Resolution 14003CITY OF ALAMEDA RESOLUTION N0.14003
AUTHORIZING THE EXECUTION OF U.S. DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT (HUD) CONTRACT
FOR LOAN GUARANTEE ASSISTANCE UNDER SECTION 108
OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974, AS
AMENDED, 42 U.S.C. SECTION 5308; EXECUTION OF BEDI GRANT
AGREEMENT; AND ISSUANCE OF HUD SECTION 108 LOAN GUARANTEE
PROGRAM VARIABLE RATE NOTE
WHEREAS, the City of Alameda has determined that a high priority
exists for economic development and job creation activities and that the
proposed Downtown Revitalization Construction of New Parking Garage ("the
Project") meets these priorities; and
WHEREAS, the Downtown Revitalization—Construction of New Parking
Garage is included in the City's adopted One Year Action Plan of the
Consolidated Plan: and
WHEREAS, the Section 108 Loan Guarantee program, implemented by
the United States Department of Housing and Urban Development (HUD), is
designed to provide funds to assist with these types of projects; and
WHEREAS, under the Section 108 Loan Guarantee program, the City
can borrow up to five years worth of its annual Community Development Block
Grant allocation, and can take up to twenty years to repay the principal and
interest; and
WHEREAS, In July 2004, pursuant to City of Alameda Resolution No.
13744, the City submitted an application for a Section 108 Loan Guarantee and
a Brownfields Economic Development Initiative (BEDI) grant; and
WHEREAS, in January 2006, the City was awarded $7,000,000 in
Section 108 Loan Guarantee funds to assist with the implementation of the
improvements and related economic development activities on the Project site;
and
WHEREAS, in October 2004, HUD awarded the City a Brownfields
Economic Development Initiative (BEDI) grant in the amount of $800,000 to
also assist with the economics of the Project and which said BEDI funds cannot
be expended without an approved Section 108; and
WHEREAS, the City has or will enter into a Cooperation Agreement with
the Community Improvement Commission to administer the Section 108 Loan
Funds in the amount of $7,000,000 and the BEDI grant funds in the amount of
$800,000 for the benefit of the Project;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
ALAMEDA, DOES RESOLVE, DECLARE, DETERMINE AND ORDER AS
FOLLOWS:
SECTION 1. City reaffirms the continuing commitments and
representations made in the July 2004 City Council Resolution No. 13744,
Sections 4 through 12.
SECTION 2. The City possesses the legal authority to enter into contract
for the Loan Guarantee Assistance under Section 108 of the Housing and
Community Development Act of 1974, as amended, 42 U.S.C. Section 5308,
and to use the guaranteed loan funds in accordance with 24 CFR Part 570,
subpart M.
the:
SECTION 3. The City Manager or her designee is authorized to execute
a) Contract for Loan. Guarantee Assistance Under Section 108 of
the Housing and Community Development Act of 1974, as
Amended, 42 U.S.C. Sec. 5308;
b) Variable /Fixed Rate Note No. B- 04 -MC -06 -0007 for
$7,000,000;
c) Brownfields Economic Development (BEDI) Grant Agreement
with the U.S. Department of Housing and Urban Development
for $800,000;
d) Cooperation Agreement Regarding Administration of the 2006
Section 108 HUD Loan and BEDI Grant funds Between the
City of Alameda and the Community Improvement Commission
of the City of Alameda.
SECTION 4. This Resolution shall be effective immediately upon its
adoption.
I, the undersigned, hereby certify that the foregoing Resolution was duly and regularly
adopted and passed by the Council of the City of Alameda in the Special Joint Meeting of the
City Council and Community Improvement Commission held on the 26th day of July 2006, by
the following vote to wit:
AYES: Councilmembers Gilmore, Matarrese and Mayor Johnson - 5.
NOES: Councilmembers Daysog and deHaan — 2.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City
this 27p`h day of July, 2006.
Lara Weisiger, City C
City of Alameda