Label
Section 108 Loan Guarantee Application - Delta Hotel by Marriott
University of Toledo Medical Campus
Department of Housing and Community Development
Director Rosalyn Clemens (x3647)
Revised
Title
Approving a Section 108 Loan Guarantee Application for the amount not to exceed $2,000,000 from 935 Toledo, LLC, and 935 Lakshmi, LLC for systems, furniture, equipment and training costs for a new Delta Hotel by Marriott , located on the University of Toledo Medical Campus at 3100 Glendale Avenue, Toledo, Ohio; authorizing the submission of the Application to U.S. Department of Housing and Urban Development (HUD) for Eligibility Determination and final approval of a HUD Section 108 loan guarantee; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This legislation provides approval of a Section 108 Loan Guarantee Application ("Application") from Borrowers, 935 Toledo, LLC, and 935, Lakshmi, LLC , for systems, furniture, equipment and training costs for a new Delta Hotel by Marriott located on the University of Toledo Medical Campus at 3100 Glendale Avenue, Toledo, Ohio; and, authority to the Mayor and Department of Housing and Community Development for submission of the Application to the U.S. Department of Housing and Urban Development (HUD) for Eligibility Determination and final underwriting and approval of a HUD Section 108 Loan guarantee.
The Section 108 Loan Guarantee Program ("Section 108 Loan") allows Community Development Block Grant (CDBG) entitlement communities to leverage up to five times the annual CDBG allocation to fund economic development, public facilities, acquisition of real property and housing rehabilitation projects, by pledging future CDBG allocations for a HUD guaranteed loan. Entitlement communities can borrow Section 108 Loan funds for a project undertaken by the community (Level 1 Transaction); or, entitlement communities can borrow Section 108 Loan funds and lend funds to a borrower for an eligible income producing ...
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