News Column

United States : VALLEJO CITY COUNCIL to pursue loan for MARE ISLAND

July 25, 2014

For demolishing derelict buildings on North Mare Island, the Vallejo City Council declared that it has sanctioned requesting $4.7 million in federal loan guarantees.

On Tuesday, the council voted 6-1 to submit an application to the U.S. Department of Housing and Urban Development requesting the Section 108 Loan Guarantee. After getting approval, the financing would enable the city to bolster the demolition of up to 30 former Mare Island Naval Shipyard buildings north of G Street.

The loan request has been opposed by Mayor Osby Davis. Devis stated that the city shouldn't take on debt after emerging from bankruptcy two years ago. But the remaining of the council sided with city officials. The officials stated that the project would clear the path for redevelopment efforts.

According to city officials, the city is seeking a loan term of 20 years. Future Community Development Block Grant distributions would act as collateral. The funding could become available early next year.

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Source: TendersInfo (India)

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