HomeMy WebLinkAboutResolutions - No. 86-92RESOLUTION NO. 86-92
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LODI
ESTABLISHING ALTERNATIVES FOR PROVIDING FINANCIAL
ASSISTANCE FOR SIDEWALK INSTALLATIONS IN AREAS WHICH MEET
THE CRITERIA FOR THE EXPENDITURES OF COMMUNITY 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.
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 qualified owner -occupied, single family
residences in the qualified area.
BE IT FURTHER RESOLVED, that Resolution No. 86-83
is hereby rescinded.
Dated: June 25, 1986
I hereby certify that Resolution No. 86-92
was passed and adopted by the City Council
of the City of Lodi in an adjourned regular
meeting held June 25, 1986 by the following
vote:
Ayes: Council Members - Olson, Hinchman,
Snider, & Reid (Mayor)
Noes: Council Members - Pinkerton
Absent: Council Members - None
' ` 7 f y�
Alice M. Reimche
City Clerk
86-92