HomeMy WebLinkAbout18740 - RESOLUTIONS - 11/15/1995 RESOLUTION NO. 18740
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, ACCEPTING A $2 MILLION HOUSING AND
URBAN DEVELOPMENT SECTION 108 LOAN
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 Palm Springs City Council, at its meeting of April 19, 1995 approved an
application for a $2 million HUD 108 Loan, with the intention of creating of Industrial
Development/Business Credit Enhancement Program 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.
NOW THEREFORE, it is hereby resolved that the City Council of the City of Palm Springs,
California, does hereby accept the IIUD 108 Loan in the amount of$2 million.
ADOPTED this 15th day of November , 1995. '
AYES: Members Kleindiest, Lyons, Reller-Spurgin and Mayor Maryanov
NOES: None
ABSENT: Member Hodges
ATTEST: 'T OF PAL RI.[d(jS, CALIFORNIA
BY
City Clerk ity Manag
REVIEWED AND APPROVED: