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TO: Mayor Thomas J. Weisner
FROM: Jeff McLaughlin, Neighborhood Redevelopment Manager
DATE: June 18, 2014
SUBJECT:
Resolution Authorizing an Annual Action Plan Substantial Amendment (2014-#3) to take a Property Located at 83 North Avenue out of the Neighborhood Stabilization Program (NSP) Homebuyer Program Activity and transfer it to the NSP Rental Program Activity in Order to Facilitate a Sale of the Property under the Aurora Impact Initiative.
PURPOSE:
Staff requests the authorization of Annual Action Plan Substantial Amendment (2014-#3) to provide for a program activity switch for 83 North Avenue (PIN # 15-27-105-001)("Property"), a Property held under the Neighborhood Stabilization Program (NSP), from the NSP homebuyer program activity to the NSP rental program activity. The Property was originally purchased with the stated intent under the NSP program plan that it be resold as a homeownership opportunity. This programmatic switch will facilitate the disposition of 83 North Avenue to Boreas LLC and its ultimate reuse as a fully rehabilitated single family rental property. At its special meeting of June 18, 2014 the City of Aurora Block Grant Working Committee approved a recommendation that the above programmatic switch be authorized. The BGWC will hold a public hearing on the recommendations on Monday, July 7, 2014 in the City Hall Council Chambers, and public comment will be received through July 22, 2014.
BACKGROUND:
The City has owned the Property since 2009 and has actively been looking for a reuse scenario that would be cost effective given constrained resources and the allocation of existing housing funds to other projects. The transfer of the Property from the NSP Homebuyer Program Activity to the NSP Rental Activity, although ministerial in nature, requires an amendment to the City's Annual Action Plan for federal funding and a full public comment process under the City's public participation plan.
DISCUSSION:
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