Transfer of projects
Source version current through Sep 15, 2021
Later State Register activity may affect this section.
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(a)When the State has issued a capital grant to a municipality and the project is to be transferred to a Municipal Urban Renewal Agency, the following shall be submitted in duplicate (originals or certified copies):
(1)A novation agreement among HUD, the municipality and the Municipal Urban Renewal Agency, and
(2)A novation agreement among the State, the municipality and the Municipal Urban Renewal Agency, and
(3)A cooperation agreement between the municipality and the Municipal Urban Renewal Agency. Where a State capital grant has been issued to a municipality the cooperation agreement shall recite that a novation agreement among the State, the municipality and Municipal Urban Renewal Agency, has been entered into.
(4)Two copies of the loan and grant contract entered into between HUD and the Municipal Urban Renewal Agency.
(5)A resolution of the governing body approving the novation agreement among the State, the municipality and the Municipal Urban Renewal Agency and authorizing execution thereof by a specified municipal official.
(6)A resolution of the governing body approving the cooperation agreement between the municipality and Municipal Urban Renewal Agency and authorizing the execution thereof by a specified municipal official.
(7)A resolution of the Municipal Urban Renewal Agency authorizing execution of the novation agreement among the State, the municipality and the Municipal Urban Renewal Agency by a specified official.
(8)A resolution of the Municipal Urban Renewal Agency authorizing execution of the cooperation agreement between the municipality and the Municipal Urban Renewal Agency by a specified official.
(9)Evidence of transfer of all project assets from the municipality to the Municipal Urban Renewal Agency.
(b)When the State has issued a capital grant contract to a Municipal Urban Renewal Agency and the project is to be transferred to the municipality, the following shall be submitted in duplicate (originals or certified copies):
(1)A novation agreement among HUD, the municipality and the Municipal Urban Renewal Agency, and
(2)A novation agreement among the State, the municipality and the Municipal Urban Renewal Agency, and
(3)Two copies of the grant contract entered into between HUD and the municipality.
(4)A resolution of the governing body approving the novation agreement and authorizing the execution thereof by a specified municipal official.
(5)A resolution of the Municipal Urban Renewal Agency authorizing execution of the novation agreement by a specified official.
(6)A financial statement audited by HUD, when a federal grant contract has been issued, and audited by the commissioner, when a State grant contract has been issued, showing:
(i)funds received by the agency
(ii)expenditures made
(iii)obligations outstanding
(iv)contracts for financial assistance which are still in effect.
(7)Evidence of transfer of all project assets from the Municipal Urban Renewal Agency to the municipality.
(c)When the State has issued a capital grant contract to a municipality for a non-federally assisted project, and the project is to be transferred to the Municipal Urban Renewal Agency, the following shall be submitted in duplicate (originals or certified copies):
(1)A novation agreement among the State, the municipality and the Municipal Urban Renewal Agency.
(2)A cooperation agreement between the municipality and the Municipal Urban Renewal Agency which should recite that a novation agreement among the State, municipality and Municipal Urban Renewal Agency has been entered into.
(3)A resolution of the governing body approving the novation agreement among the State, the municipality and the Municipal Urban Renewal Agency and authorizing execution thereof by a specified municipal official.
(4)A resolution of the Municipal Urban Renewal Agency authorizing execution by a specified official of the novation agreement among the State, the municipality and the Municipal Urban Renewal Agency.
(5)A resolution by the governing body of the municipality approving the cooperation agreement between the municipality and the Municipal Urban Renewal Agency and authorizing execution thereof by a specified municipal official.
(6)A resolution of the Municipal Urban Renewal Agency authorizing execution by a specified official of the cooperation agreement between the municipality and the Municipal Urban Renewal Agency.
(7)Evidence of transfer of all project assets from the municipality to the Municipal Urban Renewal Agency.
(d)When the State has issued a capital grant contract for a non-federally assisted urban renewal project to the Municipal Urban Renewal Agency and the project is to be transferred to the municipality, the following shall be submitted in duplicate (originals or certified copies):
(1)A novation agreement among the State, the municipality and the Municipal Urban Renewal Agency.
(2)A resolution of the governing body approving the novation agreement and authorizing execution thereof by a specified municipal official.
(3)A resolution of the Municipal Urban Renewal Agency authorizing the execution thereof by a specified official.
(4)Evidence of transfer of all project assets from the Municipal Urban Renewal Agency to the municipality.
(e)After the transf of project assets,
(1)Opinion of agency counsel that the project assets have been properly transferred and delivered, and the documents effecting such transfer are valid and binding in all respects in accordance with the terms, and are legally enforceable.
(2)Copies of the executed documents effecting such transfer of project assets, showing date and place where recorded, of instruments showing transfer of project real property.