City Council

2gaa'a2a3 ,'Xl,a7T' 5 A': laO}- J' NO CITY COUNCIL MEETING AGENDA FRIDAY, SEPTEMBER 15, 2023 3:30 P.M. CITY COUNCIL CHAMBERS - ROOM 206 CITY HALL. MOUNT VERNON. NEW YORK VIIA FACEBOOK.COM/MOUNTVERNONNY FINANCE AND PLANNING RESOLUTION 1. A resolution authorizing the Mayor to submit an application to the U.S. Department of Housing and Urban Development through Section 108 of the Housing and Community Development Act. SEP I 5 2023 A RESOLUTION AUTHORIZING THE .MAYOR TO SUBMIT AN APPLICATION TO THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT THROUGH SECTION 108 0F THE HOUSING AND COMMUNITY DEVELOPMENT ACT Whereas the City of Mount Vernon (the "City") desires to establish the Mount Vernon Public Facilities Loan Fund (the "Fund"); and Whereas the intent of the Fund is to provide the City with the financial resources needed to rehabilitate the Armory, the Doles Community Center, the Stevens House, fire stations, and other City assets, enabling the City to do programming for seniors and children and invest in public safety and lessen the burdens of government and taxpayers; and Whereas the City has determined that proceeds received through the United States Housing and Urban Development Section 108 Loan Program ("Section 108 Program") will enable the City to create the Fund; and Whereas if the City's Section 108 Program application is approved and loan proceeds made available, the City will be required to secure the loan by pledging current and future Cornrnunity Development Block Grant ("CDBG") allocations as well as additional security to repay and secure the loan; and Whereas in short, the Section 108 Program provides an effective financing tool to support the creation of the Fund (the "Loan Program") and advance the aforementioned City priorities (the "Project"); and Whereas the Project will involve utilizing Loan Program proceeds, in an amoiu'it of up to $8,081,050.00; and Whereas the City Council has reviewed and considered the proposed Project as discussed at its September 15, 2023, meeting. Now, Therefore, be it resolved that: 1. The City of Mount Vernon possesses the legal authority to submit an application through Title 1, Section 108, of the Housing and Community Development Act of 1974, as amended. 2. If awarded funds through the Loan Program, the City desires to borrow up to $8,081,050.00 for the establishment of the Fund. 3. The City certifies the use of Section 108 proceeds in accordance with regulatory requirements and pledges :future CDBG entitlement funds and additional CDBG program income to service debt payments on the Loan Program. 4. The Mayor, on behalf of the City is authorized to sign the Section 108 application, any amendments thereto, and any understandings and assurances therein, for the Fund. 5. That the Mayor and the Comptroller are hereby authorized and directed for and in the name and on behalf ofthe Cit5r to do all acts and things required and to execute and deliver all such applications, certificates, instruments, and documents, to pay all such fees, charges, and expenses and to do all such fiirther acts and things as may be necessary or desirable and proper to effect the purposes of the creation and administration of the Fund and the Loan Program, as the circumstances may require, and to cause compliance by the City with all of the terms, covenants and provisions of such documents executed for and on behalf of the City. SEP 1 5 l ofthe 6. City TheMayororherdesigneeisauthorizedtoactastheofficialrepresentative in connection withthe application andprovide additional information asmay be required. ApprovedbytheMouiitVernonCityCouncilonthis 15"dayofSeptember2023. THIS FORM APPROVEDfTO o ;t4 a C C: a) o co lCuipuiaLluiibvuii.iJ isr(/,Jlff, C: U fflgg" 't) 'i o 2 o Cl'ky Clerk (/) APPROVED 9/1 8/23 a o APPROVED 000 Dept. or Page 2