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HomeMy WebLinkAbout2000-05-22 00-211 ORDERCOUNCILACnON Rem No. 00-211 Date: May 22, 2000 Item/Subject: Authorization to Execute and File an Application for Economic Development Initiative, and Brownfrelds Economic Development Initiative Funds, and Section 108 Loan Guarantees Responsible Department: Community and Economic Devebpment Commentary: The Section 108 Program enables States and local governments participating in the Community Development Block Grant (CDBG) Program to obtain federally guaranteed loans that cern help fund large economic development projects such as the Penobscot Rivcrfirent Development Project. The Economic Development Initiative (EDI) Program can be usM in conjunction with the Section 108 Program to stimulate economic development by local government and private sector parties to finance projects act activities that will provide nem -term results and demonstrable economic development benefits such as job creation and increases in the local tax base. This Order would aulhoriu an application for $2,000,000 in Economic Development Initiative / Brownfields Economic Development Initiative Graat funds, and for up to $7,720,000 of federal loan guarav[ees under the Section 108 Loan Guarantee program. Depen ent H Manager's Compensate: nri "C4e-�h/+��j+ vxiauv.ay�.(r�RQ.t.y4aa y.Q f)% 'UQy.r�� 1"1.1n4 4a l.M1elul "S^Ln`dLM1 WI pW.�1 -__Y C1YA''L City Manager Associated Information: 6,cAV\ Budget Approval: f p„p Finance Director Legal Approval: Clry SaIdtar Intrgduce0 for pauage R Reading Page -01- Referral AssigaedloCnanulw EU, hette May 22. 21100 CITY OF BANGOR (TITLE.) Order, Authorization W Execute and File an Application for Economic Development Initiative, and Brovinfields Economic Development Initiative Funds, and Section 108 Loan Guarantees Byth cwy Coin/of Me city of Mngw. [e]nJad,ii:fYi WHEREAS, the City Council of the City of Danger, as the local governing body, hereby auWorizes and directs the City Manager in submit at and file with the Department of Housing and Urban Development an application for Economic Development Initiative, and Brownfields Economic Development Int stive Funds, and Section 108 Loan Guarantees as provided for in Title I of the Housing and Community Development Act of 1974, as amended, a copy of which is on file in the Office of the City Clark; and in provide such additional information and famish such documenu as may be required by the Department of Housing and Urban Development to execme such documents as may be required by the Department of Housing and Urban Development t0 execute such contract or contracts is may be necessary for games and loan guarantees to be received; and to taxicabs and file requisitions for hands. BE IT FURTHER ORDERED, THAT, the City hfunager is hereby appointed as the authorized representative of the City of Bangor to act in connection with such application of the City of Barger for Economic Development Initiative, and Brownfields Economic Development Initiative Funds, and Section 108 Loan Guarantees under Title I of the Housing and Community Development AIX of 1974, as amended. IA C1SY MMCIL Nay 22, 2000 Motion to opea Public Hearing We and Seconded. Public Hearing Upend. No one from the public came forward. Motion to Close Public Hearing We and Seconded Public Bearing Closed. Motion for Passage We and Seconded Passed //�� cCa I/ I /Y C17 U TMe,e [oo to finecute ana Pile as Application for economic Development Inlative and Hrawfields economic Devel- opmen[ initiative Pmdg, and Section 108 Loan ouara"emart. Oo-Hl nacao e�memt�a..w�. m'nwn.. em s.ment �