HomeMy WebLinkAboutRES NO 304-06
RESOLUTION NO. ~ 06
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 $3.75 MILLION AND
BROWNFIELDS ECONOMIC DEVELOPMENT INITIATIVE
GRANT OF $750,000 FOR MILL CREEK SOUTH MIXED
USE PROJECT.
WHEREAS, the City of Bakersfield has determined that a high priority exists for
assistance to eligible neighborhood improvement projects in Redevelopment Project
Areas that includes housing and/or retail developments; and
WHEREAS, the proposed Mill Creek South mixed-use project is included in the
City's adopted One Year Action Plan of the Consolidated Plan; and
WHEREAS, the City applied to the Secretary of the Department of Housing and
Urban Development ("HUD") under the Section 1 08 Loan Guarantee program for a loan
and a Brownfields Economic Development Initiative ("BEDI") Grant for the Mill Creek
South Mixed-Use Project; and
WHEREAS, the City requested and has been authorized to receive $3.75 million
dollars in Section 1 08 funds and $750,000 of BED I Grant funds for the Mill Creek South
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 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 and BEDI Grant is hereby authorized; and
2. That the mayor or designee, city manager or designee, 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
and BEDI Grant funds for the Mill Creek South Mixed-Use Project. fQ~k~
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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
NOt' 2 9 7006 by the following vote:
CAXW
NOES:
ABSTAIN:
ABSENT:
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COUNCILMEMBER CARSON, BENHAM, MAGGARD, COUCH, HANSON, SULLIVAN, SCRIVNER
COUNCILMEMBER
COUNCILMEMBER
COUNCILMEMBER
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APPROVED NOV 2 9 2006
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PAMELAA. McCARTH MC
CITY CLERK and Ex Officio Clerk of the
Council of the City of Bakersfield
HARVE L. HALL
MAYOR of the City of Bakersfield
APPROVED as to form:
VIRGINIA GENNARO
City Attorney
By: t/){H0jJ~tk J
S:\Agreement\2006 Resos\Section 108 BEDI Mill Creek South. DOC
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