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RESOLUTION NO. 12040
A RESOLUTION TRANSFERRING PREVIOUSLY
BUDGETED AND APPROPRIATED FUNDS IN THE
AMOUNT OF $1,633,672.93 TO PROJECT HEM001-
EASTSIDE TERRACES
WHEREAS,the City Council of the City of Pueblo on August 24, 2009 approved
and authorized the grant agreements for the Neighborhood Stabilization Program (NSP)
through Ordinance No. 8051; and
WHEREAS, in order to complete the project for which funding was received
under the NSP grant, additional contracts are to be awarded, which requires additional
and previously accounted for funding;
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Funds in the amount of $1,633,672.93 are available in or shall be transferred
from the following projects and accounts to HEM001- Eastside Terraces:
Project/Account Amount
CD0932 - Acquisition/Rehabilitation $103,190
CD0933 - Acquisition/Clearance $100,350.93
HO0440 - Rehab/Infill/New Construction $30,133.26
HO0640 - Rehab/Infill/New Construction $6.11
HO0740 - Rehab/Infill/New Construction $79,185.94
HO0840 - Rehab/Infill/New Construction $223,298.48
HO0940 - Rehab/Infill/New Construction $287,937.36
HO1040 - Rehab/Infill/New Construction $194,398.85
HO1099 - Projects to be Determined $385,172.00
HS1099 - Projects to be Determined $230,000
Total $1,633,672.93
SECTION 2.
The amount of $1,633,672.93 shall be disbursed for the purposes of completing
the Eastside Terraces NSP project.
INTRODUCED: December 27, 2010
BY: Judy Weaver
COUNCILPERSON
Background Paper for Proposed
RESOLUTION
# M-3
DATE: DECEMBER 27, 2010AGENDA ITEM
DEPARTMENT:
HOUSING AND CITIZEN SERVICES
DIRECTOR – ADA RIVERA CLARK
TITLE
A RESOLUTION TRANSFERRING PREVIOUSLY BUDGETED AND APPROPRIATED FUNDS
IN THE AMOUNT OF $1,633,672.93 TO PROJECT HEM001- EASTSIDE TERRACES
ISSUE
Should City Council transfer funds in the amount of $1,633,672.93 from various previously
budgeted and appropriated grant funds to carry out eligible activities under those grants?
RECOMMENDATION
Approval of the Resolution.
BACKGROUND
The City of Pueblo submitted an application to the State’s Division of Housing for an allocation
of Neighborhood Stabilization Program (NSP) funds for the purchase and rehabilitation of the
Eastside Terraces multi-family rental project. An allocation of $1.8 million was received. On
September 7, 2010, Council held a special meeting to award 6 construction contracts in order to
obligate the NSP grant.
Phase 2 of this project is ready to be undertaken. The architect is completing the additional
plans for bidding. At this time we would like to transfer the additional funding required to
complete the scope of work on this project.
FINANCIAL IMPACT
The funding is available in previously budgeted and appropriated accounts. The additional
funding comes from HOME, CDBG, and State grant funds, as well as our required HOME
matching funds. The application to the State was submitted with additional local grants as part
of the funding sources. The activity to be undertaken is eligible under all the granting sources.
Funding in the amount of $1,633,672.93 is available in; CD0933, CD0932, HO0440, HO0640,
HO740, HO0840, HO0940, HO1040, HO1099, and HS1099. The funds are to be transferred to
HEM001.