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RESOLUTION OF THE NEW HAVEN BOARD OF ALDERS AUTHORIZING THE CITY OF NEW HAVEN TO APPLY FOR AND ACCEPT A GRANT FROM THE CONNECTICUT DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT IN THE AMOUNT OF $5,540,000 AND TO PARTNER WITH GLENDOWER GROUP INC. TO SUPPORT THE REMEDIATION OF THE PROPERTIES LOCATED AT 169 UNION AVENUE FOR DEVELOPMENT OF A MIXED-USE PROJECT
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WHEREAS, Glendower Group Inc. (the “Developer”) is the prospective buyer and developer of the properties located at 169 Union Avenue (the “Property”); and
WHEREAS, the Developer proposes to construct a mixed-use project on the Property (the “Project”); and
WHEREAS, the Developer has conducted environmental assessment of the Property and determined that the Property requires environmental remediation (the “Remediation”) in order to carry out the Project; and
WHEREAS, pursuant to Section 32-763 of the Connecticut General Statutes, the Connecticut Department of Economic and Community Development (the "State") is authorized to extend financial assistance for economic development projects; and
WHEREAS, it is desirable and in the public interest that the City make an application to the State for Five Million Five Hundred Forty Thousand Dollars and Zero Cents ($5,540,000.00) and to partner with Glendower Group Inc., to undertake the Remediation, so as to support the redevelopment of the Property, and to execute an Assistance Agreement for that purpose.
NOW, THEREFORE, BE IT RESOLVED by the New Haven Board of Alders that:
1). It is cognizant of the conditions and prerequisites for State assistance imposed by Section 32-763 of the Connecticut General Statutes.
2). That the filing of an application for State financial assistance by the City of New Haven in the amount of Five Million Five Hundred Thousand Forty Dollars and Zero Cents ($5,540,000.00) is hereby approved (the “Application”), and that Justin Elicker, Mayor of the City of New Haven, is hereby authorized and directed to execute and file the Application with the Connecticut Department of Economic and Community Development, to provide such additional information as may be required, to execute such other documents as may be required in the Application process, to execute an Assistance Agreement with the State of Connecticut for financial assistance (if such an agreement is offered) in the amount of $5,540,000.00 or such lesser amount (if any) as may be offered by the State (which Assistance Agreement may include an indemnification of the State and/or appropriate agencies of the State), to execute any amendments, rescissions, and revisions thereto, and to act as the authorized representative of the City with respect to all other matters pertaining to the Application.
3). It is affirmed that the City will partner with Glendower Group Inc. in the Remediation.