Item B: URA - West Broadway Preliminary Financing Plan

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research and analysis will inform the Agency and the Advisory Committee’s deliberations. Vote:Passed 6:2 (Bettman, Taylor opposed). 2. Brownfields Economic Development Initiative (BEDI) IGR – May, 2005: Intergovernmental Relations Committee approved the Brownfields Grant application submission. June 2005: Application submitted. January 2006: City received award notice for a $2 million BEDI grant to assist redevelopment projects within the City's Downtown and Riverfront urban renewal districts. BEDI funds must be used in conjunction with, and for projects financed by, a HUD Section 108 guaranteed loan commitment. Memo – February 1, 2006: S taff memo regarding “Council Assignment Response: Recently- Awarded Brownfield Grant.” 3. HUD Section 108 Loan Guarantee Program (HUD 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 HUD 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 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 HUD Section 108 as a financing tool. CC – February 26, 2007: Council approved the ordinance authorizing the use of the HUD 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 HUD Section 108 Revenue Bonds.” Vote: Passed 7:1 (Opposed: Taylor). Memo – April 9, 2007: Sue Cutsogeorge alerted council that the issue of a debt policy amendment th would be brought to council as a consent calendar item on May 14.