HomeMy WebLinkAboutResolution No. 4860
COUNCIL 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.
PASSED: 7:0
REJECTED:
OPPOSED:
ABSENT: Taylor
CONSIDERED: March 13, 2006
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.
The City Council of the City of Eugene, Oregon (the "City") finds that:
A. The City of Eugene is one of only eleven communities in the United States
to be approved for a Brownfields Economic Development Initiative grant from the United
States Department of Housing and Urban Development ("HUD"). The grant is in the
amount of $2,000,000.
B. To obtain the grant the City must also apply for and receive loan guarantee
assistance from HOD under 24 CFR 570.700 to 570.710 and the related laws and
regulations (the "HUD Loan Guarantee Assistance Rules"). The guaranteed loan is
expected to be in the amount of approximately $7,895,000.
c. The City adopts this resolution to approve and authorize submission of an
application for loan guarantee assistance under the HOD Loan Guarantee Assistance
Rules.
NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EUGENE, a Municipal Corporation of the State of Oregon, as follows:
Section 1. Official Representative Designated. The City Manager or the person
designated in writing by the City Manager to act under this Resolution (the "City
Official") is hereby authorized to serve as the official representative of the City of
Eugene in connection with the application for and receipt of loan guarantee assistance
from HUD under the HUD Loan Guarantee Assistance Rules in an amount of not more
than $8,000,000.
Section 2. Application and Related Actions Authorized. On behalf of the City
'and without further action by the City Council, the City Official is hereby:
A. Authorized to submit an application for loan guarantee assistance
and any and all amendments thereto and all understandings and assurances
contained therein.
B. Directed and authorized to act in connection with the application to
provide such additional information as may be required.
Resolution - 1
Section 3. Effective Date. This Resolution shall take effect on the date of its
adoption.
The foregoing Resolution adopted this 13th day of March, 2006.
Resolution - 2