HomeMy WebLinkAboutNo 850 Authorizing the Housing and Redevelopment Authority of the City of Maplewood to Exercise the Powers Conferred by Minn Stat 462C.01 to 462C.15
ORDINANCE 850
CITY OF MAPLEWOOD
RAMSEY COUNTY, MINNESOTA
AN ORDINANCE AUTHORIZING THE HOUSING
AND REDEVELOPMENT AUTHORITY OF THE
CITY OF MAPLEWOOD TO EXERCISE, ON BEHALF OF THE CITY OF
MAPLEWOOD, THE POWERS CONFERRED BY MINNESOTA STATUTES,
SECTION 462C.01 TO 462C.15.
THE CITY COUNCIL OF THE CITY OF MAPLEWOOD DOES ORDAIN:
1. The Housing and Redevelopment Authority of the City of Maplewood (the
"Housing and Redevelopment Authority") has been duly organized pursuant to
Minnesota Statutes, Sections 469.001 to 469.047, as amended.
2. The legislature of the State of Minnesota has enacted Minnesota Statutes,
Chapter 462C (the "Act") to regulate the planning and implementation of single
family housing programs and multifamily housing developments and has
provided for the financing of such programs and developments pursuant to the
terms of the Act.
3. Pursuant to the Act, a city is authorized to develop and administer programs of
making or purchasing mortgage or rehabilitation loans to finance the acquisition
or rehabilitation of single family housing by low and moderate income persons
and families anywhere within its boundaries, or making or purchasing loans to
finance multifamily housing developments.
4. Pursuant to the Act, the City has the power to authorize a housing and
redevelopment authority acting within the City to exercise, on behalf of the City,
the powers conferred by the Act.
5. Accordingly, the Housing and Redevelopment Authority of Maplewood is hereby
authorized to exercise on behalf of the City of Maplewood, all of the powers
conferred by the Act for purposes of issuing the $5,500,000 Housing Revenue
Note, Series 2004 (Concordia Arms, Inc. Project) on which the City Council has
previously held a public hearing and given its preliminary approval on November
24, 2003.
Passed by the City Council on August 23, 2004.