HomeMy WebLinkAbout19634 - RESOLUTIONS - 9/1/1999 RESOLUTION NO. 19634
APPROVING THE SUBMISSION OF AN APPLICATION FOR
SECTION 108 PROGRAM FUNDS IN THE AMOUNT OF $1
MILLION($1,000,000)FOR PROPERTY IMPROVEMENTS AT
VIP MOTOR CARS, INC. AT 4095 EAST PALM CANYON
DRIVE
WHEREAS, the City of Palm Springs is eligible to receive Community Development Block Grant
funds as an entitlement city under the Department of Housing and Urban Development
regulations, and therefore eligible for funding under the Section 108 Loan Guarantee Program;
and
WHEREAS, under the Section 108 Program, the funds must be used for eligible activities which
principally benefit low and moderate income people or eliminate slum and blight; and
WHEREAS, the City received approval of a generic HUD 108 loan from HUD in September,
1995, but has not made a loan from that commitment as of this date; and
WHEREAS, according to federal regulations the City must conduct a public hearing to receive
input on the proposed use of the loan funds; and
WHEREAS, the City Council desires to assist VIP Motor Cars to expand and upgrade their
automobile dealership at 4095 East Palm Canyon Drive, in order to retain the business in Palm
Springs, make it a more profitable facility for the dealer and the City, and increase the level of
employment; and
WHEREAS, expansion of the dealership will create on-site jobs for documented low and
moderate income households, therefore improving overall living conditions for low and moderate
income households in the City.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Palm Springs, as
follows:
Section 1. That the submission of a HUD Section 108 application, in the amount of$1 million
and in the form of a loan guarantee, to the U.S. Department of Housing&Urban
Development is hereby approved.
Section 2. That the City Manager is authorized to file said applications, and any amendments
thereto, and all understandings and assurances contained therein in a form
acceptable to the City Attorney, and to provide any additional information or
documents requested by HUD, and to execute any agreements pertaining to said
loan guarantee.
ADOPTED this 1st day of September 1999.
AYES: Members Barnes, Hodges, 0den, Reller-Spurgin and Mayor Kleindienst
NOES: None
ABSENT: None
ATTEST:: CI�F+ALM-SPRINGS, CALIFORNIA
City Clerk i y Man ger
REVIEWED & APPROVED AS TO FORM