R97-131 ENDORSING THE SUBMISSION OF AN AMENDED APPLICATION

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RESOLUTION NO. R97-131 RESOLUTION ENDORSING THE SUBMISSION OF AN AMENDED APPLICATION FOR SECTION 108 PROGRAM FUNDS IN THE AMOUNT OF $2,500,000 ($2.5 MILLION) BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DECATUR, ILLINOIS: WHEREAS, the City of Decatur is eligible to receive Community Development Block Grant funds as an entitlement city under the Department of Housing and Urban Development regulations, and therefore eligible for funding under the Section 108 Loan Guarantee Prograin; and WHEREAS, under the Section 108 Program the funds must be used far eligible activities which either principally benefit low and moderate income people, or which prevent or eliminate ' slum and blighting conditions, and WHEREAS,the City Council has previously expressed its intent to assist downtown development through the use of Section 108 for the Water Street Project, and WHEREAS,the development of that particular project is going forward without the use of Section 108 financing, and WHEREAS, according to federal regulations the City has held a public hearing to receive input on the proposed amended use of the loan funds, and WHEREAS,the further redevelopment of the downtown business district would be enhanced by the establishment of a Section 108 business loan fund to assist in the financing of eligible specific projects,which either assist in eliminating blight, or principally provide needed services or job opportunities for low and moderate income persons, and WHEREAS, the first opportunity to do so is represented by the development planned for Beresford Plaza.