AGENDA MEMORANDUM

 

 

Meeting Date:           June 11, 2007

 

From:                          Kenneth L. Thomas, Director of Housing & Economic Development          

 

Subject:                      Resolution authorizing Staff to apply for the United States Department of Agriculture (USDA) Housing Preservation Grant to renovate Kristen Court Apartments

 

Staff Recommendation:

Staff recommends the City Commission authorize Staff to submit an application for the USDA Housing Preservation Grant (HPG) for $100,000 for renovation of Kristen Court

 

Analysis:

The Kristen Court Advisory Committee identified several options relating to the future of the complex such as demolishing the entire complex, continuing to operate as a rental complex, selling the complex as is, partnering with a local developer or renovating the complex and creating a townhome development.  By unanimous decision, the Kristen Court Advisory Committee recommended renovating the entire complex and creating 56 units “for sale” townhomes and converting one building into a resident clubhouse. 

 

Based on consultation with numerous general contractors, the cost of renovating 56 units is estimated at $840,000 to $1,400,000 ($15,000 to $25,000 per unit).  The project will include complete renovation of the kitchen, bathroom, living room, plumbing, roof and HVAC, interior and exterior painting, and stucco.  The complex will also have new landscaping, resurfaced streets and parking area. 

 

To offset the renovation cost, staff identified the USDA Housing Preservation Grant (HPG) as a funding source.  The HPG, in previous grant cycles, has provided funding to renovation projects similar to Kristen Court, although funding other than HPG will be required to complete the entire renovation project.  Other possible sources of funding are Lake County Government and the Federal Home Loan Bank of Atlanta.  

 

Options:

1. Authorize staff to apply for the USDA Housing Preservation Grant (HPG); or   

2.  Such alternative action as the Commission may deem appropriate.

 

Fiscal Impact

The City’s purchase price of the complex represents the grant matching funds. 

 

Submission Date and Time:    6/8/2007 10:30 AM____

 

Department: ______________________

Prepared by:  ______________________                      

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

RESOLUTION NO._______________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA AUTHORIZING THE MAYOR,  CITY CLERK, AND ADDITIONAL STAFF AS REQUIRED TO APPLY FOR A UNITED STATES DEPARTMENT OF AGRICULTURE HOUSING PRESERVATION GRANTFOR $100,000 TO REHABILITATE KRISTEN COURT APARTMENTS; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the City Commission hereby authorizes the Mayor,City Clerk, and additional staff as required  to submit an application for funding from the United States Department of Agriculture Housing Preservation Grant program for $100,000 for renovation of Kristen Court Apartments.

 

             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 __11th___ day of ___June______ 2007.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk