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• EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 4 <br /> PROJECT TITLE: <br /> Consent COUNCIL BILL# <br /> Approval of HOME and X Action Originating Department Planning <br /> Affordable Housing Trust <br /> Funds 2060 contracts with First Reading Contact Person Dave Koenig <br /> the Everett Housing Second Reading Phone Number 425-257-8736 <br /> Authority spending Third Reading FOR AGENDA OF Dec. 6, 2006 <br /> $298, 176.92 to help acquire Public Hearing <br /> an 8-unit apartment complex. Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> lug/. <br /> Location Preceding Action Attachments Department(s) Approval <br /> 12220 E. Gibson City Council public The HOME and 2060 <br /> Road. hearing & approval contracts are <br /> on May 3, 2006 available in the <br /> City Council Council Office. <br /> approval of <br /> exchange of the <br /> funding source with <br /> Housing Hope on <br /> August 9, 2006 <br /> Amount Budgeted $298,176.92 <br /> Expenditure Required $298, 176.92 Account Number(s): Fund <br /> Budget Remaining -0- <br /> Additional Required -o- <br /> DETAILED <br /> 0-DETAILED SUMMARY STATEMENT: <br /> City Council approved funding for the acquisition of existing housing units by the <br /> Everett Housing Authority on May 3, 2006, using Housing Trust Fund 2060 funding and <br /> Community Development Block Grant funds. Later, at the request of Housing Hope, <br /> $65, 633.00 of 2060 funds was exchanged with HOME funds with the consent of the Everett <br /> Housing Authority. For this acquisition $65,633.00 in HOME funds and $232,543.92 in <br /> 2060 funds are being used for a total of $298,176.92. The acquisition cost is <br /> $925,000.00 for 8 units. The units are in excellent shape and need no repairs. The <br /> acquisition is located at 1222 E. Gibson Road within Everett's Urban Growth Area and <br /> outside Everett City limits. The Everett Housing Authority is allowed to serve clients <br /> in unincorporated Snohomish County within five miles of the Everett City limits. HOME <br /> and 2060 funds may be used outside city limits. The HOME and 2060 contracts are <br /> available in the Council Office for City Council review. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Authorize the Mayor to sign the HOME and Affordable Housing Trust funds 2060 contracts <br /> with the Everett Housing Authority. <br />