HomeMy WebLinkAbout1983 Ordinance No. 028OOIJ I NANCE NO. 2 8
SER I ES Of 198_3 __
BY AUrHORITY
COUNCIL BI LL NO. 28
INTRODUCED BY COUNCIL
MEMBER DRAJ:6HAW
r'OR AN Cl<DIN/\NCE APPROVING AN AGHEEl'IEN'I' WITH TH E s rATE Of COLORAOO ,
DEPAR'IMEN'r Of LOCAL Ar'FAI RS , PROVID I NG A GRANT TO THE CITY OF
ENGLEWOOD IN THE N-10UNT Of $150 ,000 FOR THE ESTABLI SHM ENI' Of A
HEVOLV[NG LOAN FlJIID TO ENCOURAGE EX:ONCMIC STABILIZATION AND JOO
CREATION IN TH E CITY OF fl'l,LEWOOD , AN D DECLAllING AN EMERGENCY .
WHEREAS , the Ci ty of Engle""'°d has a ppli ed for and r ece i ved a
g r ant that .ould allow r educed inte r est rate loans to local
bus ine sses in the 3200-3500 Blocks of South Broadway;
NOW , TH EREFORE , BE IT ffi[ll\lNED BY THE CITY COUNCIL Of '!HE
CITY Or' ENGLEWOOD , COLORADO:
Sect i on 1. The City of Engl e ""'°d shall ente r into an agreemen t
with the Sta t e of Co l o r ado , Department o f Local Affairs , CDBG
Appli cation No . 83-058 , ma r ked Exh i bit A and incorporated here i n by
r efe r ence , such ag r eement consist i ng of nine t een (19) typewr itten
pages whi ch gene r ally provides a s follows:
A. The City shall administe r the grant in accordance with
t he State of Colorado Local Gove rnment Financ ial Man agement Man ua l
dated June 1981.
B. The g r ant funds will be usa exclusively t o c r eate a
revolvinCJ loan fund . The City will leve r age funds with local bank
funds to be used by small businesses in t he 3200-3500 Blocks of
So uth Broadway . Interest rates shall be no g r eater than the
current Denver pri me rate less t.o percent (2%) excluding any
processi ng o r service charged imposed . The loans shall be used for
imp r ovements in the structures in the 3200-3500 Bl ocks of So uth
Broadway.
Section 2 . •n,e City Council of the City of Engle.ood , Colo r ado ,
hereby author izes the Mayo r of the Ci ty of EnCJle""'°d , Colorado , to
subsc ri be his name to said agreement for and in behalf of t he City
Council and the City of Engl e ""'°d , Colo r ado , and that the Dir ec to r
of Finan e , ex officio City Cle rk-Treasur er , at test the same .
Sec ti on 3 . City Comc i l hereby decla r es an eme r gency it being
necessary in order t o obta in the funds and utilize the funds within
the grant pe ri od .
Introduced , read in full , antl passed on fi rst read ing on the
6th day of June , 1983 .
I
I
1983 .
Published as a Bill fo r an Ordi nance on the 8th day of J un e ,
Read by t i tle and p.3ssed on final reading on the 20th day of
June , 1983 .
Pu blis hed by t i tle as Ord inance No . 2 8
the 22nd day of June , 1983 .
Attest:
/s / Gary R. Higbee
ex officio Ci ty Cle r k-Tr easur e r
Se ri es of 1983 , on
/s / Eu g en e L. Otis
Eugene L. Ot i s , Mayo r
I , Ga r y R. Hi gbee , ex officio Ci ty Clerk-Treasure r of the City
of Engle"'>od , Colorado , he r e by certify t hat the above and foregoing
is a t r ue , accurate and 'O\.'mplete copy of the Ordinance passed on
f i nal re 1d ing and p.lblis-hed oy t i tle as Ord i nance No . 28 , Se ri e s
of 1983 .
/s / Eugene L . Otis
Gary R. Higbee