Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a HOME Agreement with Parkside Development Group II, LLLP, for use of HOME funds for construction of affordable rental housing at 1052 - 1056 Cross Keys Rd., at a cost not to exceed $400,000. [Div. of Grants and Special Programs/Office of the Chief Administrative Officer, Gooding/Hamilton]
Summary
Authorization to execute HOME Agreement with Parkside Development Group II, LLLP for use of federal HOME Investment Partnerships Program funds for construction of affordable rental housing project. (L0583-14) (Gooding/Hamilton)
This is a request to execute HOME Agreement with Parkside Development Group II, LLLP for use of federal HOME Investment Partnerships Program funds in the amount of $400,000 for construction of affordable rental housing project. Budget amendments are in process.
Budgetary Implications: YES
Advance Document Review: Law/Risk Management
Fully Budgeted: FY 2015 Budget Amendments in Process
Account Number: 3120-900253-0001-71101
This Fiscal Year Impact:
Annual Impact: $400,000
Project: HOME_2014/HOME_2015
Activity:
Budget Reference:
Current Balance: FY 2015 Budget Amendments in Process
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute the HOME agreement, which is attached hereto and incorporated herein by reference, with Parkside Development Group II, LLLP, for use of HOME funds for construction of affordable rental housing at 1052 - 1056 Cross Keys Road.
Section 2 - That an amount, not to exceed the sum of $400,000, be and hereby is approved for payment to Parkside Development Group II, LLLP, from account #3120-900253-71101, pursuant to the terms of the HOME agreement.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
______________________________
CLERK OF URBAN COUNTY COUNCIL