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,L J <br />Resolution No. 88 -037 designating Joe McCollum, Director of Community <br />Development of the City of Paris, as contract person to execute and <br />deliver all other communications, instruments and documents necessary for <br />the completion of of said project, Michael E. Malone, City Manager of the <br />City of Paris, be, and he is hereby designated Certifying Representative, <br />and his hereby authorized and directed on behalf, of the City of Paris to <br />execute and transmit the application for such grant, W. E. Anderson, <br />Director of Finance of the City of Paris, be, and he is hereby designated <br />Financial Officer for the Texas Rental Rehabilitation Program grant <br />project was presented. <br />Bob Jones with R.I.M. Interprises who has in the past administered a <br />program for the City of Paris appeared before the Council telling the <br />City Council that the unique thing about this years .funding, which the <br />City has applied for, and processed, there are loans being paid currently <br />on this program, the money is a grant to the City up to $500,000. the <br />City inturns makes this as loans up to 50% of the amount needed to <br />rehabilitate a piece of property. The money that the City loans is being <br />loaned at a low interest rate to write down the cost to do the <br />rehabilitation, but it does along with the interest come .back to the City <br />to be used for this program to continue, or this money can be used with <br />the Texas Department of Commerce's approval for any eligible Block Grant <br />activity such as streets, sewer, and housing. Mr. Jones also told the <br />Council that it carries an administrative fee so there is not a financial <br />move to the city. <br />After discussion, a motion was made by Councilman Kent, seconded by <br />Councilman Wortham for approval of the Resolution. The motion carried 6 <br />ayes, 0 nays. <br />