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
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Associated Information: 6,cAV\
Budget Approval:
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Legal Approval:
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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
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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.
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