Number
010982
Version
SUBSTITUTE 2
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relative to the allocation of HOME funds from the Housing Production Pool for the purpose of providing HOME funds for acquisition and renovation of the Kunzelmann-Esser Building.
Analysis
Body
Whereas, The Department of City Development has requested the amount of $625,000 of HOME funds for the acquisition and renovation of the former Kunzelmann/Esser furniture store located at the corner of 7th and Historic Mitchell street, and
Whereas, The total cost of the project will be approximately $8,000,000 financed by WHEDA through a 40-year mortgage in the amount of $4.3 million and $3.1 million will be provided through the low income and historic and state tax credit, and
Whereas, When complete the building will contain 67 income and rent restricted affordable housing units and 9,162 square feet of ground floor commercial space, 20% of the units designated as HOME assisted units, will be income and rent restricted to families earning less than 50% of area median income; and
Whereas, The HOME Production Pool account with a current amount of $2,700,119 will be reduced by $625,000 to establish a separate account for this project leaving a balance of $2,075,119; now therefore, be it
Resolved, That the Community Development Committee on November 20, 2001 approved this award in the amount of $625,000 to the Department of City Development; and, be it
Further Resolved, That Community Block Grant Administration is responsible for awarding a subrecipient contract for this approved activity; and, be it
Further Resolved, That the City contribution of HOME dollars for this project will be administered consistent with the term sheet, a copy of which is attached to this Common Council File as Exhibit A;, and, be it
Further Resolved, That the project must submit budget and activity reports according to any conditions approved by the Common Council and...
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