Laserfiche WebLink
<br />RESOLUTION NO. 4860 <br /> <br />A RESOLUTION AUTHORIZING SUBMISSION OF <br />AN APPLICATION TO UNITED STATES <br />DEPARTMENT OF HOUSING AND URBAN <br />DEVELOPMENT FOR LOAN GUARANTEE <br />ASSISTANCE AND RELATED MATTERS. <br /> <br />The City Council of the City of Eugene, Oregon (the "City") finds that: <br /> <br />A. The City of Eugene is one of only eleven communities in the United States <br />to be approved for a Brownfields Economic Development Initiative grant from the United <br />States Department of Housing and Urban Development ("HUD"). The grant is in the <br />amount of $2,000,000. <br /> <br />B. To obtain the grant the City must also apply for and receive loan guarantee <br />assistance from HOD under 24 CFR 570.700 to 570.710 and the related laws and <br />regulations (the "HUD Loan Guarantee Assistance Rules"). The guaranteed loan is <br />expected to be in the amount of approximately $7,895,000. <br /> <br />c. The City adopts this resolution to approve and authorize submission of an <br />application for loan guarantee assistance under the HOD Loan Guarantee Assistance <br />Rules. <br /> <br />NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />EUGENE, a Municipal Corporation of the State of Oregon, as follows: <br /> <br />Section 1. Official Representative Designated. The City Manager or the person <br />designated in writing by the City Manager to act under this Resolution (the "City <br />Official") is hereby authorized to serve as the official representative of the City of <br />Eugene in connection with the application for and receipt of loan guarantee assistance <br />from HUD under the HUD Loan Guarantee Assistance Rules in an amount of not more <br />than $8,000,000. <br /> <br />Section 2. Application and Related Actions Authorized. On behalf of the City <br />'and without further action by the City Council, the City Official is hereby: <br /> <br />A. Authorized to submit an application for loan guarantee assistance <br />and any and all amendments thereto and all understandings and assurances <br />contained therein. <br /> <br />B. Directed and authorized to act in connection with the application to <br />provide such additional information as may be required. <br /> <br />Resolution - 1 <br />