Title
Order: That the Mayor be authorized to apply for a Section 108 loan from the US Department of Housing and Urban Development.
Body
WHEREAS, the City of Malden (the "City") is an entitlement community receiving Community Development Block Grant (CDBG) funding with the Secretary of the Department of Housing and Urban Development;
WHEREAS, the City has determined that the purposes of the CDBG may be best served and the activities thereunder most effectively undertaken by the assignment to the Malden Redevelopment Authority (the "Authority") by the City of the responsibility for administration of said Grant, to the fullest extent permitted under law and under the Grant Agreement;
NOW, THEREFORE, be it Ordered by the City Council of Malden:
That the City be, and it hereby is, authorized (i) to enter into the Amendment to the CDBG Grant for FY'17, (ii) to apply for a loan in the amount of $2,000,000 pursuant to the Section 108 Program of the U.S. Department of Housing and Urban Development, which loan shall be used by the Authority in connection with certain eligible Community Development roadway construction activities on public property in the City of Malden as well as necessary associated activities, in accordance with the term of the Grant Agreement, and (iii) to enter into such other agreements and to take such other action as may be deemed necessary or appropriate in connection with the consummation of the transactions contemplated by the Grant Agreement; and that Gary Christenson, Mayor, be and hereby is, authorized to sign, seal, execute and deliver the Amendment to the CDBG Grant, the Agreement with the Authority and the application for the loan under the Section 108 Program, including all understanding and assurances contained therein with the pledge of any grants under the Community Development Block Grant Program for which the applicant may become eligible as collateral for this loan, in the name and on behalf of the City, and to sign, seal, ex...
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