Explanation
BACKGROUND: This legislation authorizes the transfer and expenditure of $77,675.25 of Neighborhood Stabilization Program (NSP3) funds from the General Government Grant Fund. Funds are needed to obligate and expend for eligible projects and activities associated with the Neighborhood Stabilization Program (NSP).
This modification to the City's NSP3 budget does not result in a greater than 20% increase in one activity's original budget (Neighborhood Stabilization Fund).
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 July 1, 2014 as mandated by the City's NSP3 Grant Agreement with the U.S. Department of Housing and Urban Development.
FISCAL IMPACT: This ordinance authorizes the transfer and expenditure of $77,675.25 of NSP3 funds. The $77,675.25 of NSP Funds must be expended in Neighborhood Stabilization Program eligible projects and activities. The funds are transferred from other activities.
Title
To authorize the transfer of $77,675.25 within 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; to authorize the expenditure of $77,675.25 from General Government Grant Fund, Neighborhood Stabilization Program 3 grant; and to declare an emergency. ($77,675.25)
Body
WHEREAS, this legislation authorizes the transfer and expenditure of $77,675.25 within the General Government Grant Fund to provide funding for the Department of Development obligations and expenses relating to the Neighborhood Stabilization Program; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer and expend said funds so the expenditure of funds can be made prior to the end of the grant's required expenditure deadl...
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