AgdaPkt 2005-12-19 - Laserfiche WebLink

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.s � REPORT To the Honorable Mayor and City Councit And the Redevelopment Agency Board From the City Manager and the Executive Director December 19, 2005 Subject Housing Endowment and Regional Trust of San Mateo County (HEART) Membership Recommendation 1. Recommend that the City join the Housing Endowment and Regional Trust of San Mateo County (HEART, formerly known as HEAT) and pursue modifications in the JPA bylaws after joining; and 2. Recommend that the City Council and the Redevelopment Agency Board adopt the resolutions (Exhibit 1) authorizing the expenditure of Housing Set-Aside Funds for contribution to the administrative budget of HEART. Background On October 24, 2005 the City Council discussed joining HEART (see attached Report, Exhibit 3) and deferred action pending receipt of authorizing resolutions for the use of Housing Set- Aside Funds to pay the contribution to the HEART administrative budget. Those resolutions are attached. The City Council and the Agency Board must each adopt authorizing resolutions. The resolutions have been prepared by Charles Green, our Redevelopment attomey. They are consistent with his written opinion of October 20, 2005 that the Agency may use housing set- aside funds for the purpose of paying administrative expenses which arise from membership in HEART. Thus, the membership in HEART does not have to compete for City general fund dollars. It is recommended that the Council and Agency Board adopt the appropriate resolutions and that the City Council approve the recommendation to join HEART. Fiscal Impact The administrative fee for being a member of HEART will be funded with Housing Set-Aside funds, pursuant to the resolutions recommended for adoption. The administrative fee is a condition of joining. Sufficient funds are available in the Housing FY 2005/06 administrative budget to cover the fee. 1:�2005 STAFF REPORTS, AGREEMENTS\12-2005� HEART Membership 1