90-013 RES
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RESOLUTION 90 - 13
RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLUTION OF THE CITY OF ELK RIVER
A RESOLUTION REQUESTING A HIGHER LOAN LIMIT
WHEREAS, Sherburne County is becoming a tier of the Minneapolis
Metropolitan area and is the second fastest growing
County in Minnesota; and,
WHEREAS, the City FHA loan limit of $87,100 is suppressing the
variety of options in the City housing market; and,
WHEREAS, buyers go to adjacent counties that have the $107,600
FHA loan limit to find housing; and,
WHEREAS, these conditions force the County to continue to have
a lower average selling price; and,
WHEREAS, the City is concerned about the long-term affects of
this suppression of financing options during this time
of rapid growth and change; and,
WHEREAS, the City has studied the affects of accomplishing a
higher loan limit by transferring to a different MSA.
NOW, THEREFORE, BE IT RESOLVED that the City of Elk River
requests that Sherburne County be granted FHA loan
limits that equal the level offered in the Minneapolis
and St. Paul metropolitan areas.
Passed and adopted by the City Council of the City of Elk River
this 16th day of April, 1990.
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James A. Tralle, Mayor
ATTEST:
Sandra Thackeray,