HomeMy WebLinkAboutResolutions - No. 86-83RESOLUTION NO. 86-83
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LODI
ESTABLISHING ALTERNATIVES FOR PROVIDING FINANCIAL ASSISTANCE
FOR SIDEWALK INSTALLATIONS IN AREAS WHICH YE= THE CRITERIA FOR
THE EXPENDITURES OF Cc1MUNITY DEVELOPMENT BLOCK GRANT FUNDS
RESOLVED, that the City Council of the City of Lodi does hereby
establish alternatives for providing financial assistance for sidewalk
installations in areas which meet the criteria for the expenditures of
Community Development Block Grant Funds as follows:
1. The program will be available only in those areas of the City
in which Community Development Block Grant funds may be
expended.
Note: This is essentially that area of the City east of
Church Street.
2. The program will be available only to owner -occupied single
family residences.
Note: An owner -occupied single family residence located
on a parcel which also contains rental units does
not qualify.
3. Eligible persons shall have the following options:
a. Pay 100% of the cost of the sidewalk at the time of
installation.
b. Execute an agreement with the City providing for the
granting by the City of a low-interest loan (3%) per
annum to finance the sidewalk installation. Such a loan
would be subject to the following:
i. it shall be paid off in five annual payments
ii. It shall be paid off at the time of sale of the
property if such sale occurs in less than five years
iii. it shall be recorded
c. Agree to placement of a lien on the property for the
amount of the sidewalk installation plus 3% per annum
interest until such lien is retired. Such a lien would
be subject to the following:
i. it shall be paid off no later than at the end of
the fifth year
ii. it shall be paid off at the time of the sale of the
property if such sale occurs in less than five years
iii. it shall be recorded
BE IT FURTHER RESOLVED, that this program shall be available to
all owner -occupied, single family residences in the qualified area
regardless of the economic status of the property owner.
Dated: May 21, 1986
I hereby certify that Resolution No. 86-83 was passed and adopted
by the City Council of the City of Lodi in a Regular Meeting held
May 7, 1986 by the following vote:
Ayes: Council Members - Olson, Pinkerton, Snider, and Reid
(Mayor)
Noes: Council Marbers - None
Absent: Council Members - Hinchman
ALICE M. REIMcHE
City Clerk
86-83