2010-06-07_(2).pdf - 19318.8K - BridgeportCT.gov

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The Committee on ECD and Environment begs leave to report
and recommends for adoption the fol owing resolution
74 09 Consent Calendar
CITY OF BRIDGEPORT
PROPOSED SUBSTANTIAL AMENDMENT TO THI CITY S
CONSOLIDATED PLAN FOR HOUSING
COMMUNITY DEVELOPMENT
RESOLUTION
WHEREAS the City of Bridgeport is seeking to utilize the Section 108 Loan
Guarantee Program as part of the financial structure for a
proposed 150 000
square foot 31 000 000 commercial development on a vacant IS acre
waterfront development parcel in the City s East End and
WHEREAS the purpose of the Section 108 loan is to lend up to 4 500 000
less than 15
of the development budget
to the single asset developer that
includes both Simon Konover Development Company and the George Company
as
part of the financial structure for the proposed Seaview Plaza Development in
the City s East End and
WHEREAS the income stream is projected to be sufficient to support the
debt service on the first commercial loan and the Section 108 subordinated
loan The Section 108 loan will be underwritten in order to achieve at least a
1 25 debt coverage ratio and an 80 loan to value and the
developer will
provide adequate additional security and guarantees on the loan and
WHEREAS the Seaview Plaza Development will meet the national objective
of benefit to low and moderate income persons specifically under CFR 24
570 208 a 4 and
WHEREAS the Seaview Plaza Development will exceed the public benefit
test under CFR 570 209 b in that there will be at least one job created for every
35 000 in CDBG Section 108 assistance as there are an estimated 400 jobs
to be created by the development or one job for every 11 500 in
CDBG Section 108 assistance and