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� <br /> Based upon the FY 02-03 entitlement allocation, the City has $2.5 million available, including <br /> the balance left from what had been designated for the downtown revitalization activities. A <br /> Section 108 loan application was submitted to HUD to secure that amount of federal loan <br /> guarantee assistance to fund infrastructure in later phases for the Near North Redevelopment <br /> Project. The City recently received approval of the application. Upon execution of the funding <br /> approvaUagreement, the $2.5 million fund allocation will be designated for use by the City of <br /> Decatur. Sometime in the future, as the funds are needed, City staffwill contact HUD to proceed <br /> with the process required to actually draw down the funds for use in the redevelopment project. <br /> A copy of the funding approvaUagreement is attached. <br /> POTENTIAL OBJECTIONS: <br /> City staff is not aware of any objections to the Section 108 funding approvaUagreement. <br /> INPUT FROM OTHER SOURCES: <br /> HUD representatives in both Chicago and Washington DC <br /> STAFF REFERENCE: <br /> If City Council members have any questions, they may contact A. J. Krieger, Assistant City <br /> Manager (ajkrieger@decaturnet.org or 424-2727) or Linda Love, Neighborhood Programs <br /> Manager(ljlove@decaturnet.org or 424-2777). <br /> BUDGET/TIME IMPLICATIONS: <br /> None at this time. <br />