HomeMy WebLinkAboutAgenda Report - July 3, 1996 (51)4..
COUNCIL COMMUNICATION
AGENDA TITLE: Approve the transfer of $88,435 from the 1996-97 HOME Funds allocation to repay
San Joaquin County for funds loaned to the Hotel Lodi Project.
MEETING DATE: July 3, 1996
PREPARED BY: Community Development Director
RECOMMENDED ACTION: Staff recommends that the Council approve the indicated transfer of
funds. Community Development Department and Finance Department
staff will then proceed with executing the transfer to San Joaquin County.
BACKGROUND INFORMATION: At the time the funding package was prepared for the hotel project
(November of 1995), the City was short $88,435 in CDBG funds.
San Joaquin County was able to make up the shortfall from other
sources and loan it to the City in order to make the project work.
The City was responsible for repaying the County from future
Federal allocations.
Staff is proposing to use $88,435 from the City's 1996-97 HOME allocation, approximating $193,195, to
repay San Joaquin County. The balance of $104,760 will be available for future housing projects.
On March 20, 1996, when the Council approved the anticipated entitlement, staff indicated that the
HOME funds would be used for an as yet to be implemented rental rehabilitation program. Hence,
staff's request at this time for approval of the funding transfer.
FUNDING: 1996-97 HOME Funds
l
Konradt Bartlam
Community Development Director
Prepared by Eric Veerkamp, Associate Planner
KB/EV/lw
APPROVED: •\ _� 11
H. Dixon Flynn -- City MAager
CC9619.DOC 06/26/96