2021-10RESOLUTION 2021-10
COUNCIL MEMBER STEWART INTRODUCED THE FOLLOWING RESOLUTION:
A RESOLUTION TO AUTHORIZE THE CITY OF BLAIR CITY COUNCIL TO RELEASE
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) RE -USE FUNDS TO PROVIDE DIRECT
FINANCIAL ASSISTANCE TO SAI PROPERTIES V, INC.
WHEREAS, the City of Blair, Nebraska received Community Development Block Grant (CDBG)
funds under the Housing and Community Development Act of 1974, and
WHEREAS, the City of Blair, Nebraska collected receivable Program Income from said CDBG
award, and
WHEREAS, the City of Blair, Nebraska entered into an agreement with the Metropolitan Area
Planning Agency (MAPA) to assume responsibility for implementing a Non -Profit Development
Organization (NDO) Revolving Loan Fund Program for the City as a component of the MAPA
Foundation's overall Revolving Loan Fund portfolio, and
WHEREAS, the MAPA Foundation shall administer a program that is in accordance with the City's
CDBG Re -Use Plan, and
WHEREAS, Sai Properties V, Inc. has applied for Revolving Loan Fund assistance from the
MAPA Foundation for the purpose of purchasing equipment and working capital related to the construction
of a new 66 room Holiday Inn Express at 1933 Holly Street, Blair, Nebraska, and
WHEREAS, the City of Blair, Nebraska is authorized to release CDBG Program Income proceeds
to the MAPA Foundation to supplement a loan package to Sai Properties V, Inc. in accordance with the
City's CDBG Re -Use Plan and Agreement for NDO Service.
NOW THEREFORE, BE IT RESOLVED, the City of Blair City Council authorizes the release of
$190,000 in eligible CDBG Program Income proceeds to the MAPA Foundation.
BE IT FURTHER RESOLVED THAT, the MAPA Foundation, upon satisfactory execution of all
applicable loan documents and securing of required collateral, shall release to Sai Properties V, Inc. a loan
in the amount of One Hundred Eighty Thousand and Five Hundred Dollars ($180,500.00).
ALSO BE IT FURTHER RESOLVED THAT, MAPA shall retain the remaining CDBG Program
Income balance of Nine Thousand and Five Hundred Dollars ($9,500.00) for loan servicing and Revolving
Loan Fund Program administration.
COUNCIL MEMBER STEWART MOVED THAT THE RESOLUTION BE ADOPTED AS READ,
WHICH SAID MOTION WAS SECONDED BY COUNCIL MEMBER HALL. UPON ROLL CALL,
COUNCIL MEMBERS JENSEN, HALL, WOLFF, WILLIS, RUMP, STEWART AND SHEPARD
VOTING "AYE" AND COUNCILMEMBERS NONE VOTING "NAY", THE MAYOR DECLARED
THE FOREGOING RESOLUTION PASSED AND APPROVED THIS 13TH DAY OF APRIL 2021.
CITY OF BLAIR, NEBRASKA
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RICHARD HANSEN, MAYOR
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BRENDA WHEELER, hereby certifies that she is the duly appointed, qualified and acting City Clerk of
the City of Blair, Nebraska, and that the above and foregoing Resolution was passed and adopted at a regular
meeting of the Mayor and City Council of said City, held on the 13th day of April 2021.
BRENDA WHEELER, CITY CLERK