Number
090313
Version
Substitute 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution designating Recovery Zone areas of the City.
Analysis
The American Recovery and Reinvestment Act include advantageous borrowing programs for the City for expenditures relating to Recovery Zones. In order to qualify for the programs, this resolution designates Recovery Zone areas of the City.
Body
Whereas, The American Recovery and Reinvestment Act includes borrowing with Recovery Zone Economic Development Bonds (RZEDB) and Recovery Zone Facility Bonds (RZFB); and
Whereas, A requirement for RZEDB and RZFB bonds is that they be for Recovery Zone areas as designated by the Issuer; and
Whereas, Recovery Zone areas include areas with significant poverty, unemployment, rate of home foreclosures, general distress, and/or areas designated as a renewal community; and
Whereas, All the industrial and commercial areas of the City are being significantly impacted by the economic downturn resulting in significant general distress and significant increase in unemployment from layoffs and business closings; and
Whereas, Residential, industrial, and commercial areas included in Renewal Communities, Special Impact Areas, Tax Incremental Districts, Redevelopment Areas, areas eligible for New Market Tax Credits, and areas designated as eligible for funding from the Neighborhood Commercial District, Development Fund, and Business Improvement District, have been found to be areas of pressing need, high unemployment, and/or poverty; and
Whereas, The City has caused to be prepared a factual report ("Factual Report") in support of the findings contained in this resolution, which report is attached to and incorporated by reference in this resolution; and
Whereas, The City, through the Public Debt Commission, has declared its intention to reimburse certain expenditures with proceeds of tax-exempt borrowing, and now desires to declare its intention to issue such debt, to the exte...
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