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CITY of RAPID CITY Agenda Item Summary |
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Meeting Date: 12/10/2014 |
Commission, Board or Committee: |
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Staff Contact: Barbara Garcia |
PW Committee or L&F Committee: L&F Committee |
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Petitioner: |
City Council 1st Reading: |
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Location: Community Development Division |
City Council 2nd Reading: |
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Agenda Title: |
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Request Council approval to move funding for Cornerstone from FY2015 to FY 2014 giving them $100,000 from Passage’s FY2014 funds. |
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Summary: |
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HUD has a spend-down ratio that must be met by the end of January on CDBG funds, or risk losing the excess funds. To be in compliance we need to draw down at least an additional $66,431.00 by January 31, 2015.
Council has given preliminary approval of our 2015 CDBG allocations that included $100,000 for acquisition of Cornerstone’s Women & Children’s new Group Home, and Council has also given approval for the Cornerstone Women’s and Children’s project to go forward for the property at 301 Fox Run Drive, with a 6 month “use on review.” I request Council approval to move funding for Cornerstone from FY2015 to FY 2014 giving them $100,000 from Passage’s FY2014 funds. Passages withdrew their application from FY 2014 recently.
Cornerstone could close on the purchase in early January, and that would bring us below the ratio and would free up $100,000 of 2015 funds for another project.
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Funding Source & Fiscal Impact (if applicable): |
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The FY 2014 Community Development Block Grant Funding Allocations. |
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Recommendation: |
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Action: Council approval to move funding for Cornerstone from FY2015 to FY 2014 giving them $100,000 from Passage’s FY2014 funds. Notes: |
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Options: |
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Attachments & Links: |
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