HomeMy WebLinkAboutReso. 1976-047 - Approving request of Redding Redevelopment Agency made to the Department of Housing and Urban Development for permission to use an available unlearned grant for loan repayment•
RESOLUTION NO.
U
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
APPROVING THE REQUEST OF THE REDDING REDEVELOPMENT AGENCY
MADE TO THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
FOR PERMISSION TO USE AN AVAILABLE UNEARNED GRANT FOR
LOAN REPAYMENT.
WHEREAS, the Redding Redevelopment Agency is presently
in the process of effecting a financial settlement with the
Department of Housing and Urban Development, and
WHEREAS, in order to accomplish such settlement, it is
necessary for the City of Redding to advance to the Redding
Redevelopment Agency the sum of $8,256.32 in order to complete
payment of Agency indebtednesses and ineligible project costs, and
WHEREAS, upon completion of the final close out of
Agency activities in connection with the Redding Mall project,
the Agency will have cash assets in excess of $50,000.00 from
which the Agency will be able to repay the City $6,500.00 of the
moneys advanced, and
WHEREAS, the Finance Director of the City of Redding
and the City Attorney of Redding recommend the authorization and
approval of said advance and of the request of the Redding
Redevelopment Agency to the Department of Housing and Urban Develop-
ment for permission to use available unearned grant funds for the
purpose of repaying project indebtedness,
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Redding that "Exhibit A",attached hereto and incorpor-
ated herein by reference, is hereby authorized and approved, and
the forwarding of said document to the Department of Housing and
Urban Development is approved.
I HEREBY CERTIFY that the foregoing Resolution was
introduced and read at a regular meeting of the City Council of
the City of Redding on the 17th day of May 1976, and was duly
adopted at said meeting by the following vote: -�
�i
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AYES: COUNCILMEN: Anderson, Demsher, Gard, Pugh, and Fulton
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
LEE t. FULTOR, M.D.
Mayor of the City of Redding
ATTEST:
MILDRED L. BRAYTON, /City' Clerk
FORM APPROVED:
1_ -
EARL D. MURPHY, CiZy Puttorney
-2-
f REDDING IJ,@K-4,DEVEL0P.MENrI* AGENCY
1934 MARICTiT STREET POBT OB'ITIOE 13OX AX
RLDDINGi-, 0'ALIF'0IZNIA 06001 y 93.Ef.--24G-1650
May, 1976
James H. Price, Area Director
Department of Housing and Urban Development
One Embarcadero Center, Suite 1600
San Francisco, California 94111
SUBJECT: Request for Application of Unused Grant for
Loan Repayment, Midtown Project No. I,
California R-120
Attention: Joseph Lavender, Program Manager; Area "A"
Gentlemen:
This is to request that we be granted permission to use
the unused portion of the grant reservation for the above
identified project to enable the Agency to pay project in -
i
'--debieduess and eifecL a financial settlement, pursuant to a
:.memorandum of David 0. Meeker, Jr., dated Ma ch 17, 1976.
-Enclosed is a requisition for payment of $409,958, the
.un
.in
portion of=grant reservation. This amount is $34,914
in excess of the earned grant pursuant to the project Certi-
-::f.icate of Completion.
-.The-.City of Redding will loan the Agency -$6,500, which,
__with the $409,958, will enable the Agency to pay project
indebtedness.
The Agency presently has $51;300 as payment for project
-:land in escrow waiting clearance of a cloud on the land title.
::Upon receipt of the $51,300, $6,500 will be used to repay the
loan from the City and the remainder will be made available to
`"the City of Redding for community development purposes.
EXHIBIT "A11
✓I r
James H. Price
z Page 2
May, 1976
0
LJ
A copy of the Certificate of Completion and supporting
documents and computation of the requested requisition amount
is enclosed.
FEH:sja
enclosures
Sincerely,
REDAING REDEVELOPMENT AGENCY
/l��r lam✓ C' ;�-��� �--�
Francis E. Henson
Executive Director
EXHIBIT "A"