Reso 1996-176 to 180 - Laserfiche WebLink

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CITY OF SAN LEANDRO SMALL BUSINESS LOAN FUND EXHIBIT D CDBG EMPLOYMENT AGREEMENT THIS AGREEMENT, dated for convenience this 4th day of November 1996, is entered into by and between the City of San Leandro, a municipal corporation, through the Director of its Department of Development Services (hereinafter the "CITY") and lot Mangat (hereinafter the "BORROWER"). WITNESSETH: WHEREAS, the City Council of the City of San Leandro has created a Small Business Loan Fund Program for the purpose of assisting small business growth and development and promoting the hiring of low/moderate income persons by local employers, which Program is funded through the Federal Community Development Block Grant ("CDBG") Program; and WHEREAS, Congress has declared in 42 U.S.C. section 5301 that a primary national objective of the CDBG program is to expand economic opportunities for persons and neighborhoods of low income, and CDBG regulations, including but not limited to those regulations currently set forth at 24 C.F.R. section 570.901, require CITY to take steps to assure that a majority of permanent jobs created or retained as a result of economic development assistance made possible in whole or in part by CDBG funding will be made available to low income persons; and WHEREAS, BORROWER has applied for and been approved for assistance from CITY'S Small Business Loan Fund and CITY requires BORROWER to enter into this Agreement as a condition precedent to the approval and receipt of a loan from the Small Business Loan Fund to BORROWER in order to promote the attainment of the CDBG program objective of expanding employment opportunities for persons of low income; and, WHEREAS, CITY and BORROWER desire to set forth their mutual obligations for the administration and performance of the BORROWER'S CDBG employment obligations. NOW THEREFORE, CITY and BORROWER agree as follows: I. PURPOSE OF AGREEMENT. A. In consideration of CITY'S approval of a loan to BORROWER from CITY'S Small Business Loan Fund Program, BORROWER agrees to comply with the obligations set forth in this Agreement.