Explanation
BACKGROUND: This legislation authorizes the expenditure of $8,523.06 from the appropriated balance of Neighborhood Stabilization Program 1 (NSP1) grant, General Government Grant Fund. These funds are from cancelled obligations and are needed to obligate and expend for eligible projects and activities associated with the NSP1 Program.
This ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2013 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This legislation authorizes the expenditure of $8,523.06 of Neighborhood Stabilization Program (NSP1) funds from the General Government Grant Fund. The NSP Funds must be expended in Neighborhood Stabilization Program1 eligible projects and activities.
Title
To authorize the expenditure of $8,523.06 from the appropriated balance of the General Government Grant Fund; to authorize the Director of the Department of Development to provide loans and grants to eligible projects and activities associated with the Neighborhood Stabilization Program; and to declare an emergency. ($8,523.06)
Body
WHEREAS, this legislation authorizes the expenditure of $8,523.06 from the appropriated balance of the Neighborhood Stabilization Program 1 (NSP1) grant, General Government Grant Fund; and
WHEREAS, these funds are available due to canceled NSP1 projects and contracts and must be expended in Neighborhood Stabilization Program eligible projects and activities; and
WHEREAS, this ordinance is submitted as an emergency so as to allow the expenditure of funds to be made prior to the end of the grant's required expenditure deadline of March 3, 2013 as mandated by the City's NSP1 Grant Agreement with the U.S. Department of Housing and Urban Development; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Develo...
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