Submitting reso. autho. the City, with the approval of the Chief Financial Officer, to extend the Demolition Advance Fund for the Detroit Land Bank, in an amount not to exceed twenty million dollars in outstanding advances at any time, which advances can be utilized by the Detroit Land Bank solely for cash flow to make payments to third parties providing demolition related contract services under the Hardest Hit Fund demolition program, and which advances shall be promptly repaid by the Detroit Land Bank within forty-five (45) business days of receiving the final draw down of Hardest Hit Fund dollars from MSHDA. (REFERRED TO THE BUDGET, FINANCE AND AUDIT STANDING COMMITTEE ON 6-29-16)

Committee

Budget, Finance and Audit Standing Committee

Introduced

August 1, 2016

On agenda

June 29, 2016