Posted: October 07, 2019
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF100219-06 - Authorize the Mayor and Finance Officer to sign the FY2019 Community Development Block Reallocation Grant Contract and the Indenture of Restrictive Covenants for JB Holdings

Agenda Item Title:

LF100219-06 - Authorize the Mayor and Finance Officer to sign the FY2019 Community Development Block Reallocation Grant Contract and the Indenture of Restrictive Covenants for JB Holdings

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
10/02/2019
City Council Hearing Date:
10/07/2019
Staff Contact:
Michelle Schuelke
Agenda Item Summary:
Staff is seeking City Council approval for the Mayor and Finance Officer to sign two copies of the FY 2019 Community Development Block Grant (CDBG) Reallocation contract and the Indenture of Restrictive Covenants for JB Holdings. CDBG funds will be used to rehabilitate a triplex, to bring project up to code per P.U.D. including upgrading infrastructure, and remove substandard modular homes and replace with new HUD-certified modular homes. Project Location: 614 E Watertown Street.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Is Funding Budgeted?:
Budgeted
Funding Source & Fiscal Impact Notes:
FY2017 CDBG Funds

Recommendations:

Origination Recommendation Notes:
Legal and Finance Committee recommended to authorized the Mayor and Finance Officer to sign: 10/2/2019
City Council Recommendation Notes:
City Council authorized the Mayor and Finance Officer to sign: 10/7/2019

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