CITY of RAPID CITY Agenda Item Summary
Meeting Date: 12/02/2015		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:
Investment Committee Recommendations for Reallocation of FY2015 Recovered Funds
Summary:
The City has recovered $514,639.56 in 2015 and previous years unspent funds for reallocation to CDBG eligible projects.  An RFP was published for ready-to-go highest priority activities.  Three applications were received: Habitat, Hagg Development and LSS-New Alternatives. The only high priority project was Hagg’s, however project readiness was the least immediate.   Additional consideration for recommendations is the City CDBG spend-down ratio of funds in January.  Investment Committee recommendations included moving forward 2016 application projects that could move forward immediately to move funds in a more timely manner and reserve the 2016 funds in Contingency at this time.
Funding Source & Fiscal Impact (if applicable):
CDBG funds.
Recommendation:
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Options:
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Attachments & Links:
Investment Committee Recommendation for funding.			Click here to enter text.
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