2004/07/21 Council Agenda Packet

EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET PROJECT TITLE: Authorize the Mayor to sign an Consent COUNCIL BILL # agreement with the Everett Housing x Action Originating Department Authority to help acquire the Timber Hill Apartments. First Reading Contact Person Second Reading Phone Number Third Reading FOR AGENDA OF Public Hearing Planning and Community Dev Dave Koenig 425-257-8736 July 21, 2004 Initialed by: Department Head, -`""``f CAA Council President Location Preceding Action Attachments Department(s) Approval 7720 Timber Hill Dr. City Council approval of Agreement Planning and Community Everett Grant — April 28, 2004 Development, Legal E Council approval of this agenda item authorizes a budget revision in the additional amount requested Expenditure Required $ 217,367.40 Account Number(s): Fund 197 Amount Budgeted $ 217,367.40 Additional Required $ -0- DETAILED SUMMARY STATEMENT: This project has been approved by the City Council as a part of the Community Development Block Grant / Housing Trust Fund resolution on April 28, 2004. This funding will help the Everett Housing Authority to purchase a 30 unit apartment complex in south Everett. 10 units will be used as transitional housing and is funded through the Bill and Melinda Gates Foundation through their Sound Families Initiative. This project includes services provided by Catholic Community Services in partnership with the Everett Housing Authority. The remaining 20 units will be rented to persons with restricted incomes at 50% of median income or lower. This is a deferred payment loan with payment in 25 years. The source of these funds is the first year of funding from the Snohomish County Trust fund. RECOMMENDATION (Exact action requested of Council): Authorize the Mayor to sign an agreement with the Everett Housing Authority to help acquire the Timber Hill Apartments.