Staff recommends approval of the termination of the Memorandum of Understanding between Lake County Government and Leesburg for funding of the Magnolia Townhomes Project (aka Kristen Court).
The City of Leesburg and Lake County entered into a Memorandum of Understanding October 7, 2008 to allow the use of Lake County SHIP funds to renovate the Kristen Court Apartment Complex. However, on November 21, 2010 the Leesburg City Commission decided to put the project on hold and return the SHIP funds. In addition, the other grant funds were also returned to their various entities.
Therefore, the existing termination agreement is intended to provide both parties the legal authority to terminate the MOU and return all SHIP funds to Lake County Government. City Staff, at a later date, will identify other projects within our jurisdiction that could qualify for the use of SHIP funds.
1. Approve the termination of the MOU between Lake County and Leesburg; or
2. Such alternative action as the Commission may deem appropriate
The $429,000 will be returned from the Housing Department budget (aka Kristen Court). There will be no fiscal impact to the Magnolia Townhomes fund, or City, as a result of this transaction. SHIP Funds, which are currently held in a restricted account, will be refunded to the appropriate Lake County Government business unit upon Commission approval.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. _____JB___________
Deputy C.M. ___________________
City Manager ___________________
Account No. __554-0000-337-5410__
Project No. ____MTSHIP________
WF No. ______________________
Available ____ $429,000__________
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A TERMINATION OF A MEMORANDUM OF UNDERSTANDING BETWEEN LAKE COUNTY GOVERNMENT AND THE CITY OF LEESBURG FOR FUNDING OF THE MAGNOLIA TOWNHOME PROJECT FORMERLY THE KRISTEN COURT PROJECT: AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:
THAT the Mayor and City Clerk are hereby authorized to execute the termination of the Memorandum of Understanding between Lake County Government, whose address is 1300 S. Duncan Drive, Tavares, Florida 32778 and the City of Leesburg regarding funding for the Kristen Court project.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the __20th day of _December________ 2010