HomeMy WebLinkAboutRES NO RA012-06RESOLUTION NO. R A 0 1 2- 0 6
A RESOLUTION OF THE BAKERSFIELD REDEVELOPMENT
AGENCY OF THE CITY OF BAKERSFIELD AUTHORIZING THE
REQUISITE CITY AND AGENCY 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 108 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 108 funds and $750,000 of BEDI Grant funds for the Mill Creek South
Mixed -Use Project; and
WHEREAS, to access the funds, the City and Agency 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 Bakersfield Redevelopment Agency as follows:
1. That the participation of the Bakersfield Redevelopment Agency in the
Section 108 Loan Guarantee Program and BEDI Grant is hereby authorized; and
2. That the Chair or designee, executive director or designee, general
counsel or designee, and the financial officer or designee of the Bakersfield
Redevelopment Agency are authorized to execute any and all documents required by
HUD to enable the Bakersfield Redevelopment Agency to access the Section 108 Loan
Guarantee Program and BEDI Grant funds for the Mill Creek South Mixed -Use Project.
---- - - - - -- 000--- - - - - -- AG E14CY
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HEREBY CERTIFY that the foregoing Resolution was passed and adopted by
the Bakersfield Redevelopment Agency of the City of Bakersfield at a regular meeting
thereof held on r, 1 1 2006 , by the following vote:
AY AGENCY MEMBER COHEN, BENTLEY, KOMAN, O(CD }']yMISHOE, PRINCE, TAKII
NOES: AGENCY MEMBER
ABSTAIN: AGENCY MEMBER
(:999�T—D AGENCY MEMBER J
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SECRETARY of the Bakersfi i
Redevelopment Agency
APPROVED:
DON I. HEN, CHAIRPERSON
BAKERSFIELD REDEVELOPMENT AGENCY
APPROVED AS TO FORM:
VIRGINIA GENNARO
GENERAL COUNSEL
By:
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