HomeMy WebLinkAboutRES NO 129-03RESOLUTION NO. I 9 - 0 3
A RESOLUTION OF THE COUNCIL OF THE CITY OF
BAKERSFIELD AUTHORIZING THE REQUISITE CITY
PERSONNEL TO EXECUTE ALL DOCUMENTS
REQUIRED TO ACCESS SECTION 108 LOAN
GUARANTEE FUNDS OF $1 MILLION AND $250,000
BROWNFIELDS ECONOMIC DEVELOPMENT INITIATIVE
GRANT FOR THE OLD TOWN KERN MIXED-USE
PROJECT.
WHEREAS, the City of Bakersfield has determined that a high priority exists to
redevelop Old Town Kern by creating a mixed-use project; and
WHEREAS, the mixed-use project will consist of new and rehabilitated retail and
office space, fifty units of senior housing, a new streetscape and a plaza; and
WHEREAS, the City applied to the Secretary of the Department of Housing and
Urban Development ("HUD") under the Section 108 Loan Guarantee program for a loan
and for a Brownfields Economic Development Initiative ("BEDI") Grant to enable such
redevelopment; and
WHEREAS, under the Section 108 Loan Guarantee program, the City can
borrow up to five years' worth of its annual Community Development Block Grant
allocation, and can take up to twenty years to repay the principal and interest; and
WHEREAS, the City requested and has been authorized to receive $1 million
dollars for the Old Town Kern mixed-use project; and
WHEREAS, to access the funds, the City must execute several documents with
HUD, including, but not limited to, a loan agreement and a promissory note; and
WHEREAS, the loan shall be repaid over ten years with available future tax
increment from the Old Town Kern-Pioneer Redevelopment Project Area; and
WHEREAS, the BEDI grant does not have to be repaid.
NOW, THEREFORE, BE IT RESOLVED, incorporating the above recitals herein,
by the Council of the City of Bakersfield as follows:
That the participation of the City of Bakersfield in the Section 108 Loan
Guarantee Program is hereby authorized; and
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That the mayor or designee, the city attorney or designee, the economic
development director or designee and the finance director or designee of
the City of Bakersfield are authorized to execute any and all documents
required by HUD to enable the City to access the Section 108 Loan
Guarantee Program funds and the Brownfields Economic Development
Initiative Grant funds referred to herein.
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I HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Council of the City of Bakersfield at a regular meeting thereof held on
u u Q ?nn~ , by the following vote:
AYES: COUNCILMEMBER COUCH, CARSON, BENHAM, MAGGARD, HANSON, SULLIVAN, SALVAGGIO
NOES: COUNCILMEMBER
ABSTAIN: COUNClLMEMBER
ABSENT:COUNCILMEMBER ~-,~,~.~
APPROVED JUL 9 2003
By ~",//'
HARVEY L. HALL /
Mayor
CITY CLERK and Ex Officio C~rk of the
Council of the City of Bakersfield
APPROVED AS TO FORM:
BART J. THILTGEN
City Attorney
~//JrANICE SCANLAN
Deputy City Attorney
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