HomeMy WebLinkAbout6572 - ADMIN Resolution - City Council - 1980/06/02r
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RESOLUTION NO. 6572
A RESOLUTION SUPPORTING PASSAGE OF THE "SENSE OF THE
SENATE RESOLUTION" RELATIVE TO SINGLE FAMILY AND
MULTIPLE FAMILY MORTGAGE REVENUE BONDS.
WHEREAS, high interest rates and favorable investments in other than Saving
and Loan Associations have usurped mortgage monies for single family and multiple
family dwellings, and
WHEREAS, the housing industry is in a severe slump with new housing starts
projected to be less than 1,000,000 in 1980, and
WHEREAS, unemployment and business directly and indirectly related to the
housing industry is in a severe economic strain, and
WHEREAS, it is becoming increasingly difficult for families to find affordable
housing at a price range within their income with interest costs being at an
excessively high rate, and
WHEREAS, the City of St. Louis Park has prepared and adopted a Housing Plan
and Program which includes the use of single family and multiple family mortgage
revenue bonding, and through this process has incurred substantial expense and
because of the previously pending federal legislation has incurred a delay in
implementation of at least two significant housing projects in its redevelopment
project areas, and
WHEREAS, the State of Minnesota has set forth rigid, yet reasonable, rules
under which single family mortgage revenue bonds may be sold, and
WHEREAS, the "Sense of the Senate Resolution" would help alleviate problems
associated with the depressed housing industry, unemployment, delays in imple-
mentation of redevelopment plans, and it would improve the tax increments in
redevelopment projects while providing housing for families who could not other-
wise afford to purchase housing and pay conventional rates,
THRERFORE, BE IT RESOLVED that the City of St. Louis Park hereby supports
the provisions and the "Sense of the Senate Resolution" which would allow the
sale of single family and multiple family revenue bonds through January 1, 1981
with mortgage commitments to be made by December 31, 1981, and hereby requests
its representatives in the U.S. Senate to support and vote favorably for the
so-called "Sense of the Senate Resolution" related to mortgage revenue bonding.
Adopted by City Council June 2, 1980
ATTEST:
Reviewed for administration:
V4/./".
Acting City Manager
C4.J& "Mayor
Approved as to form and legality:
, 4
City;'ttorney