HomeMy WebLinkAbout95-07 - ADMIN Resolution - Economic Development Authority - 1995/12/18RESOLUTION NO. 95-7
A RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY OF
THE CITY OF ST. LOUIS PARK, MINNESOTA, AUTHORIZING THE
ESTABLISHMENT OF A DEVELOPMENT FUND
WHEREAS, the City of St. Louis Park will consider the establishment of a permanent
source of funds to accomplish economic development, redevelopment, and housing related projects
and programs in the City through the City Council or the Economic Development Authority, and;
WHEREAS, the funding of the development fitnd would come from the transfer of eligible
loan repayments, We of hard or other property, rental income, recycled federal state grants or
loans, interest earnings, administrative fees, and other local allocations of fimds that may from time
to time be made by the City and/or the Economic Development Authority; and,
WHREAS, the Economic Development Authority would admi:nisw 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 ECONOMIC DEVELOPMENT
AUTHORTIY OF THE CTIY OF ST. LOUIS PARD 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 m
aceord=cc with the revised 1995 and proposed 1996 Economic Development Authority budget
and fudtre budgets.
Adopted by the Economic Development Authority this 18th day of December, 1995.
I�}T"
Executive Director