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• � . <br /> .. - �. <br /> COMMUNITY DEVELOPMENT MEMORANDUM <br /> NO. 97-96 <br /> August 13, 1997 <br /> TO: Honorable Mayor Terry M. Howley and City Council Members <br /> FROM: James L. Willia , r., City Manager <br /> Debora L. Bean, ting Director of Community Development /(��',�j <br /> SUBJECT: Section 108 Loan Guarantee Amended Application <br /> In October, 1995, City Council authorized the submission of$8,500,000 in Section 108 Loan <br /> Guarantee Program funds. The Downtown Water. Street project utilized $2,500,000 of these <br /> funds and the Longview Neighborhood Revitalization was designated $6.0 million. <br /> Since the Downtown Water Street project has been developed without Section 108 funds, the <br /> attached resolution authorizes an amended application in the downtown area for a business loan <br /> fund in the amount of$2.5 million. <br /> Staff recommends approval and is available to answer any questions you may have. <br />