R95-150 ENDORSING SUBMISSION OF APPLICATION

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RESOLUTION NO. R95-150 RESOLUTION ENDORSING THE SUBMISSION OF AN APPLICATION FOR SECTION 108 PROGRAM FUNDS IN THE AMOUNT OF $8,500,000 ($8.5 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 Program; and WHEREAS, under the Section 108 Program the funds must be used for 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 the Longview Neighborhood Revitalization and the DowntownWater St. Project, and WHEREAS, development of these two projects will eliminate blighting influences, provide employment opportunities and needed services through new facilities for low and moderate income persons, and WHEREAS, according to federal regulations the City has held public hearings to receive input on the proposed use of the loan funds. NOW, THEREFORE, BE IT RESOLVED, the Council of the City of Decatur, Illinois endorses the filing of these applications and all understandings and assurances contained therein, with the U.S. Department of Housing and Urban Development, as required, and directs the City Manager to provide any additional information or documents required by said agency, to execute any agreements pertaining to said loan guarantee, and to otherwise act as the representative of the City of Decatur in all matters relating to this application, any amendments thereto, and any award which may be based upon this application. PRESENTED AND ADOPTED this 16th day of October, 1995. ,--- .�---� ..—./� Terry M. y, ayor ATTEST: i=�'-�� Phyllis Sari s, City Clerk