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1 <br /> 2 <br /> 3 <br /> 4 <br /> 5 <br /> 6 <br /> 7 <br /> 8 <br /> 9 <br /> 10 <br /> 11 <br /> 12 <br /> 13 <br /> 14 <br /> 15 <br /> 16 <br /> 17 <br /> 18 <br /> 19 <br /> 20 <br />- 21 <br /> 22 <br /> 23 <br /> 24 <br /> 25 <br /> 26 <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br /> 32 <br /> <br />CITY ATTORNEY <br />RIVERSIDE <br />CALIFORNIA <br /> <br /> RESOLUTION NO. 15246 <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> RIVERSIDE, CALIFORNIA, AUTHORIZING THE CITY ~muNAGER <br /> TO SUBMIT AN APPLICATION TO THE DEPARTMENT OF <br /> HOUSING AND URBAN DEVELOPMENT FOR AN URBAN DEVELOP- <br /> MENT ACTION GRANT TO ASSIST THE RAINCROSS SQUARE <br /> HOTEL PROJECT AND AUTHORIZING THE EXPENDITURE OF <br /> THE REQUIRED LOCAL SHARE. <br /> <br /> WHEREAS, the City of Riverside desires to submit an <br />application for Urban Development Action Grant (UDAG) funds <br />under the provisions of Title I of the Housing and Community <br />Development Act of 1977 in order to provide assistance to the <br />Raincross Square Hotel Project located on the northeast corner <br />of the intersection of Fifth and Market Streets in downtown <br />Riverside; and <br /> <br /> WHEREAS, the City of Riverside held public hearings on <br />December 13, 1983 and January 10, 1984 to obtain views of <br />citizens, particularly residents of the area in which the project <br />is located, regarding said project; and <br /> <br /> WHEREAS, UDAG Pocket of Poverty regulations require <br /> <br />that the City provide 20 percent of the total amount of the <br />assistance required as the local share of project financing; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of <br />the City of Riverside: <br /> <br /> That the Raincross Square Hotel Urban Development Action <br />Grant Application is approved for submission to the U.S. <br />Department of Housing and Urban Development (HUD); said appli- <br />cation shall contain a request of UDAG funds in the amount of <br />$2,400,000. <br /> <br /> That $600,000 is approved for expenditure as the local <br />share of the assistance to be provided; the sources of said <br />local share shall be $400,000 from the Workers' Compensation <br />Insurance Trust Fund and $200,000 from the CDBG Economic <br />Development Assistance Program; the expenditure of said local <br />share is apprOved, contingent upon HUD approval of the UDAG <br /> <br /> <br />