HomeMy WebLinkAbout3787 ResolutionRESOLUTION NO. -2.)
A RESOLUTION establishing the Section 108 Loan Guarantee Program and authorizing
application to U.S. Department of Housing and Urban Development.
WHEREAS, the City of Pasco has qualified as a Community Development Block Grant (CDBG)
Entitlement jurisdiction in 1998; and
WHEREAS, the City's status as a CDBG Entitlement grantee allows it to borrow U.S.
Department of Housing and Urban Development (HUD) Section 108 Loan Guarantee funds; and
WHEREAS, a CDBG Entitlement grantee may borrow up to five times its annual CDBG
allocation through the HUD Section 108 Loan Guarantee program; and
WHEREAS, based on the 2017 CDBG entitlement of $695,000, maximum loan capacity is
$3,475,000; and
Now, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PASCO:
Section 1. The City Council directs the City Manager to develop and maintain administrative
policies procedures establishing a HUD Section 108 Loan Guarantee Program.
Section 2. The Staff shall administer the Section 108 application process in compliance with HUD
Section 108 guidelines and shall focus on economic opportunities and community infrastructure projects
within the downtown revitalization area.
PASSED by the City Council of the City of Pasco this (5;% day of e Ie -In bel-, 2017
Matt Watkins
Mayor
ATT ST: AP D AS TO FORM:
Daniela Erickson Leland B. Kerr
City Clerk City Attorney