HomeMy WebLinkAboutSummary FormAENDA ITEM SUMMARY FORM
FILE ID: O 7- 00$01
Date; 2/23/2007 Requesting Department: Community Development
Commission Meeting Date: 03/08/2007 District Impacted:
Type: Ei Resolution U Ordinance E Emergency Ordinance ❑ Discussion Item
E Other
Subject: AMENDING RESOLUTION 07:0053; INCREASE FUNDS TO BETTER WAY OF MIAMI, INC
Purpose of Item:
AMENDING RESOLUTION NUMBER 07-0053, ADOPTED JANUARY 25, 2007, INCREASING THE
'AMOUNT OF FUNDS ALLOCATED TO BETTER WAY OF MIAMI, INC. FROM $150,000 TO
$200,000 FOR THE DEVELOPMENT OF AFFORDABLE HOUSING; AUTHORIZING THE
TRANSFER OF THE ADDITIONAL FUNDS, IN THE AMOUNT OF $50,000, FROM THE
AFFORDABLE HOUSING TRUST FUND; FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE THE NECESSARY DOCUMENTS, FOR SAID PURPOSE
Background Information:
On January 25, 2007, the City Commission authorized the conveyance of eight parcels of
land to various developers and allocated the transfer of funds, in the amount of $150,000 from the
Affordable Housing Trust fund to Better Way of Miami, Inc. for the development of affordable housing
In order to meet current City of Miami's Building Codes, the cost of the building rehabilitation
was higher than previously estimated
The lowest bidder in the procurement process for the rehabilitation is $180,000
The Administration is recommending amending Resolution Number 07-0053, adopted
January 25, 2007, increasing the amount of funds allocated to Better Way of Miami, Inc, from
$150,000 to $200,000 for the development of Affordable Housing
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? if so, please identify funding source below.
General Account No:
Special Revenue Account No;
GIP Project No:
Is this Item funded by Homeland Defense/Neighborhood improvement Bonds?
Grutril Ak ul rr4CivinK capital funds
Purehas
Chief
Final Approvals
(SIGN AND DATE)
Budget
Risk Mali:Igeiin$i(
Dept. Direct
city Manage
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