Presenter
Presented by Mr. Shields
Title
Resolution authorizing the submission of an application to the U.S. Department of Housing and Urban Development for a Section 108 loan of up to $10,000,000 to be used for acquisition, demolition, remediation, site preparation and/or infrastructure improvements in the East Liberty Portal project. (Council Districts 8 and 9).
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 an application, together with any amendments thereto, to the U.S. Department of Housing and Urban Development ("HUD") for a Section 108 loan of up to $10,000,000 to be used for acquisition, demolition, remediation, site preparation and/or infrastructure improvements in the East Liberty Portal project and to execute all necessary and appropriate documents required in connection with the application and the Section 108 loan, 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 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.