Item 4 - Ordinance on Downtown Urban Renewal Plan Amendments

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Memo – August 2, 2007: Staff memo regarding “Clarification – Brownfield Economic Development Initiative Grant” in response to questions raised at the July 23 council meeting. 3. HUD Section 108 Loan Guarantee Program (Section 108) CDBG-AC – February 1 & March 1, 2006: In accordance with application requirements, the City’s Community Development Block Grant Advisory Committee (CDBG-AC) held two public hearings regarding the Section 108 loan proposal. Opportunity for public comment was also made available during a 30-day written public comment period. On March 1, 2006, the CDBG-AC unanimously recommended submittal of the proposed $7,895,000 Section 108 application to HUD, with funding of future projects to be reviewed by the CDBG Advisory Committee and the City Council. CC – March 13, 2006: Council approved Resolution No. 4860 “A resolution authorizing submission of an application to United States Department of Housing and Urban Development (HUD) for loan guarantee assistance and related matters.” Vote: Passed 7:0 (Absent: Taylor). July, 2006: HUD selected the City’s Section 108 application for funding to create a $9,895,000 loan pool, together with BEDI grant funds, for redevelopment projects within the Downtown and Riverfront urban renewal districts. Memo – December 28, 2006: Staff memo regarding “HUD Section 108 Loan Authorization” described the public hearing and ordinance process. CC – February 20, 2007: Council held a public hearing on the ordinance authorizing the use of Section 108 as a financing tool. CC – February 26, 2007: Council approved the ordinance authorizing the use of the Section 108 as a financing tool. The non-emergency ordinance established the City’s general ability to borrow for Section 108 projects with the stipulation that individual projects be approved by council resolution following a public hearing. Ordinance Number 20376, Council Bill Number 4938 “An ordinance authorizing Section 108 Revenue Bonds.” Vote: Passed 7:1 (Opposed: Taylor). Memo – April 9, 2007: Sue Cutsogeorge informed council that the issue of a debt policy amendment th would be brought to council as a consent calendar item on May 14. CC – May 14, 2007: Council approved, on consent calendar, an amendment to the City’s debt policies regarding conduit financing. th Public Comment – June 20 to July 20, 2007: The 30-day public comment period started on June 20 th with an advertisement in the Register Guard. No public comments received as of July 17. CDBG-AC – July 10, 2007: The CDBG-AC met to review the individual project #1. They recommended “submittal of the individual project application to HUD subject to completion of public hearing and City Council approval of a project specific resolution.” Vote: Passed 8:0 CC – July 16, 2007: Public hearing on the project to be funded from BEDI/HUD 108 funds. Two individuals spoke at the hearing.