Title
Resolution to Appropriate Funding from the Sewage Disposal System Fund Balance to Contract with Avalon Housing, Inc. for Sanitary Sewer Expenses for Near North Apartments ($153,611.00 Sewage Disposal System) (8 Votes Required)
Memorandum
Attached for your consideration is a resolution to appropriate funding in the amount of $153,611.00 from the Sewage Disposal System Fund Balance (Walnut Ridge reserve) to the Operating Budget to pay sewer construction costs and improvement charges for Near North Apartments.
Council approved the Near North Apartments PUD Zoning, Site Plan and Development Agreement in September, 2009. Near North Apartments will include 39 affordable units.
In keeping with the City’s commitment to providing assistance to these affordable residences, we recommend that Council approve an appropriation of $153,611.00 from the Walnut Ridge reserve (which is part of the Sewage Disposal System Fund Balance) put into place for use to offset sanitary sewer expenses to assist affordable housing development to the Sewage Disposal System Fund Operating Budget. The balance in the fund is $153,611.00.
Community Development will execute a contract with Avalon Housing Inc., to ensure that these funds are used for sewer related connection charges and sewer infrastructure.
Staff
Prepared by: Jennifer Hall, Housing Manager Community Development
Reviewed by: Mary Jo Callan, Community Development Director, Sumedh Bahl, Community Services Administrator and Sue F. McCormick, Public Services Administrator
Body
Whereas, The Walnut Ridge reserve fund was established to offset sanitary sewer expenses to assist affordable housing development; and
Whereas, City Council approved the site plan for Near North Apartments, a 39 unit affordable housing project developed by Avalon Housing;
RESOLVED, That the Mayor and City Council approve an appropriation of $153,611.00 from the Sewage Disposal System Fund Balance (Walnut Ridge reserve) to the Sewage Disposal Sys...
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