for the expenditure of HOME carryover funds in an amount of
$2,646,953 from all years prior to program year 2023 (32nd).
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.
9.
SUMMARY & BACKGROUND:
Body:
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 special limited obligation revenue notes (the Notes) pursuant to
the laws of the State of Ohio, including Sections 13 of Article VIII of
the Ohio Constitution, to evidence the loan to be obtained by the City
under that loan guarantee assistance program and to authorize the
pledge of certain funds pursuant to the requirements of HUD, including
the City’s present and future Community Development Block Grants
and certain other nontax revenues as security for the repayment of the
Notes;
The Director of Finance, as fiscal officer of the City, has certified to
this Council that the estimated life or period of usefulness of the Project
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