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HomeMy WebLinkAboutRES 88-047 R E S O L U T I O N S BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be, and he is hereby, authorized to approve the submission of a Section 108 Loan Guarantee Application, a copy of which is attached hereto as Exhibit 81A" , to the U. S. Department of Housing and Urban Development in support of the Stedman Building Project. . PASSED BY THE CITY COUNCIL of the City of Beaumont this the ~>l day of ,/ j�e��, �s , 1988. Mayor - OMB Approval No.0348-0006 FEDERAL ASSISTANT 2•CANT'S a.NUMBER 3 a.Ar, NUMBER APPLI- CATION i. TYPE CATION B-87-MC-48-0003 IDENTI- OF ❑ NOTICE OF INTENT(OPTIONAL) IDENTI• FIER SUBMISSION FIER b.DATE No TO BE b. DATE NOM(Mark ap. ❑ PREAPPLICATION Year month day ASSIGNED ASSIGNED Year month day box) 12® APPLICATION 19 88 3 1$ BY STATE 19 Leave Blank 4. LEGAL APPLICANT/RECIPIENT a.Applicant Name City of Beaumont, Texas 5. EMPLOYER IDENTIFICATION NUMBER(EIN) b.Organization Unit Community Development Department c.Street/P.O.Box - -P.-0. Box 3827 6' PRO- _ a. NUMBER d.City Beaumont e.County Jefferson GRAM f.State -Texas ZIP 77704 MULTIPLE ❑ �_ Code. (From CFDA) h.Contact Penton(Name Polk C. Curtiss, Jr. -.- =- b. TITLE Om n t Deve men d Telephone Na) (409) 838-0844 _ � mranE �e 'tion �� Loan Guarantee Progr 7. TITLE OF APPLICANT'S PROJECT (Use section IV of this.:!Omit to-provide a summary description-of the g. TYPE OF APPLICANT/RECIPIENT o Project.) wc-.,pour P-00"Deuxi a su - -. - _ -::. _ C- asf H-COi'� M n Action AQW" -�EWCauorW Invioo on U Crow-own Lu Stedman Building D-C« �,r(cif,). E-Cay Z .': .. - _ _ F--SUiod Dutrod p Enter appropriate letter a.J 9. AREA OF PROJECT IMPACT(Names ojcitt"counties,stares,etc) _ 1 10.ESTIMATED NUMBER 11. TYPE OF ASSISTANCE OF PERSONS BENEFITING A-�� D v * -+n .rc. O �CpW-ontal Grant E-01tw Beaumont, Jefferson County Texas - - 125,000 D-�, Enter appro. U prlate letters) ,u? 12. PROPOSED FUNDING 13. CONGRESSIONAL DISTRICTS OF: 14. TYPE OF APPLICATION a.FEDERAL S a. APPLICANT b. PROJECT a�w ��o°qA�, E-^p�in100A - _ Enter appropriate letter b.APPLICANT .00 Texas Ninth - Texas Ninth 17. TYPE OF CHANGE(For 14c or l+e) c.STATE .00 15. PROJECT START- ' 16. PROJECT p� F-o""r(Specify). DATE DURATION C-kx' as otrown d.LOCAL 00 Year-month-day D-Zea....Dtnwn 1s 88 07 01 9 E-:rcwtgwn e.OTHER Months 18. DATE DUE TO Year month day Enter f. Total $ 820,000.00 FEDERAL AGENCY r 19 e(s) L�LJ 19. FEDERAL AGENCY TO RECEIVE REQUEST 88 03 18 Department Of HUD 20.EXISTING FEDERAL GRANT a. ORGANIZATIONAL U�(IF PROPRIATE) b.ADMINISTRATIVE CONTT(IF IDENTIFICATION NUMBER Fort h nal Office Linda Richards B-87-MC-48-0003 c. ADDRESS 1600 Throckmorton Fort Worth, Texas 76113 - - 21• REMARKS ADDED r 22. To a i best of re knowledge and belie(, a. YES;THIS NOTICE OF INTENT/PREAPPLICATION/APPLICATION WAS MADE AVAILABLE TO T�STATE g THE data in this preapplication/application EXECUTIVE ORDER 12372 PROCESS FOR REVIEW ON: < APPLICANT are true and correct,the document has DATE LL CERTiF1ES been duly authonzed by the governing Q THAT► body of the applicant and the applicant W will comply with the attached assurances b. NO,PROGRAM IS NOT COVERED BY E.O. 12372 if if the assistance is approved. OR PROGRAM HAS NOT BEEN SELECTED BY STATE FOR REVIEW ❑ 0 23. a. TYPED NAME AND TITLE b. SIGNATURE CERTIFYING Albert E. Haines w REPRE- SENTATIVE City Manager 24. APPLICA- Year month day 25. FEDERAL APPLICATION IDENTIFICATION NUMBER 26. FEDERAL GRANT IDENTIFICATION i TION RECEIVED 19 27. ACTION TAKEN 28. FUNDING a ❑ a. AWARDED Year month day 30- Year month dart 29. ACTION DATE► 19 STARTING oW o ❑ b. REJECTED DATE 19 LL u ❑ c. RETURNED FOR a. FEDERAL E .00 31. CONTACT FOR-ADDITIONAL INFORMA- 32. I < AMENDMENT TION(Name and telephone number) ENDING Year month dare b. APPLICANT Z i ❑d. RETURNED FOR GATE 19 0 w E.O. 12372 SUBMISSION c. STATE 00 U< BY APPLICANT TO d. LOCAL 33. REMARKS ADDED STATE .00 ❑ e. DEFERRED e. OTHER 00 ❑ f. WITHDRAWN I. TOTAL $ 00 Yes � NO NSN 7540-01-008-8162 -- PREVIOUS EDITION 424 103 STANDARD FORM 424 PAGE 1 (Rev,4 8a) 'S NOT USABLE - Exhibit "A" Prescribed bv031BGrcuiarA-102 _ City of Beaumont, Texas section 108 Loan Project Description Project Name: Stedman Building Project Location: (1) Stedman Building Site: 490 Park. A City block in downtown bound by Park, Bowie, Neches and Crockett Streets. Approximately 90, 000 square feet with a dimension of 300 feet in Census Tract #16 (See Attached Map) . (2) Parking Lot: A pie shaped tract in downtown bound by Neches, Bowie, Jefferson and Crockett Streets. Approximately 95, 266 square feet in Census Tract #16 (See Attached Map) . Description: The project involves the acquisition of the Stedman Building site and an adjacent parking lot site. The City will loan the Section 108 proceeds to the developers to acquire both sites. The overall project involves the renovation of the Stedman Building (an old warehouse) for professional offices and a restaurant/lounge. Job Creation: The completed project will provide jobs to as many as 185 persons. Depending upon the needs of the businesses in the building and the final structure of the construction work force, the building will provide jobs for between 138 and 185 people. The majority of the jobs available will be for low to moderate income persons. A breakdown of anticipated job creation is as follows: Construction 60-100 Temporary/Part-Time/Hourly 35-40 Permanent 43-45 Total Jobs 138-185 Projected Costs: The project costs are as follows: Acquisition of Sites = $ 820, 000 Total Project Costs = $4 , 945. 000 City of Beaumont, Texas Section 108 Loan Project Description Page 2 Financing: It is projected that financing will be provided from the following sources: Section 108 Conventional Loan $ 820, 000 * Conventional Financing $2 , 795. 000 * Public Improvements $ 430, 000 * Developer Equity $ 900, 000 $4 , 945. 000 f vi lY .,. 't 't k *'��► ms's 1 �V: ^� f f «e�► ,� off t!1 ;n ax. O 1'/100' _° ' _ "° +� ? 1� NORTH LOCATION Downtown Beaumont at SIZE[ACRES] 2.06 acres Crockett, Park, Bowie & Neches one city block ACCESS The CBD downtown central distributor ZONING CBD-Central for IH-10 Business District UTILITIES Crockett, Park, Bowie, Neches OWNER The Stedman Co. WATER 8" 16" 6" 8" STORM SEWER 27" 18" 18:r 27" SAN. SEWER 27" 6" 30rr 27" COMMENTS The site is within the Central Business District, adjacent to other downtown buildings Section Map-06 SE 2-5, 3-5 PROJECT# Aerial Photof 13-403 CITY OF BEAUMONT, TX., PLANNING DIVISION (409) 838-0665 �` �rY}F� aYF'Y'. '"�"'z'�. r�-♦ .fii a". 1 a^i 'y��� r y r � >3Y >� ty' 0. s s 3 . y J A >s 1 [[ IS NORTH L.0CATi0PJ Downtown Beaumont at Crockett, Neches, Bowie & Jefferson SIZECACRES] 2.187 ACCESS The CBD downtown central distributor ZONING CBD - Central for IH-10 Business District UTILITIES Crockett Neches Bowie Jefferson OWNER i WATER 8" 8" 8" 8" Atchison Topeka-Santa Fe STORM SEWER 2.4" 27" 15" 12" SAN. SEWER 24" 27" Sabine Warehouse Co. COMMErJTS 6 24 Gulf & Interstate Rlwy Co. The site is within the Central Business District, adjacent to other downtown buildings PROJECTS Section Mapt SE 2-5, 3-5 Aerial Photof 119 CITY OF BEAUMONT, TX., PLANNING DIVISION (409) 838-0665 Statement of Objectives Section 108 Loan Guarantee Program The City of Beaumont, Texas intends to utilize the HUD Section 108 Loan .:Guarantee_. Program-- as an integral component in its economic development efforts as outlined in the 1987 CDBG Final Statement of Objectives and Projected Use of Funds. The project will provide the impetus needed for continued downtown revitalization. The project will address several important local economic problems and is consistent with the Community's objectives for future physical and economic development. Problems addressed by the project include: UNEMPLOYMENT: The unemployment rate in Beaumont has fluctuated between 9 and 12 percent for the past three years. The completed project will provide permanent jobs to approximately 45 persons. The construction phase will - - _- -provide between 60 and 100 - temporary jobs. The majority of all jobs will be available to low to moderate income persons. ECONOMIC ._DEVELOPMENT: Beaumont's economy is very heavily concentrated in oil refinery, petrochemicals, and shipbuilding. Over concentra- tion in these very cyclical industries, makes the economy subject to drastic and severe fluctuations. The Revitalization of downtown Beaumont, along with the new jobs t'lat will be attracted to downtown, will allow the City an opportunity to diversify our economic base. DOWNTOWN REVITALIZATION: The project will provide a new spark for revitalization of the downtown area. Most downtown development has been through the public sector involvement, whereas, this project will be privately owned. Statement of Objectives Section 108 Loan Guarantee Program Page 2 MINORITY BUSINESS OPPORTUNITIES: Minority contractors and venders will be encouraged to participate - - - throughout all phases of construction and operation of the completed project. The developers, will actively recruit -: - minority and low to moderate income persons for employment. The project is located_ in the Community Development Strategy Area wh dh-_ is composed of the Census Tracts in the City that have a clear -majority of low to moderate income families. The CDBG Program concentrates their neighborhood revitalization efforts in the Community Development Strategy Area. It is the further intent of the City to utilize such loan guarantee assistance in conjunction with private funds, as well as with other Federal Programs. C-Lcy of Beaumont P.O. Box 3827 Beaumont, Texas 77704 (409) 838-0600 Office of the City Manager TO WHOM IT MAY CONCERN: As Chief Executive_ ©fficer_ of the City of Beaumont, Texas, I certify that the proceeds of the Section 108 loan will be used to acquire real property only when real property already owned by the City of Beaumont is not suitable for the.- intended use of such Section 108 loan agreements. Albert E. Haines Date City Manager Gay of Beaumont P.O. Box 3827 Beaumont, Texas 77704 (409) 838-0600 Office of the City Manager CERTIFICATION OF PLEDGE AUTHORITY The City of Beaumont, Texas hereby assures and certifies that it possesses the legal authority to make a pledge of community development block grant funds as specified in 24 CFR Part 570. 703 (b) (2) as security for repayment of any notes guaranteed pursuant to Section 108 of the Housing and Community Development Act of 1987. Albert E. Haines Date City _Manager_ o GAy of Beaumont top b P.O. Box 3827 Beaumont, Texas 77704 (409) 838-0600 Office of the City Manager CERTIFICATION OF ALTERNATE FINANCING The City of Beaumont, Texas hereby assures and certifies with respect to its application for a loan guarantee pursuant to Section 108 of the Housing and Community Development Act of 1987 that it has made efforts to obtain financing for the activities described therein without the use of such guarantees and cannot complete such financing consistent with the timely execution of the project without such guarantee., Albert E. Haines Date City Manager SCHEDULE OF REPAYMENT 1. City's repayment to HUD on an annual basis for Section •-financing: ,Loan.Amount: $820, 000. 00 Interest Rate: 8. 5% Terms: 40 year amortization with "a -..ballon payment at the end . . of the eighth year. Type: Level�Annzal Payments Dat rPri.. 'ncipal Interest Total Payment —� . .- End of Year ,l $y; x, 853 .04 $ 65, 905. 16 $ 68, 788 . 20 End of Year 2` $ - -3 , 123 .87 $ 65, 664 . 33 $ 68, 788. 20 End of Year 3 $ 3,384.84 $ 65,403 . 36 $ 68, 788. 20 End of Year 4 $ 3 -nt67�59 $ 65, 120. 61 $ 68, 78-8. 20 End of Year 5 $ ` 3 ,973 .9$ `- $ 64, 814 .22 $ 68, 788 .20 End of Year 6 $ 4 , 305. 96 $ 64,482 .24 $ 68, 788.20 End of Year 7 $ 4, 665. 64 $ 64, 122 . 56 $ 68, 788.20 End of Year 8 $793,-995. 08 - $ 67, 489 .58 $861, 484. 66 pr CERTIFICATIONS The graiStee certifies that• (e) 7t Popes es Tegal ,authority to make a. grant submission and to execute a ycom`ml itY dievelop.i ent acid laQusin9 program; (b) fts`grweisifting - y has duly adopted�orF,passed as an official act a resolution, motion, orb- -aetion authorizing the person identified as the official representatw f`of the ._grantee to , submit the final statement and all un e derstandings_and assurances contained therein, and directing and authorizing the °person identified-as "the official representative of the grantee to act in connection with the submission of the final statement and to provide such additional information as may be required; (c} Prior to submission of its, final statement to HUD, the grantee has: (1) met the citizen participation requirements of S 570.301(aX2) and has provided citizens with;.. " ' ' fA) the estimate of the amount of CDBG funds ro for activities. that will benefit p � to used income and Peron of low and moderate (B) its- Plan for _minimizing displacement of persons as a result of t„ activities assisted with CDBG funds and to assist persons actually 'displaced-as a result of.such activities; (2). prepared its final statement of community development objectives and projected use of funds-in accordance with S 570.301(aX3) and made the final statement available to the public; (d) The grant will be`"conducted and administered in compliance with: F- , (1) Ti*1e VI"of' he Civil 'Ri ts'Act of 1964 (Pub. L. 88-352; 42 U.S.C. 2000d et seg.); and (2) Title VIII of the Civil Rights Act of 1968 (Pub. L. 90-284; 42 U.S.C. 3601 et seq.); (e) It will affirmatively further fair housing; February 1984 kiN u. W It has developed its final statement of projected use of funds so as to give maximum feasible priority to activities which benefit low and moderate income families or aid in the prevention or elimination of slums or blight; (the final statement of projected use of funds may also include activities which the grantee certifies are designed to meet other community development needs having a- particular urgency because existing conditions pose a serious and immediate threat to the health or welfare of the community, and other financial resources are not available); except that the aggregate use of CDBG funds received under section 106 of the Act and, if applicable, under section 108 of the Act, during 1987 Fro ram `eAa period specified by the grantee consisting of 1, 2, or 3 program years), shall principally benefit persons of low and moderate income in a manner that ensures that not less than 51 percent of such funds are used for activities that benefit such persons during such period; (g) It has developed a community development plan, for the period specified in paragraph (f) above, that identifies community development and housing needs and specifies both short and long-term community development objectives that have been developed in accordance with the primary objective and requirements of the Act; (h) It is following a current housing assistance plan which has been approved by HUD pursuant to S 570.306; W It will not attempt to recover any capital costs of public improvements assisted in whole or in part with funds provided under section 106 of the Act or with amounts resulting from a guarantee under section 108 of the Act by assessing any amount against properties owned and occupied by persons of low and moderate income, including any fee charged or assessment made as a condition of obtaining access to such public improvements, unless: (1) funds received under section 106 of the Act are used to pay the proportion of such fee or assessment that relates to the capital costs of such public improvements that are financed from revenue sources other than under Title I the Act; or (2) for purposes of assessing any amount against properties owned and occupied by persons of low and moderate income who are not persons of low income, the grantee certifies to the Secretary that it.lacks sufficient funds received under section 106 of the Act to comply with the requirements of subparagraph (1); and (j) It will comply with the other provisions of the Act and with other applicable laws. Accepted: City of Beaumont, Texas By' Date: Albert E. Haines City Manager