HomeMy WebLinkAboutRES NO 224-06
RESOLUTION NO. 2 24 - 0 6
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 $1.6 MILLION FOR FIRE
STATION NUMBER 5 PROJECT.
WHEREAS, when the City of Bakersfield adopted the Southeast Bakersfield
Redevelopment Project Area, it was determined that a need existed for a new fire
station;
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
to enable the City to construct a new fire station; 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 $1.6 million
dollars for the Fire Station Number 5 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 twenty years with available future tax
increment from the Southeast Bakersfield Redevelopment Project Area.
NOW, THEREFORE, BE IT RESOLVED, incorporating the above recitals herein,
by the Council of the City of Bakersfield as follows:
1. That the participation of the City of Bakersfield in the Section 108 Loan
Guarantee Program is hereby authorized; and
2. 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 for the Fire Station Number 5 Project.
Page 1 of 2 Pages
S:\CQUNCIL\Resos\06-07 Resos\section108contracts$1.6M.doc
~ ~p..KS'1>
o ~
>- -
r;: J!]
v <:;,
ORIGINAL
I HEREBY CERTIFY that the foregoing Resolution was passed and
adopted, by the COf$iil of the City of Bakersfield at a regular meeting thereof held on
~UG 3 0 '\, by the following vote:
G:t~
NOES:
ABSTAIN:
ABSENT:
--- ......- -
COUNCILMEMBER MAGGARD, CARSON, BENHAM, COUCH. HANSON, SULLIVAN, SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
,W: W- r-
PAMELA A. McCART CMC
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
APPROVED AUG 3 0 2006
HARVEY L. HALL
Mayor of the City of Bake
APPROVED as to form
VIRGINIA GENNARO
City Attorney
Page 2 of 2 Pages
S :\COUNCIL \Resos\06-07 Resos\section 1 08contracts$1.6M.doc
X ~AKS'?>
Q ~
>- -
I- m
.- l"-
t.:> OAIGINAf>