HomeMy WebLinkAboutReso 1998-19099 RESOLUTION NO. 19099
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA AUTHORIZING THE MAYOR TO EXECUTE THE
ECONOMIC DEVELOPMENT INITIATIVE APPLICATION TO
HOUSING AND URBAN DEVELOPMENT (HUD) FOR A ~100,000
GRANT TO FUND A LOAN LOSS RESERVE FOR THE PROPOSED
SECTION 108 CHULA VISTA SMALL BUSINESS REVOLVING
LOAN FUND PROGRAM
WHEREAS, Council previously approved hiring the consulting firm of Claggett Wolfe
to assist staff to develop a HUD Section 108 Small Business Revolving Loan Program, in
addition to preparing an Economic Development Initiative (EDI) grant application in the event
HUD issues a Notice of Funding Availability (NOFA); and
WHEREAS, EDI is a HUD grant program designed to mitigate the risk to a municipality
of utilizing the Section 108 program; and
WHEREAS, HUD has issued a NOFA and the consultant has prepared an EDI application
for a 9100,000 grant to fund a loan loss reserve for City's Section 108 RLF program;
NOW, THEREFORE, BE IT RESOLVED the City Council of the City of Chula ViSta does
hereby authorize and direct the Mayor to execute the EDI application to HUD for a ~100,~00
grant to fund a loan loss reserve for the proposed Chula Vista Small Business Revolving Loan
Fund Program.
Presented by Approved as to form by
Chris Salomone Jo n M. Kaheny ~
Community Development Director ' rney
Resolution 19099
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 28'h day of July, 1998, by the following vote:
AYES: Councilmembers: Moot, Padilia, Salas and Horton
NAYS: Councilmembers: None
ABSENT: Councilmembers: Rindone
ABSTAIN: Councilmembers: None
S h ~~y~
ATTEST:
~uthe~et, City Clerk 'B
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of Chula Vista, California, do hereby certify that the
foregoing Resolution No. 19099 was duly passed, approved, and adopted by the City Council
at a regular meeting of the Chula Vista City Council held on the 28th day of July, 1998.
Executed this 28th day of July, 1998.
~uth~et, City Clerk