CITY of RAPID CITY Agenda Item Summary
Meeting Date: 08/12/2015		Commission, Board or Committee: Click here to enter date.
Staff Contact: Barbara Garcia		PW Committee or L&F Committee: L&F
Petitioner: Click here to enter text.		City Council 1st Reading: Click here to enter date.
Location: Community Development		City Council 2nd Reading: Click here to enter date.
Agenda Title:
Authorization for Mayor and Finance Officer to sign the Indenture of Restrictive Covenants for Wellspring, Inc.
Summary:
Staff is seeking City Council approval of, and authorization for the Mayor and Finance Officer to sign an original copy of the Indenture of Restrictive Covenants for Wellspring, Inc. CBDG funds were used to improve the property located at 1205 East St Joseph Street.  HUD requires properties purchased or rehabilitated with CDBG funds to benefit low-to-moderate income people for a minimum specified amount of time based on the dollar amount of funds used.  The City’s policy extends that period to 15 years for amounts between $7,001 and $15,000.  If the property ceases to benefit low-to-moderate income people prior to the expiration of the Indenture, the funds must be paid back to the City. Funding allocations for this project was previously approved by the City Council in the FY 2013 CDBG Annual Action Plan.
Funding Source & Fiscal Impact (if applicable):
The FY 2013 Community Development Block Grant Funds.
Recommendation:
Action: Choose an item. Approve Notes: Click here to enter text.
Options:
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Attachments & Links:
Wellspring, Inc. – Public Facility Improvement; Indenture of Restrictive Covenants	Position Description		Click here to enter text.
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