HomeMy WebLinkAboutResolution 2736 Budgeting program income from 1984 CDBG program: 1-23-89
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COMMISSION RESOLUTION NO. 2736
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF
BOZEMAN, MONT ANA, BUDGETI NG THE USE OF PROGRAM I N-
COME FROM THE 1984 COMMUNITY DEVELOPMENT BLOCK GRANT
PROGRAM.
WHEREAS, the City of Bozeman received a Housing and Neighborhood
Revitalization Community Development Block Grant award in 1984; and
WHEREAS, as part of that CDBG award, $163,504.00 was loaned to prop-
erty owners for the purposes of rehabilitating low and moderate income housing;
and
WHEREAS, program income of approximately $64,290.00 has been generat-
ed through loan repayments to date; and it is anticipated that approximately
$24,000.00 of additional income will be earned per year for the next ten (10)
years; and
WHEREAS, the City successfully closed out the Program in 1988; and
WHEREAS, the City wishes to continue rehabilitation of housing and
neighborhoods by use of low interest or deferred payment loans; and
WHEREAS, Commission Resolution No. 2688 committed 1984 CDBG program
income for this purpose through June 30, 1988.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City
of Bozeman that:
This Resolution hereby supersedes Commission Resolution No. 2688, and
the City hereby commits the 1984 CDBG program income from June 30, 1988 for-
ward to housing and neighborhood revitalization until such time as the Com-
mission finds no need to continue low and moderate income rehabilitation efforts.
Said income shall be utilized to further the housing efforts initiated in
the target area identified by the City Commission.
No greater than fifteen percent (15%) of the program income earned dur-
ing this period will be utilized for administrative purposes.
The remaining funds shall be utilized for projects identified and selected
by the City of Bozeman Loan Review Committee, and approved by the Bozeman
City Commission. Said funds shall be loaned for those projects that will pro-
duce an income near that which may be found in the private sector. However,
they may be granted or loaned at a very modest interest rate in those cases
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identified by the City of Bozeman Loan Review Committee as critical and de-
manding immediate attention.
All activities undertaken with these funds will meet the requirements es-
tabl ished in Attachment "E" of the OMB Circular A-102 and other requirements
as may be established by the Montana Department of Commerce.
PASSED AND ADOPTED by the City Commission of the City of Bozeman
at its regular meeting thereof held on the 23rd day of January 1989.
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ATTEST:
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Clerk of the Commission
APPROVED AS ~: ,
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City Attorney
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