HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 10 —
Law Department
Matter ID No.
Date: 12/03/2010 Requesting Department: Community Development
Commission Meeting Date: 01 /13/2011 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: CDBG Funding: Economic Development 2011-2012
Purpose of Item:
AUTHORIZING THE ALLOCATION OF PROGRAM YEAR 2011-2012 , COMMUNITY
DEVELOPMENT BLOCK GRANT ("CDBG") FUNDS, IN THE PROJECTED AMOUNT OF
$4,468,078 IN THE ECONOMIC DEVELOPMENT CATEGORY, TO THE DEPARTMENT OF
COMMUNITY DEVELOPMENT ECONOMIC RESERVE ACCOUNT, FOR ECONOMIC
DEVELOPMENT ACTIVITIES IN THE PROGRAM YEAR 2011-2012, BEGINNING APRIL 1,
2011; AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS,
FOR SAID PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CJP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Purchasing Dept. Director
Chief City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
[The U.S. Department of Housing and Urban Development ("HUD") has yet to release the final
Community Planning and Development Program Formula Allocations for Program Year 2011, as
such, the amount of CDBG Economic Development funds being recommended is a projection.
The funding allocation to the Economic Development Reserve account may need to be adjusted
once HUD confirms the final CDBG formula allocation for Program Year 2011-2012.
The Administration recommends the allocation of Program Year 2011-2012 CDBG funds, in the
projected amount of $4,468,078, in the Economic Development category, to the Department of
Community Development Economic Development Reserve account for future allocation for economic
development activities in the Program Year 2011-2012, beginning April 1, 2011.