HomeMy WebLinkAbout18587 - RESOLUTIONS - 4/19/1995 RESOLUTION NO. 18587
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, APPROVING CITY APPLICATIONS TO THE
U.S. DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT FOR A SECTION 108 LOAN AND AN
' ECONOMIC DEVELOPMENT INITIATIVE GRANT
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WHEREAS the City Council of the City of Palm Springs, California desires to improve the
business climate in the city by helping diversify the economy and encourage the location and
expansion of businesses here, and
WHEREAS, the City Council recognizes that one of the most pressing needs facing small
manufacturers in the current economy is business credit for operation and expansion, and
WHEREAS the Community Redevelopment Agency, at its meeting of August 3, 1994 created
to "Economic Development Incentive Zone" to spur an increase in activity in an industrial area
in the City, and the City Council has been supportive of other efforts to retain and attract
businesses to the city, and
WHEREAS the HUD Section 108 Loan is designed to allow cities to create revolving loan
programs to meet business credit needs in their communities with prudent lending practices, and
the Economic Development Initiative helps a fund maintain a loan loss reserve several times
larger than private lenders.
WHEREAS Community Capital Group is one of the most knowledgeable firms in the nation on
HUD 108 programs and the City desires to contract with them to write and submit the
applications.
NOW THEREFORE, it is hereby resolved that:
1. The City Council of the City of Palm Springs, California, does hereby approve
the separate applications for the HUD 108 Loan in the amount of$2 million and
the Economic Development Initiative Grant application in the amount of
$300,000.
2. The contract with Community Capital Group in the amount of$10,000 is hereby
approved.
ADOPTED this _ 19th day of Apri 1 1995,,
AYES: Members Kleindienst, Lyons, Reller-Spurgin & Mayor Maryanov
NOES: None
ABSENT: Member Hodges
ATTEST: TYi
LMS CALIFORNIA
By( I 1 � _ _
_/ City Clerk itTager
REVIEWED AND APPROVED: ` —
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