connection with the housing developments; and WHEREAS, the Dakota County Housing and Redevelopment Authority, a public body organized pursuant to Laws 1971, Chapter 333, having all of the powers and duties of a housing and redevelopment authority under the provisions of the Municipal Housing and Redevelopment Act, Minnesota Statutes, Sections 462.411 - 462.711, will be providing on behalf of the City many of the technical, con- sultative, and assistance services .to the housing development projects financed pursuant to Minnesota Statutes, Chapter 462C; and WHEREAS, the. City and the Authority believe that an annual fee in the amount of 1/8 of 1% of the outstanding principal balance of any bonds or obligations issued pursuant to Minnesota Statutes, Chapter 462C, constitutes a reasonable fee to be charged in connection therewith; and • WHEREAS, the City and the Authority desire to promote and assist future housing- related development within the City; and WHEREAS, the City possesses the authority to provide various services and assistance to aid in the implementation of projects undertaken pursuant to the Municipal Housing and Redevelopment Act; and WHEREAS, the City and the Authority desire to pledge that the proceeds of any interest, fees, and charges collected in connection with housing development projects financed through bonds issued by the City pursuant to Minnesota Statutes, Chapter 462C, be used to assist such future housing-related develop- ment within the City as may be mutually agreed upon between the Authority and the City. NOW, THEREFORE, be it resolved by the City Council of the City of Lakeville, Minnesota, as fo11 ows 1. The City will, to the extent permitted by law, collect a fee in connection with any housing development project undertaken pursuant to Minnesota Statutes, Chapter 462C, an annual fee equal to 1/8 of 1% of the outstanding principal balance of any revenue bonds or obligations issued under Chapter 462C to finance such housing developments. 2. The City will place any fees so collected into an Authority account,. the nature of which account will be agreed upon between the City and the • Authority, to be used to finance such future housing-related developments within the City as may be agreed upon between the City and the Authority. -2- • The exact nature in which such funds will be used to assist the housing- related developments shall be subject to all limitations and restrictions imposed by State and local laws or regulations. Adopted by the City Council of the City of Lakeville, is 20th day. of May 1985. Approved: Attest: i C k •