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