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HomeMy WebLinkAboutResolution 588 RESOLUTION FILE NO. RESOLUTION RESOLUTION AUTHORIZING SUBMITTAL OF A GRANT APPLICATION TO FUND THE STOCKYARDS SPECIALTY CENTER PROJECT UNDER THE URBAN DEVELOPMENT ACTION GRANT PROGRAM OF THE U. S . DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT WHEREAS , The City Council has manifested its interest in improving physical and economic conditions in the inner city through the coordinated revitalization program; and WHEREAS , the City Council directed the City staff to examine and develop recommended procedure for establishing and capi- talizing a city-wide quasi-public corporation for ad- ministering incentives to encourage private rehabilita- tion and new development in appropriate areas of the City; and WHEREAS, the City ' s Comprehensive Economic Development Strategy identified further development of the Stockyards Area as a high priority in order to create job opportunities and ..s capital investment near citizens with the greatest needs and in the inner city; and WHEREAS, establishment of a quasi-public development corporation was identified as a high priority item of the City' s Comprehensive Economic Development Strategy; and WHEREAS, the development of a specialty shopping and entertainment center in the Stockyards Area by the Stockyards Develop- ment Corporation will serve to meet economic development objectives specified; and WHEREAS, the U. S. Department of Housing and Urban Development has a program tool , Urban Development Action Grants , which may appropriately be used to establish and capitalize a quasi-public development corporation to provide loan funds for this project ; and WHEREAS, the Economic Development Policy Board has reviewed the project and approved it unanimously at its December 11 , 1978 meeting ... NOW THEREFORE LET IT BE RESOLVED, that the City Council authorize the City Manager to apply for and accept an Urban Deve- lopment Action Grant from the U.S . Department of Housing and Urban Development in the amount of $2 ,000, 000 to esta- blish and to capitalize a city-wide quasi-public develop- ment corporation to provide incentives for inner city re- habilitation and redevelopment and that further, the first such loan to be made to the Stockyards Development Corpora- tion to build a specialty shopping and entertainment cen- ter in the Stockyards Area.