01-0505R

RESOLUTION AUTHORIZING AN AMENDMENT TO A 2000 COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM LOAN AGREEMENT WITH CENTER CITY WINDWOOD PARTNERS, LP.

BY COUNCILOR GILBERT:

        RESOLVED, that the proper city officials are hereby authorized to enter into an amendment, a copy of which is on file in the office of the city clerk as Public Document No. _________________ to City Contract No. ___________ with Center City Windwood Partners, LP, changing the designated use of community development block grant (CDBG) funds in the amount of $69,000 from rehabilitation to acquisition, at no change in contract amount.



STATEMENT OF PURPOSE:  The purpose of this resolution is to authorize an amendment to the 2000 CDBG program loan agreement with Center City Windwood Partners, LP. The amendment modifies the contract to allow allocated funds in the amount of $69,000 to be used for acquisition as opposed to rehabilitation of Windwood Townhomes. The modification will expedite both the spend down of the funds and the start of construction. In addition to the CDBG funds, the Windwood project has been awarded HOME funds from the 1997 and 1999 program years. There is a five year time limit on spending these dollars or they must be returned to the federal government.