HomeMy WebLinkAbout10/21/2009 6A DATE SUBMITTED:
AGENDA BILL
CITY OF BREMERTON
CITY COLTNCIL
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SUBJECT:. Public Hearing and adoption of Committee Meeting Date: 10/14/2009
Resolution No. �t o0 approving application COLTNCIL MEETING Date: 10/21/2009
for CDBG Section 108 Guaranteed Loan Department: DCD — Block Grant
funding for Bremerton Boardwalk Project Presenter: M. Vila
construction. Phone: 360-473-5375
SUMMARY: On August 26, 2009 staff annouced to City Council the award of a$1,750,000 HUD
Brownfields Economic Development Initiative (BEDI) grant far the Bremerton Boardwalk Project,
and received permission from Council to apply for CDBG Section 108 Loan Guarantee funding, a
condition of accepting the BEDI grant. Staff has developed an application which we present to
Council for consideration and approval. If approved, the application will be submitted to HUD for
approval and inclusion in the City's 2010 CDBG Annual Action Plan.
ATTACHMENTS:
1. Proposed Resolution /I�o . .3! ofl
Exhibit A— Section 108 Loan Application
Exhibit B— Section 108 Program information
2. Staff Memo '
FISCAL IMPACTS (Include Budgeted Amount): Loan funding of $2,800,000; 20 year repayment
schedule with interest to be determined (projected rate is 4% - 6%), resulting in estimated annual debt
service of $210,000 to $244,000 for y ars. Pledge REET funds for repayment.
APPROVALS:
DEPARTMENT DIRECTOR:
CITY ATTORNEY: ,�
FINANCE DIRECTOR:
MAYOR: ' �
COMMITTEE CHAIR
COUNCIL PRESIDENT: ` CONSENT AGENDA ❑
GENERAL BUSINESS ❑
PUBLIC HEARING �
RECOMMENDED MOTION: Move to pass Resolution No. 00 approving the CDBG Section
108 Guaranteed Loan Application for the Bremerton Boardwalk Project construction, and authorize �
CDBG staff to submit the application to HUD for approval; authorize the Mayor to finalize and
execute the contracts with substantially the same terms and conditions as presented once HUD has
approved the application and all funding and permits have been secured.
COUNCIL ACTION: �Approve ❑ Deny ❑ Table ❑ Continue No Action
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