Title
Amendment to 2004-05 CDBG and HOME Annual Action Plan (B)
This amendment formalizes the allocation of HOME funds for the proposed Southeast Gainesville Renaissance Initiative (SEGRI).
Explanation
The City Commission has stated its wish to redevelop properties in southeast Gainesville. Staff presented an outline for proceeding with the Southeast Gainesville Renaissance Initiative at the June 23, 2005 City Commission retreat. Staff's consultant presented a feasibility analysis regarding development of new mixed-income housing in southeast Gainesville.
Approximately $333,471 in HOME funds had been set aside within the City Housing Division budget for the Southeast Gainesville Renaissance Initiative. Staff is proposing an amendment of the Annual Action Plan to reflect the Southeast Gainesville Renaissance project.
Staff presented this proposed amendment to the Citizens Advisory Committee for Community Development (CACCD) on October 18, 2005 and the CACCD has recommended approval. In addition, staff has published a notice of the proposed amendment in The Gainesville Sun on October 15, 2005.
Fiscal Note
$333,471 in HOME funds is currently set aside in the Housing Division's FY 2004-05 budget, which will be rolled over to FY 2005-06. Since the development would be mixed-income, a portion of the acquisitions and predevelopment expenses would be from bond funding. (Only a portion can be from HUD funds since it will not all be assisted housing.)
Recommendation
Recommended Motion: The City Commission approve the amendment to the City's 2004-05 CDBG and HOME Annual Action Plan to include $333,471 for the Southeast Gainesville Renaissance Initiative.
Alternative Recommendation A: The City Commission reallocate the HOME funds for other approved housing projects.
Alternative Recommendation B: The City Commission decide to postpone acquisition of real estate for the Southeast Gainesville Renaissance Initiative. The fiscal impact w...
Click here for full text