HomeMy WebLinkAbout2003 Resolution No. 077•
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\\ 11 ER E.\S. Engli..·\H1l,tl C11 ~ C 1u 111.:II .1bu .tppro\ t:d Rl.'S11:u11o n .U . l.'m.·s ot' ~000 .
• tt nh ,1 11:rn:.! .111 .11.!r.:i:ml'lll l.''\l,1 hli :i h 11::.? .1 linL' u f i:r~dll fo r 1hi: .. ·11111m u:ml..°1.: u f th1.• I lo u:-.111 :.!
R..:h.1 hil11 .1\1,111 F~mJ \\ 1t h tlm.·r.: .1ddi 11~n.1 I ,rnr.:-yr.:ar lmc 0 ( l'rr.:Jit c.xl c1 1s ro11 s; ~nJ -
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r.:,1.1hl1 shin g thl· I h.>11 :-.rng Rd1a bi li t;11i nn Fund .mJ 0 rd i11 :111cl!) I. Si.:nr.:-. l>f ~!)OJ. l'ri.:.11 111 g 1h i.: C u ;.
111' Eng h:.,,oud H,i usin g Rd1 ab 1!1 1:1 1i un Entr.:rp n si.: FlmJ.
\011'. TII ER EF O RE .13E IT RE SOL l 'EO IJ Y TI IE CIT Y COUNC IL O F TI IE ITY
OF E\<.iLEll'OO D. LlJLOR.-1D0 . Tl 1.-1 T,
St.:l"f hlll I. Engl r.:w1>ud Hy C..>unt.:il l•:1 r.:1,y :i11t lh,r1 .t i.:s thr.: C it!, :-.1.111a gcr 10 11cgo 11 :11r.: .tnd
:-i 1~11 :1 Ill'\\' lin r.: o i' a r.:J it wi1h \'r.:c:1r.1 O.ml fu r $'7 50.00 0 tu :i up pu rt thr.: .tt.:th il!r.:~ u fthr.: f-l uusmg
Rd 1:d11ilt :1111m E111c-rpn :,r.: FunJ
. r.:i.::11111 ~ E11 glr.:,,11,1J C 11 y C,, .. m:11 hc:r r.:h~ .,uthun.t r.:s 1/ic Cu: ~l .111:tgr.:r 10 11r.:go 1i .11r.:
ti.:rn i,,. l;)r thr..:c .1JJ1thJ 11,tl l,nr.:-:r.:ar pr.:n uJ" tlt .11 ,,. il l not 11 11.:rl-.1 :,r.: the .1111 0 11111 ,,( the !m i.: ,i t' acdiL
.IDO !'TE D .-1\D APl'R<)ITD 1111, I 51h Ja i· vf Scpie mbcr. :11 11.'
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En tt:'qJrr :,c> Fund
IN ITI ATFD BY :
c,,mmun it \ De,el,1pment Dept. I
STAFF SOU RCE:
J,me f Gnmm ~tt. Ho t1!)111 g Fi n.111 cc Specr,1 11:,1
COUNCIL GOA L AND PREVIOUS COUNCIL ACT ION
Ci t, Council .1 pproved Ordi n.111Le ~3. Se rit>s 19'-9 .1sst1 min g ,111 01 the .1sse ts and lit1bili ties o r th e
Rd1,1bili I.1 Iio11 Prog rJm Iro 111 the Eng le,, oocl H o 11:,111~ 1\u thnrit\'. Co unci l .,lso approved Reso luti o n 33 ,
Series o r :00t) ,1urht..:rizrn g .:111 ,1g reement es 1,1blish111g a li ne o i cred it fo r 1h e co ntinuance o l th e H o u:,ing
RehJb1 lit J ti on Fu nd w it h three .uld i11 o n,1I one-\ e.,r li ne o i credi t e,tensions l o be nego tiJt ecl.
Abo ,1 ppnJ, eel was OrdinJnce :::!b, Ser ies o f I 999 t:!:,tablbhing th e Hot1:,i11g Re h.1bili tati o n Fund .ind
Orcl i11L111 ce 3 I , Se ries o i ~002 cre.1t ing th e Cit)' 0 1 Englewood H o usi ng Rd1 .:i bi lit.:i 1io11 En terpris e Fund .
RECOMMENDED ACT ION
Tn .,pprnve ., res o lu tion .,pprm ing Ll p ro p osed .1 g r~e men 1 es tJblishi ng J ne\\ li ne o i credi t w ith Vec tra
B.,nk. lor s; 30.000 to suppo rt th e ,Ktl\ i tie) o i the 1-1 usi ng RehL1l,ili tJtio n En terp rise Fund Lrn d to
L1ppr0\ e the tt v r\ \.111 L1ge r to 11 ego ti.11c thr e .1cld i1 1on,1I 0 11 e-ve,1r periods 1h ,11 \\ ill not inc reas e th e
.m 10u11 1 0 1 1h c lin e 0 1 credi t.
B,\CKGROUND, ANALYS IS, AND ALTE RNATI VES IDENTIF IED
Th~ C1I\ Lrt>,H ~U th e H ou ::.in~ Rd1.1I ' t,:ltlon I 0,111 Progr.1 111 111 I q--to prt.?)en e the '(I S,m g lwu)in g
')tol.'.k 111 the Cit\ .rnd to .1dclr e'):, th prohle111s 1)1 lo\\·tllU)111 e t.irnilies \\llh th e l1 n.m on 1 0 1 tll,\J Or
rt:>p,ms. The Pro grJ111 ,.,,1:, .1d111i111:,ter1:d thro ugh 1he En '.!1 "·' oocl Hn us1n~ r\11t ho rit\' unt il eMI, I I..JL q
·., lit:n th ~ lit, ~~1.1b li..,h c-I thr> Hou')lf1\! Relh1b1lu .1 11n 11 Fw1d .rnd .1):,um ed .111 •J i th t.' ,1:,.:,.~ts .md h~1b1h t1 e:,
c.11 Ult! R •!h1b1 l11,111 o n Prm u .1111.
\ lll.lJ •H c m11 ;,mt;>fll 0 1 :ht! '.>llt.."Le'.>'> • th~ pro'.tr.1111 1.., i ii~: ')U pprJ I! i ro m th~ b;mk111 '.3 ..:o n1111u111 1\. 5i11 Lt-'
I 1--\,lr , •Lb ·111:::, .,i ..:n-!i t tr)ta llllg • .. t:'r ).l .t, 1111 111 1 h,h bet-n r,1e nch· l 10 the Fund 1rn111 lt1L.1I J nk i,
,,. nh \ ,~urJ 8,1n~ t:u rrr:-nm .ic tin..! ~h tl-:~ It:' h.l b,ml...
-i·--: _ 11 •·1-1,.Jt.-~i ._, :r r .111 1dcim, n,11 .::.--:, J1ir1 tr,L\ ,It .-.n c-,/n ',k!ili. , ...... nunu~ th~ 1~r•·~r .. 111 :r, ik
i·•1-:v,;.t:': ·r r rk -:.lr -ik :Jrr.i;co:.-: nie-r .. ,;.; ') ~ 3 ' .. :,ul'!t:'~i :1 .1 j:1tlftt'rh 1CIJLhlllk11t 10 1)-r--0,110
, --:' --.11.. 4 :, : il•,n.11 r-• -H !j-~•,.1 ::, .\ 111 ·1•-·-l i :)-tk':..!· \l,1kd Jnm1.1lh h, !h": Cit'. \1,111,1'.!.""r r
:-:-"· ~-~--·, r •t•e 1-: • I. -ir-; ;, I It:''"•,., _ lltl:H,':' °l'':t= ,.,. •J.r;i1 ·1 d iS ..::1r r -!H t:''. ~! I •t:"r'. IL-
-\t th ~ c 111plc t1 1 11 n r -:-.Id d1,11•,li t.H vn i.11Djl!Ll thi: 11' 11, 1(1.11 l, .111 ~ "l'u,-.. d h .1 PronH!t:,rJP. , te
,u1d Dcit:.'d u 1 T1t1.,1 U!-ll,111-. .1 ')r" n _! rec rd ... J 111 tl:t:1 h, me, ., 111.:'r'.:, rro p--rt\ Th~ Ci t\ \\,rnJ~1_~r·.:, •
c/1..-.,1-.:,111.:c lhe D1r1~d , rill 1'l11111H m1 ·• D-. el, -1:-11 1i~rt :i1s11.:, ., n n l t.' t r ,m tht: !=tulll t o\ e c tr,1 6,mk plu!t
1.:,::-ll6 ~111 .\.:, l'-!l llllt:'11 1 1.J I Deed 1l1,:r-!', rull, c, ,1 b 1t:1 r.1l 1zu,·.: thi:> e.l\..h It· ,111 u-.:n g tht.' h e me(>\\ ncr·.:,
ptept.'rt\ ,1:, s umt,. E,1d1 h,mh:'O\\ 11er rn.,k t.•:, r11t)nthh p.1, 111t:•111 :, l o tht:' F;.,nc! ,trhl the Fl :nd 1h e11 p,l :,!n~:-i
tllt':it' p,1 , lllt'll b d 1ru 11\.!h In\ l!Ltr.1 B.rnk. The c urren t m un 1hh p.1, men t to\ t>..:tr.1 G.111k 1:, .1ppro ,1 111.11 eh
s -,1111 11 pnm:ipal .1 1(! 111 1 ft:'!-t. .\ dd111qut.>11 t re:ier\l: .Kl.'.nunt u r ii'',,. I t)'',, c.,1 the 1...)l lf.:,t.1nchn ~ .1m0Lm t 1)!
th e> lo,rn 1s req wr~d 10 ht' h Id ,H lh ~ b,1 111.. tu co,'-'' ,1m delmq ui:in t ho 111e1 \\ 11 c>r p.1, me nt The c urr t111 1
b ,1l,111 ce 0 1 th is r e::.ent:! 1::, '3 L12.00tl. Fun d ..f h f lo rtn ~d , Fund -211::, ,n,1 11.ih lt' 10 incre ., e the r e::.t'r,e
b,,bnce II necd~d.
Th e ,1gr t> 111 e n1 is e,pec ted to hi-' Jppr m e d b,· \·eur.1 B,1111.. h eto r e the Sep tember I 5, 2003 Ci h
CoLJ1 1ci l mee tin g. ,\ cup) "ill bt' p ro ,·1de cl prr o r to th e Cu, Counc il meett ng o n Monda). Th-.!
sig ni iic.:rn t poin ts 0 1 th e ,1gree111 en t .ire no ted in th e .1ttach ed lett er imm V eclra Ban i...
FIN AN CI AL IMPACT
Exb ting Co mmunity D eve lo pment staft' ad mini sters the H o usin g Re h,,bilit .1 11 0 11 Fu nd . No .1clditi o 11c1 I
monies "ill be required. The o utstanding debt to Vt>c tra Ba nk will be incre.1secl by th e Jm o un t o i
th e lin e o i credi t used . up to a ma xim um ,1dditio n.1l .1111 o unt of $;"50,000, "hich tak es th e to ta l line
oi credit wi th Vec tr.1 Ba nk up to ., 111,1'<i rm1m o i S 1,650,000.
LI ST OF ATTAC HM ENTS
Le tter fr o m Vectr.1 Bank
Pro p osed Resolutio n •
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C:c::u.:.a:-=:,· Je-.·!i<:;:me::.t De ;:ar.::.::?o:
City of ~:1s!ets:ood
101)~ .C:.2!e'A'CO d ?1rk...,.~·.-
Eng'.:-.1.·o~d CO !•:110 ·
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.-\~e::::e:ir d::-3ftC'C J~· tl:: 3:ink 's !Jf:;:o:.c.:e d !11~1':)e:-· f ·,,·:.1::d to::.,:,£:· sev ::-i: c :·~c kc i' points Qfth,-
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Guid;um: h.o e of .:red:: !O ::e :ised :o n:p;xm .1dv2nc!.S for !:.ousi:ie improve:n~ts :iJ
H::i;l e :·3.Cily rc.sic!enc:s !oc ncd m tl:e City of Ec~cwood.
Gu.id.me: !in: of c;:dr: :Or S7.!0,0M.OO
A \"3i!l!:ility fo r up to ~·elvc mont.\i 5-om e:cec-.1tion of doc-..u::.:n!S .
t·p 10 twcn r:, ;·c:us J.tler in:.pro,·cmen:? :U,·e 'Jee:,, COt:;Jlete:!. C,m.struct:o::i lo ans ·Ntl l
::ic::--.1 : ::iterest Ccr'.og :hi! ;,e:fod o:" i..--r.provrni~ts, '.'.ith fully J:::orti.::n:cn :.hl!:re:i~er .
• \j_f-.;s1~ q~n::_;[,· :.it:: ~ based Uji on W<L! Stre:t Jc~--:ul pric::.e -150 b;is:.S ;ointi
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