HomeMy WebLinkAbout2009--01-12 ResolutionM~.
Prepared by: Tracy Hightshoe, PCD, 410 E. Washington St., Iowa City, IA 52240.(319) 356-5230
RESOLUTION NO. 09-10
RESOLUTION APPROVING FUNDING FOR ATLAS HOME SERVICE LLC, FROM IOWA
CITY'S COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) - ECONOMIC
DEVELOPMENT FUND AND AUTHORIZING THE CITY MANAGER TO ACT AS CHIEF
ADMINISTRATIVE OFFICER AND SUBMIT ALL NECESSARY DOCUMENTATION TO
THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
WHEREAS, the City of Iowa City has a Community Development Block Grant (CDBG) funded
Economic Development Fund; and
WHEREAS, the CDBG Economic Development Fund was approved within Iowa City's 2006-
2010 Consolidated Plan (CITY STEPS), as amended, as well as the FY06 and FY07 Annual
Action Plans, a subpart of CITY STEPS, to plan for the use of federal funds to assist lower
income residents with housing, jobs and services; and
WHEREAS, the City has disseminated information and the Iowa City City Council Economic
Development Committee held a public meeting to discuss said project; and
WHEREAS, the Iowa City City Council Economic Development Committee has recommended
that the project submitted by Atlas Home Service LLC be allocated $35,000; and
WHEREAS, the Iowa City City Council Economic Development Committee has recommended
that these funds be in the form of a partially secured, seven-year (7 year) amortized loan with
an interest rate of 3%; and
WHEREAS, the City Council finds that the public interest will be served by an allocation of
CDBG funding for said project to create employment opportunities for low-moderate income
persons.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF IOWA
CITY, IOWA, THAT:
The City Manager is hereby authorized and directed to provide all the necessary
certifications or documents required by the U.S. Department of Housing and Urban
Development.
2. The City Manager is authorized to execute, terminate or amend an agreement(s) with
Atlas Home Service LLC for activities in connection with this allocation of public funds.
Passed and approved this 12th day of December , 20 09
ATTEST:
CIT E.RK
~- ~
Y
Approved by
City Attorney's Office
ppdcdbg/res/CDBGfunds-AHS.doc
Resolution No. 09-10
Page 2
It was moved by Wright and seconded by
adopted, and upon roll call there were:
AYES:
x
x
x
x
x
x
NAYS:
O'Donnell the Resolution be
ABSENT:
Bailey
Champion
Correia
Hayek
O'Donnell
x Wilburn
Wright
wpdata/glossary/resolution-ic.doc