HomeMy WebLinkAboutReso 1997-18854 RESOLUTION NO. 18854
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA
VISTA ADOPTING THE AMENDMENT TO THE FISCAL YEAR
1997/98 COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
CONSOLIDATED ANNUAL PLAN TO INCLUDE THE HUD
SECTION 108 SMALL BUSINESS REVOLVING LOAN FUND
ACTIVITY
WHEREAS, on August 5, 1997, Council approved the Consultant's (Claggett Wolfe
Associates) Phase I feasibility findings and directed staff to proceed with preparing a HUD
Section 108 application to fund a small business revolving loan fund; and
WHEREAS, prior to submitting the HUD Section 108 application, the proposed Section
108 activity must be included in the City's adopted FY 1997-98 CDBG Consolidated Annual
Plan; and
WHEREAS, two public hearings have been held to allow for public input on the
proposed amendment to the City's adopted FY 1997-98 CDBG Consolidated Annual Plan; and
WHEREAS, the proposed amendment and a presubmission application have been
available for public review; and
WHEREAS, any and all public comment received on the proposed amendment to the
adopted FY 1997-98 CDBG Consolidated Annual Plan has been reviewed and considered.
NOW, THEREFORE, BE IT RESOLVED that the following language be included in the
amended FY 1997-98 CDBG Consolidated Annual Plan:
Section I. Section 108 Revolving Loan Fund
The City will utilize a Revolving Loan Fund to assist businesses in Chula Vista to expand
existing operations or establish new business ventures within the City's corporate boundaries.
The Section 108 Revolving Loan Fund is eligible under Section 570.703(I)(1 ). The Section
108 Revolving Loan Fund will adhere to the national objective of Iow/mod benefit by providing
employment opportunities, 51% of which are available to (or held by) low and moderate
income citizens. As a 570.203 activity, each project will conform to the mandatory individual
and aggregate public benefit thresholds (1 job per $50,000 of Section 108 participation; 1 job
per $35,000, respectively) enumerated in 570.209. The Section 108 revolving Loan Fund
will be capitalized in an amount up to $1,000,000 and will fund activities such as real estate
or personal property acquisition, working capital, tenant improvements and furniture fixtures,
and equipment.
Presented by Approved as to form by
Chris Salomone Job M
Community Development Director ney
Resolution 18854
Page 2
PASSED, APPROVED, and ADOPTED by the City Council of the City of Chula Vista,
California, this 16th day of December, 1997, by the following vote:
AYES: Councilmembers: Moot, Padilia, Rindone, Salas and Horton
NAYES: Councilmembers: None
ABSENT: Councilmembers: None
ABSTAIN: Councilmembers: None
Shirley ~"~t~n, Mayor
ATTEST:
~Authelet, City Clerk
STATE OF CALIFORNIA )
COUNTY OF SAN DIEGO )
CITY OF CHULA VISTA )
I, Beverly A. Authelet, City Clerk of the City of Chula Vista, California, do hereby certify that
the foregoing Resolution No. 18854 was duly passed, approved, and adopted by the City
Council at a regular meeting of the Chula Vista City Council held on the 16th day of
December, 1997.
Executed this 16th day of December, 1997
~?,uthelet, City Clerk
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