HomeMy WebLinkAboutResolution No. 16-7660- Loan Garantee Funds Pursuant to Section 108 for Downey NissanA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DOWNEY AUTHORIZING
THE CITY MANAGER TO SUBMIT TO THE UNITED STATES DEPARTMENT OF
HOUSING r URBAN DEVELOPMENT • FOR $1,025,800 IN
LOAN GUARANTEE FUNDS TO SECTION 108 OF • AND
COMMUNITY DEVELOPMENT OF r r
WHEREAS, The City of Downey ( "CITY ") wishes to apply for a $1,025,800 loan from the
United States Department of Housing and Urban Development through the Section 108 Loan
Guarantee Program; and,
WHEREAS, the City intends to use funds obtained from the Section 108 Loan
Guarantee Program for the special economic development activity to assist with the operating
costs to make the expansion /relocation and job creation efforts of Downey Nissan feasible and
to pay for the costs associated with Section 108 Loan financing.
RESOLVE NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF DOWNEY DOES
HEREBY •, •
SECTION 1. The City authorizes the City Manager to submit the Application and
Certification thereto, and direct the City Manager, as the official representative in connection
with the application, to provide additional information, all understandings and assurances, as
may be required.
SECTION 2. The City authorizes the City Manager to execute the Application and submit
such documents as may be required in order to implement the Application.
SECTION 3. The City Clerk shall certify to the adoption of this Resolution.
APPROVED AND ADOPTED this 26th day of July, 2016.
ALEX SAAB, Mayor
I HEREBY CERTIFY that the foregoing Resolution was adopted by the City Council of
the City of Downey at a regular meeting held on the 26th day of July, 2016 by the following vote,
to wit:
AYES:
Council Members
NOES:
Council Member:
ABSENT:
Council Member:
ABSTAIN.
Council Member:
Ashton, Brossmer, Marquez,
None.
None.
None.,
ADRIA M. JIMENEZ, M
City Clerk
Vasquez, Mayor Saab