TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Urban Development Director
SUBJECT:
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Assignment of Union Gospel Mission of Salem’s Capital Improvement Program Grant to the Union Gospel Mission of Salem Support Corporation
Ward(s): 1
Board Member(s): Kaser
Neighborhood(s): CANDO
Result Area(s): Strong and Diverse Economy
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ISSUE:
Shall the Agency Board approve the assignment of the Union Gospel Mission of Salem’s Capital Improvement Program Grant to the Union Gospel Mission of Salem Support Corporation?
RECOMMENDATION:
recommendation
Approve the assignment of the Union Gospel Mission (UGM) of Salem’s Capital Improvement Grant to the Union Gospel Mission of Salem Support Corporation.
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SUMMARY:
UGM has been working towards finalizing their funding resources for new construction, including meeting the requirements of the New Market Tax Credits program. A condition of the New Market Tax Credits is the land ownership change to the Union Gospel Mission of Salem Support Corporation and assignment of the Agency Grant respectively.
FACTS AND FINDINGS:
On June 24, 2019, the Agency Board approved a Capital Improvement Grant in the amount of $749,000 to the UGM of Salem.
The Riverfront-Downtown Urban Renewal Plan, Section 1105, Core Redevelopment, identifies grants as an eligible project for funding.
BACKGROUND:
On June 24, 2019, the Urban Renewal Agency Board approved a $749,000 Capital Improvement Grant to the UGM to partially fund improvements to construct a 78-bed Men’s Mission Facility, which will provide much needed indoor/outdoor space, public showers, and 24-hour/7 day a week public restroom. On November 27, 2019, the City received a formal request to assign the Grant Commitment to Union Gospel Mission of Salem Support Corporation.
The approval of the grant assignment to UGM of Salem Support Corporation will allow UGM to satisfy their requirements to receive the New Market Tax Credits funding, which is a critical funding component of the new facility.
Sheri Wahrgren
Downtown Revitalization Manager
Attachments:
1. Request for Assignment Letter