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

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cV I W t QCitp of TJjribgeport QConnecticut red the cYZlp cYdunci if the cYitp if C5iBndgepdrt 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
I n Report of Committee on ECD and Environment 74 09 Consent Calendar 2 WHEREAS this request constitutes asubstantial amendment and as such requires public notice Citizen Union consideration and City Council authorization and WHEREAS the City issued a Request for Public Comment for the proposed use of these funds the Citizens Union held a public hearing and provided recommendations to the City Council and WHEREAS the City Council of the City of Bridgeport accepts the proposal to utilize Section 108 Loan Guarantee Program funds to support the Seaview Plaza Development project Now therefore be it RESOLVED that the Mayor of the City of Bridgeport and or the designated individual is hereby authorized and empowered to sign the required certifications and any necessary documents and or agreements required by the Secretary of the U S Department of Housing and Urban Development to accept and execute the Section 108 Loan Program in accordance with all of HUD s Program rules regulations and requirements and be it further RESOLVED that the mal loan agreement with the developer will require City Council Approval RESPECTFULLY SUBMITTED THE COMMITTEE ON ECONOMIC AND COMMUNITY DEVELOPMENT IJfI L7 ENVIRONMENT Warren Blunt Council Date June 7 <strong>2010</strong>
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AGENDA CITY COUNCIL MEETING MONDAY
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THE FOllOWING NAMED PERSONS HAVE RE
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And now they are planning on cuttin
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CITY COUNCIL MEETING Monday June 7
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73 09 Miscellaneous Matters Committ
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COUNCIL MEMBER BAKER MOVED TO WAIVE
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ADJOURNMENT COUNCIL MEMBER CURWEN M
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DRAFT CHARLES FEREIRA 235 CHURCH ST
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l AWARD BY STIPULATiON FOR FULL AND
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SEVENTEEN THOUSAND FIVE HUNDRED DOL
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IN VIEW OF THE FOREGOING We the und
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BILL FINCH Mayor CITY OF BRIDGEPORT
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B11L of 199r62 fO tl40 1994 02 1082
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1999 04226182 DAY DENEISE G 5 26 20
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2002 02 4924167 BANK LOCK SER vICE
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2010-06-07_(2).pdf - 19318.8K - BridgeportCT.gov

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