| |
| Council Meeting Date: |
October 22, 2009 |
Contact Person: |
Randy Jackson, Information Technology |
| Submitting Department: |
IT |
District: |
3 |
| Staff Recommendations: |
Approve |
|
|
| Agenda Wording: |
|
Consideration and action on the purchase of 16583 W. Post Drive for the Neighborhood Stabilization Program.
|
| Motion: |
| I move to approve the purchase of 16583 W Post Drive for the Neighborhood Stabilization Program. |
| Background: |
|
In November 2008, the Council approved the Neighborhood Stabilization Program's (NSP) grant for Federal Funding to purchase foreclosed homes in neighborhoods located in Special Planning Area 1. The funds have federal ties in which the houses must be vacanct for at least 3 months and lender owned. This house is owned by Fannie Mae, who is working with the NSP to help purchase homes to meet the terms of the federal grant. The home will subsequently be sold to a qualified per the NSP guidelines.
|
| Financial Impact Statement: |
This item has been approved by council in the FY2009 budget in the amount of $1,977,400. The budget for this item is located in line-item 21216-242-413-2029-38199-27072. Upon approval of this item it is anticipated that all funds associated with this council action will be expended by 11/06/09 leaving a total project balance of $1,360,300. Any associated operating costs of this item have been included in the current year base budget. The offer on the house is $114,900.00 or 1% below the appraised value, whichever is lower. The estimated closing cost is $1,200.00 , which includes the appraisal, title company fee, recording fees, and last quarter of HOA Fees, etc.
Project Name | Neighborhood Stabilization Program | Project Number | 27072 | Total Budget | $1,978,000 | Previous Approvals | ($501,600) | Property Purchase | ($114,900) | Property Closing Costs | ($1,200) | Remaining Balance | $1,360,300 |
|
| External Attachment Links: |
|
|
| Presentation Speaker Names (spelling and titles for TV captions): |
|
Randy Jackson, IT Director Lari Beth Kirkendall, Real Property Manager Christina Ramirez, Neighborhood Services Program Supervisor
|
|
|
|