AgdaPkt 2006-04-24 - Laserfiche WebLink

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8A Page 3 The Committee recommends that 2004/05 funds allocated to lapd banking and 2005/06 funds allocated to the Bradford Street Senior Housing projecttotaling $748,493.67 plus an additional $186,104.58 from prior year land banking and miscellaneous Program income funds (referenced on Attachment 1, Page 3) be allocated to the Cedar Street acquisition and funds allocated to the Cedar Street acquisition be reserved for Bradford Street acquisition. A funding agreement for the Cedar Street acquisition that is substantially in final form is attached. Approval of this agreement would commit funding that would meet HUD's May 1 expenditure timeline. This fund swap allows for older funding to be used on a project that is ready to proceed and reserves newer funding for Bradford later this year when we estimate a purchase agreement is more likely to occur. 3. Program Income: The Annual Action Plan also estimates that $400,000 will be received from Program Income from principal and interest payments earned from home improvetnent loans. Income earned from the Home Improvement Loan Program is dedicated back to the Home Improvement Loan program to support new loans. A portion of these funds will be used to support staff and marketing costs ($65,000) and the remainder will be used to make new loans ($325,000). Alternatives Nptapprove the Action Plan and Timely Expenditure recommendations and do not receive the new entitlement of funding. Fiscal Impact Upon submittal of an approved Action Plan, the City will receive $1,130,783 in COBG and HOME funds for housing and community development activities for FY 2006/07. Additional impacts include a recommendation for $40,000 from the General Fund for Shelter Network's Redwood Family House. Approximately $400,000 is expected to be received in income from loans and approximately $934,598.25 from prior year funds will be allocated to current projects. usan Moeller Redevelopment Manager .~ ~ ~ {~ \ ~. JI ./tAtfU- Ed Everett City Manager Attachments 1. COBG & HOME Funding Recommendations by Motion of the HHCC 2. Current Performance Outcomes - 5 Year Consolidated Plan Goals - YTO Status 3. Annual Action Plan by Priority 4. Resolution Adopting Action Plan 5. Cedar Street Funding Agreement 6. Resolution to Authoril:e Transfer of Funds (from Bradford St. acquisition to Cedar St. acquisition) I:REDEVELOPMENT/2006. STAFF REPORTSI04-200.61Action Plan Adoption 3 ....,--..._,_..~_. ".'".