HomeMy WebLinkAbout1979-02-12 155 AG RESOLVE155 AG
IntrWuced by Councilor - SCucy, February 12, 1979
CITY OF BANGOR
(TITLE) Y,00 e, .Urban Development Action Grant (WAG) Proposal -
G & S Associates
Btl W City Comwi! o(tAe G`WWBs*par
& SQLV&D, WHEREAS, section 110 a the Hashing and C®unity Development
Act of 1979 established an Urban Development Action Grant (UDAG) Program to
provide funding assistance through the U. S. Department of Housing and Urban
Development for the purpose of stimrleting private inveetseut which addresses
the c rc1al, industrial, or residential needs of eligible comsauitiea;
end.e�,
WHEBHAS, the Department of Housing and Urban Development has
determined that the City a Bangor is a canzanity eligible to participate
in the WAG Program; and
WHgB , the Department of Housing aed. Urban Development has
indicated that an eligible WAG funded activity scald be to sae UDAG funds
to provide second mortgage finnncing to prospective residential housing
developers in order to make housing develoiment feasible by off -setting high
interest rates and construction boats is development projects where projected
rental income xould be inadequate to support development and operating costs;
end
�j G & S Aesocistea, as the designated tentative developer
a redeveloper t Israel H-1 in the Hancock -York Neighborhood Development
Project, has requested that the City of Bangor apply for UDAG funds to be
used to provide constructionfinancing and second mortgage loan financing at
a reduced interest rate and under favorable terms for the. proposed 104 unit
apartment complex to be developed on parcel H-1; and
iAO hmsh the City of Bangor has an interest in the redevelopment
a the Hancock -York NDP and the possibility of applying for Urban Development
Action Grant financial assistance to support redevelopment of the Project
NOW, TH=OHS, BE IT MOLYED BY THS CITY COUNCIL OF THE CITY
OF BANCAR THAT, in conformance with the City of Bender Comity Development
Citizen Participating Plan, two public hearings shall be held regarding the
padposed Urban Development Action Grant application requesting furls to be
used for the purposeof construction financing and second mortgage financing
of the proposed development of 104 apartments in the Hancock -York WP area
between York, Essex, Hancock and Boyd Streets by 0 & S Associates as followai
(1) The first public hearing to be held by the City Council
CoMMtmity DeVeloimebt Co®ittee ou Wednesday3 February 21s 1979 at 7iM P.M.
in the Bangor City Hall Council Cbmnmers at Mich time the details Of the
Urban Development Action Grant Program and the proposed application will be
explained and discuased.
(2) the second public hearing to be held by the City Council in
the City Council Chambers during the regularly scheduled City Combil meeting
to be bell on Monday, February 262 1979 at 8:00 P.M.
155 AG
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