ORDINANCE NO. 220427
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Reducing an appropriation in the amount of $545,000.00 in the Central City Economic Development Sales Tax Fund; appropriating $545,000.00 from the Unappropriated Fund Balance in the Central City Economic Development Sales Tax Fund; and authorizing the Director of the Housing and Community Development Department to negotiate and execute a Funding Agreement with Ivanhoe Neighborhood Council in the amount of $545,000.00 for the purpose of rehabilitation of existing homes including administrative fees and liaison expenses.
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WHEREAS, Ivanhoe Neighborhood Council ("Developer") has proposed to rehabilitate existing homes within the boundaries of the Ivanhoe Neighborhood (the "Project Site"); and
WHEREAS, Developers proposal includes roof, electrical, plumbing, HVAC, water heaters, kitchen remodels, bathroom remodels, and accessibility issues; and
WHEREAS, the Developer's proposal contemplates a financing package that includes Central City Economic Development Sales Tax Funds; and
WHEREAS, the Developer requested a public contribution of $545,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $545,000.00; and
WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined to be blighted as a location for business operations; (iv) results in generation of tax revenues to the City from the conduct of business and other activities in the City that would not otherwise occur; (v) serves as a catalyst for additional investment in and further redevelopment and rehabilitation of the area of the City in which the Pr...
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