HomeMy WebLinkAboutResolution SEDA 2005-03 06/27/2005 1p/5'a016L
RESOLUTION NO.2005-c2
A RESOLUTION WHEREBY THE SPRINGFIELD ECONOMIC
DEVELOPMENT AGENCY (SEDA) REQUESTS THE COMMON COUNCIL OF
THE CITY OF SPRINGFIELD TO AUTHORIZE A LOAN OF UP TO $1,500,000
FOR THE URBAN RENEWAL AGENCY'S AUTHORIZED ACTIVITIES IN THE
GLENWOOD URBAN RENEWAL DISTRICT, WITH TERMS AND CONDITIONS
OF THE LOAN TO BE NEGOTIATED BETWEEN THE SEDA BOARD AND THE
CITY OF SPRINGFIELD PRIOR TO SEDA FINALIZING AND ACCEPTING THE
LOAN FROM THE CITY OF SPRINGFIELD.
WHEREAS, the Springfield Economic Development Agency (SEDA) is a duly
authorized urban renewal agency under the laws of the State of Oregon, and
WHEREAS, SEDA manages and oversees the Glenwood Urban Renewal
Plan which includes projects and programs to overcome and cure identified
blighted conditions in the Glenwood Renewal Plan area, and
WHEREAS, SEDA anticipates redevelopment and new investments occurring
within the Glenwood urban renewal district boundaries that would generate tax
increment funds to the urban renewal agency and generate other potential
revenue that would allow funds to be available to repay monies loaned to SEDA
to carry out projects and activities, and
WHEREAS, SEDA may avail itself by seeking funds from a variety of sources,
including local and federal grants, loans, bonds, donations, and other legally
permissible source of funds, and
WHEREAS, the Springfield City Council would like to encourage new
investment in Glenwood for industrial, mixed use commercial and residential
development; increase both the number of family wage jobs and the wages paid
to its citizens in new economic sectors; assist in the redevelopment of the
Glenwood economy; encourage productive land uses and Glenwood businesses;
and provide support for the long-term incorporation of the area into Springfield,
and
WHEREAS, the Springfield City Council has an adopted 2005/06 Fiscal Year
Budget which includes within it a provision for a $1.5 million loan from the City's
Attachment 1-1
Economic Development Reserve Fund to the Springfield Economic Development
Agency.
NOW THEREFORE, BE IT RESOLVED by the Board of Directors of the
Springfield Economic Development Agency of Springfield as follows:
1. For duly authorized urban renewal purposes contained in the Glenwood
Urban Renewal Plan, the Springfield Economic Development Agency
requests the City of Springfield loan up to $1.5 million from the City's
Economic Development Reserves to the Springfield Economic
Development Agency; and
2. The terms and conditions of the loan will be negotiated between SEDA
Board and City and mutually acceptable prior to SEDA finalizing and
accepting the loan from the City of Springfield; and
3. This resolution shall take effect upon adoption by the SEDA Board of
Directors and the signing by the Chair of the Board of Directors.
Adopted by the SpringfieldEconomic velopment Agency by a vote of $ for
and 0 against, this 2:7" day of uhsZ, , 2005. < 1149Q,,,- sa„4)
2 ____;::
Tamalyn Fit , Chair
Springfield Economic Development
Agency
Board of Directors
ATTEST:
REVIEWED & APPROVED
.5/4/
ASS TO FORM
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Christine Lundberg, Secretary DATE: 6 ! 25- ' cYS-
Springfield Economic Develop • nt Agency OFFICE OF CITY ATTORNEY
Board of Directors
Attachment 1-2