11-22-93 Human Resources & Economic Development

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Human Resources and Economic Development November 22, 1993 Page 3 February of 1994 . The next item on the agenda was to review Bill No. 101-93 which would , appropriate $3 , 428, 000. 00 of Community Development Block Grant funds. Beth Leonard made the presentation. She reviewed the 1994 CDBG program year final funding levels (copy attached) . She noted that it is essentially the same funding as the current calendar year. Following further discussion, Council Member Slavinskas made a motion seconded by Council Member Washington that Bill No. 101-93 be recommended favorably to Council . The motion passed. The Committee then reviewed Bill No. 102-93 which would appropriate $346, 858. 00 from various accounts within the UDAG fund. Beth Leonard made the presentation. She stated that this Bill basically "trades dollars" regarding the BDC loan portfolio buyout and the Redevelopment Administration. Following further discussion, Council Member Slavinskas made a motion seconded by Council Member Duda that Bill No. 102- 93 be recommended favorably to Council . The motion passed. The Committee then reviewed Bill No. 103-93 which would appropriate $1, 050, 000. 00 of 108 loan funds. Beth Leonard made the presentation. She stated that the bond would be repaid within either a six (6) or ten (10) year period. Central High School is earmarked for $550, 000. 00, Landlord Loan Program 'for $300, 000.00 and the Low Income Rehab Program for $200, 000. 00. Interest rates are conservatively being projected at eight percent (8%) . Following further discussion, Council Member Slavinskas made a motion seconded by Council Member Duda that Bill No. 103- 93 be recommended favorably to Council. The motion passed. The Committee then reviewed Bill No. 104-93 which would appropriate $366, 237 . 00 within fund 212 for the purpose of defraying administrative costs of the Department of Community and Economic Development. Beth Leonard made the presentation. Council Member Slavinskas noted that among these funds are tax abatement fees in the amount of $9, 450. 00. He was assured that none of these amounts would cover the costs of advertisement which are collected by the City Attorney's Office. In response to a question raised by Council Member. Ladewski, it was noted that the State Theater got a release from the State last Friday and will proceed ahead so that they can be open before the end of the year.