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.
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.
1. Authorize staff to apply for the USDA Housing Preservation Grant (HPG); or
2. Such alternative action as the Commission may deem appropriate.
The City’s purchase price of the complex represents the grant matching funds.
Prepared by: ______________________
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Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF 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.