Presenter
Presented by Ms. Carlisle
Title
Resolution authorizing the submission of applications to the U.S. Department of Housing and Urban Development for a Section 108 loan or loans of up to $11,500,000 for the Pittsburgh Technology Center. (Council District No. 6).
Body
NOW, THEREFORE, 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 or loans of up to $11,500,000 for the Pittsburgh Technology Center 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(s) 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(s) 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.