HomeMy WebLinkAbout1984 Resolution No. 003I
RESOLUTI ON NO , --'J=---• SERIES OF 1984,
A RESOLUTI ON AU TH ORI ZING THE SUBMITTAL OF A 198,\ COMMUNITY DEV ELOPMENT BLO CK
GRA NT APPLICATION FOR STATE -WIDE DEVELOPMENT CO llPORATION,
WHEREAS , th e State of Co lora do is admini<•tering th e Fe1oral Co1M1unity
Development Bl ock Grant (CDBC) prog ram fo r l'.'"'; and
WHEREAS I one of th e pu rposes of t h e CDBC. program i s to expand econ omic
op portunities in comm un ities ; a nd
WIIEREAS I the Colorado Dlvis i on of Couune r cc and Deve l opme nt is pro pos 1 n g the
crea tion of a 3tatewide Development Co rporation; a nd
l·HIEREAS 1 th e pu rpos o f this Corporation i s to provide risk c apit a l for
sound bus in css devc lopmc n ti nnd
\·n!ERE AS , CDl1C funds can be used by s uch a no n-pro fit corpornt ion t o
assis t small businesses ; and
HHERE AS , t he bu sinesses in Englewood would benefit f r om th e part ic i pa t ion
of th e City of Cng l ewood in s u ch a p r ogn,m; and
Hltl :R EAS , tl 1c.: L il y o [ En glc.:wooLI f i.nd~ ll1.:.tt a pulJl i i.: l1ca r ing wm; hclJ on
January 16 1 1984 1 and that other required citizen pa rtici pa tion has been complied
with;
NOi-i, THER EFORE , BE IT RESOLVED that the City Cou n c il of the City o f
Englewol)d ,:i.u tho rizes the s ubm i tta l of an application fo r $ l 1000 1000 in CDD C
funds or. hehal f o f th e Colo rndo St a t ewid e Development Cor poration,
AUOl'TEC Ai,D APPRO VED this , 1 984 ,
Mayor /
ATTEST :
C O U N C I L C O M M U N I C A T I O N
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DATE AGENDA ITEM I SUBJECT Applica t i on for CDBG Fu nds on
J anuary 10, 1984 '6 ,q ~e~~~~"~: :olorado Sta t ew i de Developm e nt
IN I T IATED BY C'omm 11niq,1 Oevelopnll'nt Di cPr t11r . _____________ _
ACT JO N PR OPOS ED A,,proval o, CDBG Apolicu tlon for f u nding for Colorado
Statewide DevelopmP.nt Corporat ion .
BA CKGROUND :
Sach yea r , th e City o f Eng lewood has the o pp o rtunity to a pply t o the Sta t e o f
Co l o rado fo r Community De velopmen t Block Gran t (CDIIG) funds. Th e se are fede ral (untls
·.:!.ir h .i r e administered by t ile Co l oradll De partment o f J.o cnl 1,ffui.n;. C I Ll c-s with
?JiJUl ation of 50 ,000 or less compete wi t h each o t her for l1mll'ed (un ds . The funds
:'.,US L be used t u 11 c r catc l iva ble c..·i.tlc s " through h o u s i.11 c r c h uhilitatlon, r c n0v;1l i o n
.:m d ec o no mic development . ln t he pas t, th e Clty has been fortuna t e t o r ece~\·c f und s
lilt:h -;t:;1r f u r :1 v~11"il·ly t i f p r o 1:r,11n •; i1w lulii111~ hu u ~.i 111~ r 1•l 1,d i il il ;il l u n, ll r v .1dw,t) Cu m-
me r cia l Loan Progr am , facade design, ~\alley Parkin g Lot con s tru c tion , and house
::--.o v ing .
For t h£! 198 4 fun d in g c ycl e, ~he Cit y Counc il b bel.n g a s ke t.J to co n side r two applica -
t ion s . The Housing Re ha b ilita tion AppUc ation is d es cr ib e d in n separa te Counc il
C.Jf.';mu n ic ati on . The second applica tion woul d b e for fund ing t o c r ea t e a Colo rado
Stc1Lt:w i d t: !1e:vl•lu:1ml!nl CorporaL i u n . Thi s wuuld be :1 11 !.:W 11 0 11 -p r u fit 1·u r p L ratio 11 f anned
::!1 is year t o provide cap ital t o sound sma l l businesses . Th e St at e Division of Com-
:-:er ce:. and Developme nt i nitiated the program and will actually p r epare t he ap plica-
t i on fo r the pa rtici t1 :1ting c,i.ties . Eight citie s in Colo r ado hav e been asked t o
?B r t l e i?a t e , a nd Eng l ew ood is o ne .
Th e a tt arhed fac t sheet e xpl n in s the Colo r a do St a t ewide Development Co rpo ration i n
:-:-.o re de tail .
J:S CCS SIO~
:he advantage o f participating in this prog r am is that the City co u ld then appoint
·1 rep r ese ntative to sit on thl! l!oarcl o f Direc t o r s o f th e corpp ration . This 11:ould
c e rtainly be a valuable r esource (or ou r bu s iness c ommunity . The applica t i on is
no t dire c tly fo r funds for Engl e wood , bu t r ather a n app lication on behalf of t h e
corporation . Each o f the eight cities i s fo l :.owin g the s ame procedure, The t o tal
f und in g being applied (or l s $l1,000 1 000 .00 .
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RECOMMEND ATION:
It is recomme nded that th e Englewood City Council authorize the s ubm ittal of a CDBC
application to the State of Colorado for the Colorado Statewide Development Corpora-
tion , by passing the Resolutior. ! ___ , Series of 1984,
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SUGG ESTED ACTION:
MOV ED BY ______________ _
SEC OND ______________ _
YES ______ NO ______ .,,BSENT