HomeMy WebLinkAboutResolution 2688 Budgeting use of program income from 1984 CDBG program: 2-01-88
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COMMISSION RESOLUTION
NO. 2688
A Resolution of the City Commission of the City of Bozeman,
Montana, budgeting the use
of program income from
the 1984
Community Development Block Grant program.
WHEREAS, the City of Bozeman is
administering a Housing and
Neighborhood Revitalization Community Development
Block Grant;
and
WHEREAS, program income of approximately
$36,80'0' has been
earned; and it is anticipated that approximately
$24,0'0'0' of addi-
tional income wi 11 be earned per year
for the next
ten (10' )
years; and
WHEREAS, the City
Commission of the City of Bozeman con-
tinues to be committed to addressing the
community development
needs of the City of Bozeman; and
WHEREAS, there remains to be a need
to continue the housing
revitalization efforts undertaken by the City with the initiation
of the 1984 Block Grant.
NOW, THEREFORE, BE
IT RESOLVED by the City Commission of the
City of Bozeman that:
Program income earned until
July 1, 1988 from
the 1984
Housing and Neighborhood Revitalization Block Grant will continue
to be utilized to further
the City's low and moderate
income
housing revitalization efforts.
Said income shall be utilized to
further the housing efforts
initiated in the target area identified
in the 1984 Neighborhood
Revitalization C.D.B.G. Block Grant.
No greater than fifteen percent (15%)
of the program income ~
earned during this period will be utilized
for administrative
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purposes.
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The remaining funds
shall be utilized
for projects
identified and selected by the C.D.B.G.
Loan Review Committee,
and approved by the Bozeman City Commission. Said funds
shall be
loaned for those projects that will produce 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
identified by the C.D.B.G. Loan Review Committee as critical and
demanding immediate attention.
All activities undertaken with
these funds will meet
the
requirements established in Attachment "E"
of the OMB Circular A-
10'2 and other requirements as may be established by the
Montana
Department of Commerce.
Passed and Adopted this 1st
day of February
, 19 88 .
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ATTEST:
(l~ wY vi~_
Clerk of the Commission
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