89-7556R16
RESOLUTION NO. 7556
RESOLUTION RELATING TO THE TRANSFER OF REMAINING YR XIV
SECTION 312 FUNDS TO REHAB OF PRIVATE PROPERTY
WHEREAS, CDBG YR XIV funds in the .amount of .$15,258 have been
allocated to the City of Richfield for the Richfield HRA's
Section 312 Rehabilitation Loan Program; and
WHEREAS, $15,202 of these funds remain unexpended; and
WHEREAS, expenditure of remaining funds must be completed by
December 31, 1989; and
WHEREAS, restrictive program eligibility requirements have
presented challenges in identifying qualified applicants; and
WHEREAS, there are no applicants currently waiting for
assistance to expend remaining funds prior to December 31, 1989;
and
WHEREAS, there are sufficient applicants waiting to expend
these funds within the Richfield HRA's Deferred Loan Program; and
WHEREAS, a public hearing must be conducted to consider this
matter, .proper notice having been published for the October 23rd
meeting of the Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Richfield, Minnesota, that remaining CDBG YR XIV Section
312 funds in the amount of $15,202, be transferred to the
Richfield HRA's Rehabilitation Deferred Loan Program for
commitment prior to December 31, 1989.
Passed by the City Council of the City of Richfield,
Minnesota, this 23rd day of October, 1989.
ATTEST:
St ven J. m Mayor
~~~~a ~~
Thomas P. Ferber City Clerk