CITY COUNCIL AGENDA ITEM NO. 35
Meeting Date: February 13, 2000
Subject/Title: Support for Community Room Expansion
Submitted by: Jon Elam, City Manager
Approved by: Jon Elam, City Manager
Consideration of a request for $74,000 by Christian Church Homes, to help fund an expansion of community room space within the Sycamore Place Apartments.
The City Councilís Housing Subcommittee met on January 4, 2001, with owner representatives of Christian Church Homes to review the attached funding request. The Sub-Committee brings forth a recommendation to support this request in light of the great need to expand the very undersized community room. These funds, when combined with $25,000 of remaining funds from the original development and $15,000 of residual receipts combined to create the necessary funds to undertake the 953 square foot addition.
The existing community room is quite small and greatly limits the activities that can occur for the residents in the facility. The expansion will greatly expand the opportunities in the facility.
Funding will come from required 20% funding set-asides for low-income housing related activities. The total fund balance effective 12-30-00 was $1,010,000.
The City Attorney will draft up the agreement if approved by the City. The agreement will be recorded on the property; with the provision if the project is sold or refinanced these funds would be reimbursed to the City.