HomeMy WebLinkAbout01-57.docJANUARY 23, 2001 01-57 RESOLUTION
(CARRIED 6-0 LOST LAID OVER WITHDRAWN .)
PURPOSE:
AUTHORIZE GRANT APPLICATION/108 LOAN PROGRAM
INITIATED BY: DEPARTMENT OF COMMUNITY DEVELOPMENT
WHEREAS, the U.S. Department of Housing and Urban Development (HUD) has
established a Section 108 loan program to allow participating CDBG communities to
implement eligible Community Development Block Grant related activities; and
WHEREAS, the Section 108 loan program allows participating communities to
borrow funds in an amount up to five times a community's annual CDBG entitlement
grant and repay the loan from future annual CDBG entitlement grants; and
WHEREAS, the City of Oshkosh is a Community Development Block Grant
entitlement community; and
WHEREAS, acquisition and clearance are eligible block grant activities; and
WHEREAS, the acquisition and clearance of 201 Ceape Avenue is required to
implement redevelopment plans for the area; and
WHEREAS, the City of Oshkosh desires to apply for a Section 108 loan in an
amount up to and not exceeding $675,000 for acquisition and clearance and other
related eligible block grant activities for the real property at 201 Ceape Avenue; and
WHEREAS, the City of Oshkosh received a 2001 entitlement grant of $1,061,000
and the proposed Section 108 loan amount does not exceed the annual entitlement
grant; and
WHEREAS, the City of Oshkosh will pledge repayments of the Section 108 loan
from future CDBG entitlement grants.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the proper City officials are hereby authorized and directed to file and
execute any and all necessary documents and assurances required by the U.S.
Department of Housing and Urban Development and any and all information required to
complete the Section 108 loan application.
JANUARY 23, 2001
01-57 RESOLUTION
CONT'D
BE IT FURTHER RESOLVED that should said grant funds be awarded, the
proper City officials are hereby authorized and directed to accept said funds, pursuant
to the terms of the grant application, and to execute any and all documents necessary
for purposes of same.