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RESOLUTION NO. 4997 A RESOLUTION AUTHORIZING EXECUTION OF HUD SECTION 108 NOTES IN THE AMOUNT OF $5,189,000. The City Council of the City of Eugene finds as follows: A. The City of Eugene was one of only eleven communities in the United States to be approved for a Brownfields Economic Development Initiative (“BEDI”) grant from the United States Department of Housing and Urban Development (“HUD”) in Fiscal Year 2005. The grant is in the amount of $2,000,000. B. The BEDI grant award is conditioned upon, and must be used in conjunction with, a new Section 108-guaranteed loan commitment made by HUD pursuant to section 108 of title I of the Housing and Community Development Act of 1974, as amended and 24 CFR Part 570, Subpart M (the “HUD Loan Guarantee Law and Regulations”). The guaranteed loan is authorized up to $7,895,000. C. The City enacted Ordinance No. 20376 on February 26, 2007, authorizing the City to issue up to $7,895,000 of revenue bonds to finance loans and other assistance for economic development, property acquisition, public facilities, large-scale physical development projects and any other projects that are eligible for funding under Section 108 (the “Projects”). More than thirty days have passed since that ordinance was enacted, no citizens petitioned to have the ordinance authorizing those bonds referred to the voters, and the City is now authorized to issue the revenue bonds described in that ordinance. D. Ordinance No. 20376 authorized the City to secure any HUD Loan Contracts with federal grant funds, revenues and rights the City obtains in connection with the projects, repayments of loans and other assistance provided by the City pursuant to Section 108, payments from the Urban Renewal Agency of the City of Eugene (the “Agency”), and similar amounts. E. On July 23, 2007, the City Council adopted Resolution No. 4914, authorizing: (i) execution and delivery of a “Contract For Loan Guarantee Assistance Under Section 108 Of The Housing And Community Development Act of 1974, As Amended, 42 U.S.C. §5308” with HUD (the “2007 HUD Loan Contract”) in the amount of $7,895,000, (ii) the execution and delivery of a revenue bond under Ordinance No. 20376 in the form of one or more Notes that are required by the 2007 HUD Loan Contract in the amount of not more than $7,895,000 to finance property acquisition for the West Broadway Redevelopment Project (the “2007 Project”). Pursuant to Resolution No. 4914 the City executed the 2007 HUD Loan Contract and issued notes for the 2007 Project in the amount of $2,706,000, leaving the City with $5,189,000 of unused borrowing authority under Ordinance No. 20376. The City completed the property transaction in July 2008. F. The City adopts this resolution to authorize: (i) the execution and delivery of a revenue bond under Ordinance No. 20376 in the form of one or more Notes that are required by a HUD Loan Contract in the amount of not more than $5,189,000 to finance rehabilitation of the Centre Court building and pay related costs (the “2010 Project”); and (ii) the execution of additional HUD Loan Contracts and any related HUD documents; and (iii) City staff to take other actions to obtain funds from HUD under the HUD Loan Contracts for the 2010 Project. Resolution - Page 1