HomeMy WebLinkAbout95-173 - ADMIN Resolution - City Council - 1995/12/18RESOLUTION NO.95-173
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ST. LOUIS PARK, MINNESOTA, AUTHORIZING THE
ESTABLISHMENT OF A DEVELOPMENT FUND
WHEREAS, the City of St Louis Park desires to establish a permanent source of funds to
accomplish economic development, redevelopment, and housing related projects and programs in
the City through the City Council or its Economic Development Authonty, and,
WHEREAS, the funding of the development fund would come from the transfer of eligible
loan repayments, sale of land or other property, rental income, recycled federal state grants or
loans, interest earnings, administrative fees, and other local allocations of funds that may from time
to time be made by the City and/or its Economic Development Authonty, and,
WHREAS, the Economic Development Authonty would admuuster the Development Fund
on behalf of the City of St Louis Park and would adopt specific guidelines, subject to City Council
approval, governing the goals, objectives, use, and process by which the development fund would
be used
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ST LOUIS PARK, MINNESOTA, that a Development Fund is hereby established for the
purpose of providing a permanent source of funds to accomplish economic development,
redevelopment, and housing related projects and programs within the City of St Louis Park and
the transfer of such funds that are eligible for this purpose be made in accordance with the revised
1995 and proposed 1996 Economic Development Authonty budget and future budgets
Adopted by the City Council of the City this 18th day of December, 1995
Attest
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City Clerk
i4.74
Reviewed for administration
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Approved as to form and execution