TITLE: Title
A RESOLUTION BY THE TROTWOOD CITY COUNCIL AUTHORIZING THE TROTWOOD COMMUNITY IMPROVEMENT CORPORATION TO ENTER INTO LOAN AGREEMENTS WITH CIVISTA BANK TO FINANCE THE REDEVELOPMENT/CONSTRUCTION OF UP TO TEN (10) SINGLE-FAMILY HOMES, WITH EACH LOAN AGREEMENT NOT TO EXCEED A TOTAL AMOUNT GREATER THAN SEVENTY-FIVE PERCENT (75%) OF THE LOAN-TO-VALUE RATIO PER PROPERTY.
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PURPOSE: Authorize TCIC to Borrow Money
DEPARTMENT: Trotwood Community Improvement Corporation (TCIC)
CONTACT INFORMATION: Chad Downing, Executive Director
INFORMATION: 04/01/2024 Tabled. Per Article 2 “Powers and Duties of the Community Improvement Corporation” of the Code of Regulations (OR15-18, Attachment “A”), the Trotwood CIC shall not have the power to borrow money unless specifically authorized by City Council by resolution. This financing will fund the rehabilitation of properties, returning them to a productive, tax paying community asset.
FISCAL & STAFF IMPACT: N/A
RECOMMENDATION: Recommend Approval