Ordinance 68931

Summary

BOARD BILL #35 ALDERWOMAN PHYLLIS YOUNG An ordinance recommended by the Board of Estimate and Apportionment authorizing and directing the Mayor, on behalf of the City, to make application to the United States Department of Housing and Urban Development (?HUD?) pursuant to Section 108 of Title I of the Housing and Community Development Act of 1974, as amended (the ?Act?) to refinance the City?s existing Section 108 Loan pertaining to the Darst-Webbe (Near Southside) Hope VI Revitalization Plan (the ?Existing Section 108 Loan?) with a new loan (the ?New Section 108 Loan?); authorizing and directing the Mayor and the Comptroller, on behalf of the City, to execute any contracts, promissory notes, or other loan documents with HUD necessary to refinance the Existing Section 108 Loan and obtain the New Section 108 Loan; appropriating the New Section 108 Loan proceeds to the repayment of the Existing Section 108 Loan; providing partial collateral for the repayment of the New Section 108 Loan; authorizing certain other actions of City officials; and containing an emergency clause and a severability clause.

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