HomeMy WebLinkAbout84-108 - ADMIN Resolution - City Council - 1984/07/16r
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RESOLUTION NO. 84-108
RESOLUTION AUTHORIZING AMENDMENT TO
SEPTEMBER 1983 REHABILITATION LOAN PROGRAM
WHEREAS, the City of St. Louis Park, Minnesota and the Minnesota Housing
Finance Agency (MHFA) approved a LOAN FUNDING AGREEMENT on September 1,
1983 ("The Agreement"), the terms and conditions of which are incorporated herein
by reference; and
WHEREAS, MHFA allocated funds to the Administering Entity in the aggregate
sum of $53,516 according to the terms and conditions set forth in said Agreement; and
WHEREAS, the parties hereto wish to amend the Agreement to provide for a
reduction in the allocation of funds to the Administering Entity, on the basis of the
terms and conditions set forth below.
NOW THEREFORE, in consideration of the covenants herein contained and the
mutual benefits to be derived therefrom, it is hereby agreed as follows:
1. That the maximum amount of loan funds available to defray the cost of
administering the loan funds and providing technical assistance to loan
recipients be and hereby is decreased from $6,422 to $4,538.
2. That the amount of loan funds actually available for rehabilitation loans
be and hereby is decreased from $47,094 to $31,396.
3. That save and except as providing above, the terms and conditions of the
Agreement shall be and remain in full force and effect.
ATTEST:
— �AIJtd, ) 1�
City Clerk I L
Reviewed for administration:
Adopted by City Council July 16, 1984
Approved as form and legality: