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Council authorizes $1 million interfund loan for demolition project tied to CDBG award
Summary
Council approved Resolution 25‑26‑99 authorizing a temporary interfund loan of $1,000,000 to the capital fund to pay for demolition work associated with a $1,000,000 Community Development Block Grant; the loan will be repaid within the fiscal year or the next 100 days rule.
The Amsterdam common council approved a temporary interfund loan of $1,000,000 to finance a city demolition project supported by a $1,000,000 Community Development Block Grant (CDBG).
During discussion, S3 and others amended the resolution to replace an incorrect reference to the 'chips' program with 'demolition project' language before the roll call. The resolution states the general fund will temporarily lend $1,000,000 to the capital fund; amounts must be repaid either in the same fiscal year or, if within the final 100 calendar days of the fiscal year, in the following fiscal year. S2 read the whereas clauses noting the grant award and the contract recently awarded to Gorrick Construction. The motion passed on a roll call with council members recorded as voting 'Aye.'
