Laserfiche WebLink
<br />04/24/2006 <br /> <br />ORIGINAL <br /> <br />RESOLUTION NO. 14708 <br /> <br />A RESOLUTION AUTHORIZING TRANSFER OF COMMUNITY <br />DEVELOPMENT BLOCK GRANT AND HOME INVESTEMENT <br />PARTNERSHIP FUNDS FROM BRADFORD STREET ACQUISITION <br />PROJECT TO CEDAR STREET ACQUISITION PROJECT <br /> <br />WHEREAS, as of May 1 of each calendar year, Redwood City is required by the <br />Housing and Urban Development Agency to meet timely expenditure schedules and <br />limits Redwood City's ability to retain no more than 1.5 times it's annual entitlement; and <br />WHEREAS, in the year 2000, the City Council adopted a timely expenditure plan <br />that would allow projects that were "ready to go" to be allocated the oldest money in <br />order to consistently meet the timely expenditure plan without losing any entitlement <br />funding; and <br />WHEREAS, the Housing and Human Concerns Committee is recommending that <br />the Cedar Street Acquisition project, which is "ready to go", be allowed to proceed using <br />prior year funding allocated to projects that have not been able to expend funds; and <br />WHEREAS, the City Council has previously authorized a total budget of <br />$748,493.67 (258-68380) for the Bradford Street Senior Housing Project; and <br />WHEREAS, the Housing and Human Concerns Committee recommends that <br />2005/06 funds allocated to the Bradford Street Senior Housing project be allocated to <br />the Cedar Street Acquisition project and funds allocated to the Cedar Street Acquisition <br />project be reserved for Bradford Street Acquisition; and <br />WHEREAS, the City Council now desires to allocate the $748,493.67 previously <br />allocated to the Bradford Street Senior Housing project to the Cedar Street Acquisition <br />project (258-66316) which is ready to proceed in a timely manner. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY AS FOLLOWS: <br />1. The Finance Director is authorized to transfer Community Development <br />Block Grant and HOME Investment Partnership funds necessary to accomplish funding <br />escrow as required by the Agreement with Mental Health Association of San Mateo <br /> <br />F:ATTY/RESO/RESO.1614 <br />041906 <br /> <br />14708 <br />Muff # 405 <br /> <br />~ .", . --,_...."..~,"-,--,,'_....,,' "."",.""""""..."..-,.,. ,....",."" ..""-"._,,,. ".--,".--.--,--- <br />