Title
RESOLUTION NO. 2017 - AMENDING THE 2009-2013 CONSOLIDATED PLAN FOR THE LONGVIEW COMMNUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM AND THE 2011 ANNUAL PLAN TO ALLOW FOR FLOAT LOANS FOR CDBG ACTIVITIES
COUNCIL STRATEGIC INITIATIVE ADDRESSED:
Council Initiative: Continue Effective Financial Management
CITY ATTORNEY REVIEW: REQUIRED
SUMMARY STATEMENT:
This Resolution substantially amends the 2009-2013 Consolidated Plan to allow for the provision of CDBG float loans and the 2011 Annual Plan to provide a float loan for a CDBG activity (Comrade Quarters.)
The Float Loan will allow the City to remain timely by drawing down CDBG funding within our HUD-CDBG line of credit below 1.5 program years of funding on hand. The City of Longview currently has excessive CDBG funding due to a delay of construction of Phases 1, 2, and 3 Highlands Trail, Segment 1 using 2009, 2010, and 2011 program year funding.
The Float loan provides the City with a small return on CDBG funding and gives the City the opportunity to maintain its CDBG timeliness in distributing funds per HUD regulations rather than lose a substantial and estimated equal amount of 2012 funding for its citizens.
RECOMMENDED ACTION:
Motion to adopt Resolution No. 2017.