Label
HUDSection108Notes/Community Centers
Department of Housing and Community Development
Rosalyn Clemens 3647
Title
Authorizing the City to enter into agreements with the United States Secretary of Housing and Urban Development for loan guarantee assistance to provide funds necessary to pay costs of rehabilitation, renovation and improvement of three community centers in the City and their sites; authorizing the issuance and sale of special limited obligation revenue notes to evidence the loan to be obtained under that federal loan guarantee assistance program; authorizing the pledge and assignment of the City's present and future community development block grants and other nontax revenues as security for the notes, appropriating the proceeds of the notes and authorizing expenditure of those funds; authorizing and approving related agreements; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
To create or preserve jobs and employment opportunities and to improve the economic welfare of the people of the City, the City has submitted an application (the Application) to the United States Department of Housing and Urban Development (HUD) for loan guarantee assistance under Section 108 of the Housing and Community Development Act of 1974, as amended (42 U.S.C. ?5308), in the principal amount of not to exceed $2,000,000 to provide funds necessary for the City's Department of Housing and Community Development to finance the acquisition and improvement of commercial, industrial and residential facilities, including particularly rehabilitation, renovation and improvement of three community centers in the City, namely, the Believe Center, the Chester J. Zablocki Community Center and the East Toledo Senior Center, and their sites (the Project);
The City has now received from HUD the agreements that are to be entered into by the City for the loan guarantee assistance program and this Council wishes to authorize the execution of those agreements and to issue s...
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