04-0245R

RESOLUTION AUTHORIZING AN INCREASE OF $65,185.04 IN THE 2002 AND 2003 HUD COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAMS.

BY COUNCILOR GILBERT:

WHEREAS, the community development committee (CD committee) for the CDBG program passed a resolution recommending funding changes as set forth below.

NOW, THEREFORE, BE IT RESOLVED, that the proper city officials are authorized to make the following fund increase in the Federal Fund 0262, Agency 020, 2002 and 2003 HUD-funded community development accounts as set forth below:

2002 CDBG Transfers
Account Revised - 2002 and 2003

Project # Project Budget amount New amount Amount of increase or decrease
6520 Acquisition/ demolition $210,779.96 $275,965.00 $65,185.04
4706 Revenue source $48,052.04

-0-

($48,052.04)

2003 CDBG Transfers
Account Revised - 2003

6615 NSCDC $128,400.00 $111,267.00 ($17,133.00)

STATEMENT OF PURPOSE:  The city has received program income from housing rehabilitation lien repayments and has closed the NSCDC grant. This resolution transfers that program income and a portion of the unused NSCDC grant to the acquisition/demolition account to pay for the demolition of the Lincoln Hotel.