Presenter
Presented by Mr. Ferlo
Title
Resolution authorizing the submission of applications to the U.S. Department of Housing and Urban Development for a Section 108 loan of up to $6,500,000 and an Economic Development Initiative grant of up to $700,000. (Council District No. 3).
Body
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Mayor, on behalf of the City of Pittsburgh, is hereby authorized to submit applications, together with any amendments thereto, to the U.S. Department of Housing and Urban Development ("HUD") for a Section 108 loan of up to $6,500,000 and an Economic Development Initiative grant of up to $700,000 and to execute all necessary and appropriate documents required in connection with the applications, including, without limitation, contracts, notes and certifications required under 24 CFR Part 570, Subpart M.
Section 2. The pledge of Community Development Block Grant funds as security for the repayment of the Section 108 loan is hereby approved.
Section 3. Urban Redevelopment Authority of Pittsburgh is hereby designated as the City's agent for implementation of the Section 108 loan and the Economic Development Initiative grant programs and is authorized to execute any required documents and instruments on behalf of the City and to draw down loan and grant funds directly from HUD.