HomeMy WebLinkAboutAgenda Report - June 1, 1988 (76)% 001� 10 "`
C 0 1 N C I L C0MMUNICAI,0N
TO: THE CITY COUNCIL
FROM : THE CITY MANAGER'S OFFICE
CJOUNCIL MFFFIPC DATE: June 1, 1988
SUBJECT: DISCUSSION OF SECTION 312 REHABILITATION LOAN PROGRAM
AND DEIERNCII TION IF CITY OF LODI SHOULD PARTICIPATE
MICATED ACTION Determination if City of Lodi should participate
in Section
312 Rehabilitation Loan Program through the Housing and Urban
Development
Department of the United States.
BACKGROUND INFORMATION At the City Council "Shirt Sleeve" Session of
May 3, 1988, Nt BillMcCabe of the U.S. Escrow Company presented an
outline of
the 312 Rehabilitation Loan program and discussed huw his firm could
assist the
City in this area.
The 312 Program has the advantage of providing lower interest loans
to projects
such as the Lodi Hotel renovation. However this advantage is cff-set
in part. by. `:,
the Davis -Bacon Prevailing Wage Law.
though .:lt.S..Escrow. Company, .could provide assistance in loan packaging and .
similar services,the City is`still responsible for program administration
without
any means of r capturing our costs.
JA ES..B _SCHOEt3ER
C unity Develbpme nt Director.