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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 8 <br /> PROJECT TITLE: <br /> Consent COUNCIL BILL# <br /> Authorize the Mayor to sign the x Action Originating Department Planning <br /> HOME Loan Agreement with the First Reading Contact Person Dave Koenig <br /> Monte Cristo Partners, L. P. Second Reading Phone Number 257-8736 <br /> Third Reading FOR AGENDA OF May 31, 2006 <br /> Public Hearing <br /> Initialed by: <br /> Department Head <br /> CAA SAW" <br /> Council President 8, <br /> • <br /> Location Preceding Action Attachments Department(s)Approval <br /> Monte Cristo Hotel— - Interlocal agreement Agreement Legal, Planning and <br /> 1507 Wall Street with Snohomish County Community Development <br /> for HOME funds. <br /> - Approval of resolution <br /> committing funds on <br /> May 11, 2005. <br /> Council approval of this agenda item authorizes a budget revision in the additional amount requested. <br /> Expenditure Required $ 30,000.00 Account Number(s): Fund 197 <br /> Amount Budgeted $ 30,000.00 <br /> Additional Required $ -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The City of Everett and Snohomish County have an Interlocal Cooperation Agreement for the HOME <br /> Investment Partnership. This agreement allocates a portion of HOME funding to Everett to accomplish <br /> affordable housing projects. The Archdiocesan Housing Authority and Catholic Community Services <br /> applied for the funding to rehabilitate real property to the Monte Cristo Hotel, located at 1507 Wall Street. <br /> The rehabilitation will include a new roof, exterior masonry work, exterior window repair, carpeting <br /> replacement, landscaping, parking area recoating, and boilers and laundry appliance replacement. The city <br /> funds in the amount of$30,000.00 will be used for rehabilitation costs and/or development fees payable to <br /> the Archdiocesan Housing Authority. The Archdiocesan Housing Authority recently purchased the Monte <br /> Cristo Hotel from the private owners. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign the HOME Loan Agreement with the Monte Cristo Partners, L. P. for <br /> improvements to the Monte Cristo Hotel, located at 1507 Wall Street. the amount of$30,000.00 <br /> 59 <br />