HomeMy WebLinkAbout024-00RESOLUTION NO. 24-2000
APPROPRIATING AND TRANSFERRING FUNDS TO THE COMMUNITY
DEVELOPMENT AGENCY OF THE TOWN OF DANVILLE FOR THE PURCHASE
OF PROPERTY BY THE AGENCY AND AUTHORIZING THE TOWN MANAGER
TO EXECUTE A REIMBURSEMENT AGREEMENT WITH THE COMMUNITY
DEVELOPMENT AGENCY
WHEREAS, the Community Development Agency of the Town of Danville (the "Agency") is
considering the purchase of property in the Town of Danville (the "Dannenberg property"); and
WHEREAS, the Town and the Agency have previously entered into a Cooperation Agreement
whereby the Town agreed to financially assist the Agency when necessary to achieve the goals
set forth in the Downtown Redevelopment Plan; and
WHEREAS, acquisition of the Dannenberg property by the Agency would be an important step
in achieving the goal of providing affordable housing in the downtown area; and
WHEREAS, the Agency does not have sufficient funds available to complete the purchase of
the Dannenberg property at this time; and
WHEREAS, the Town Council fmds that it is appropriate to assist the Agency in the acquisition
of the Dannenberg property, subject to reimbursement by the Agency; and
WHEREAS, the Town and Agency agree that it is desirable to enter into a Reimbursement
Agreement specific to the purchase and development of the Dannenberg property; now,
therefore, be it
RESOLVED, that the Danville Town Council:
Appropriates and transfers to the Community Development Agency's Housing Fund a
loan of $802,000 to be used for the purchase of the Dannenberg properties. This
appropriation shall consist of the $750,000 previously appropriated for Agency debt
prepayment, accrued interest on that account (estimated at $24,000) and $28,000 from
the capital improvement fund.
The Town Manager is authorized to execute a Reimbursement Agreement with the
Community Development Agency,
APPROVED by the Danville Town Council at a regular meeting on February 15, 2000 by the
following vote:
AYES: Greenberg, Doyle,
NOES: None
ABSTAINED: None
ABSENT: None
Arnerich, Shimansky, Waldo
MAYOR
APPROVED AS TO FORM:
CITY ATTORNEY ~
ATTEST:
CITY CLERK
PAGE 2 OF RESOLUTION NO. 24-2000