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122.97 RESOLUTION ADOPTING THE TOWN OF QUEENSBURY ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM RESOLUTION NO. 122, 97 INTRODUCED BY: Mrs. Carol Pulver WHO MOVED ITS ADOPTION SECONDED BY: Mr. Fred Champagne WHEREAS, the Town of Queensbury has received Federal grant assistance from the U.S. Department of Housing and Urban Development (HUD) through the Community Development Block Grant (CDBG) program for the purpose of assisting businesses within the Town of Queensbury in expanding or retaining employment opportunities, and WHEREAS, the Town has received and expects to continue to receive CDBG income in the form of loan repayments and other income, and WHEREAS, by Resolution No. 363, 96, adopted on August 19, 1996, the Town Board of the Town of Queensbury authorized the Town Supervisor to execute and enter into a Subgrantee Agreement between the Town and the Queensbury Economic Development Corporation (QEDC), and WHEREAS, the Town, by Town Supervisor Fred Champagne, and QEDC, by its President, Dean Beckos, executed and entered into the aforementioned Subgrantee Agreement on the 20th day of August, 1996, and WHEREAS, by the terms of the Subgrantee Agreement, QEDC is responsible for the administration of the Town's CDBG funds, including the revolving loan program, and WHEREAS, Shelter Planning and Development Inc., at the request of the Town, has prepared a manual pursuant to HUD guidelines for the organization and implementation of the Town of Queensbury Economic Development Revolving Loan Program, and WHEREAS, a copy of the proposed Program Manual for the Economic Development Revolving Loan Program has been presented at this meeting and has been reviewed and is in a form approved by Town Counsel, NOW, THEREFORE, BE IT RESOLVED, that the Town Board of the Town of Queensbury hereby approves of and adopts the Program Manual for the Town of Queensbury Economic Development Revolving Loan Program presented at this meeting as setting forth the standards by which the Program shall be administered by QEDC pursuant to the Subgrantee Agreement with the Town. Duly adopted this 17th day of March, 1997, by the following vote: AYES : Mrs. Monahan, Mr. Turner, Mrs. Goedert, Mrs. Pulver, Mr. Champagne NOES : None ABSENT: None