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TO: Mayor Richard C. Irvin
FROM: Dan Barreiro, Chief Community Services Officer, Community Services Division
DATE: July 5, 2018
SUBJECT:
A Resolution Authorizing Annual Action Plan Substantial Amendments (2018-#2) to Reflect Funding Re/Allocations for the Community Development Block Grant (CDBG) and Emergency Solutions Grant (ESG) Programs
PURPOSE:
Staff requests authorization of Annual Action Plan Substantial Amendments (2018-#2) to reallocate funds for two CDBG projects and to submit an ESG program application to the U.S. Department of Housing and Urban Development (HUD). A draft of Annual Action Plan Substantial Amendments (2018-#2) is attached as Exhibit C.
CDBG reallocated funding is recommended as per unallocated funds, unexpended funds, and/or cancelled projects from the following CDBG Program Years: 2015, 2016, and 2017.
The following Annual Action Plan Amendment CDBG Activities and Reallocation Totals have been recommended by the City's Block Grant Working Committee (BGWC) under Substantial Amendment 2018-#2:
1. 2017 Section 108 Credit Subsidy and Administration Fees for Aurora Arts Centre Project
As part of the City's Section 108 Loan for the Aurora Arts Centre Project, the City is required to cover HUD's credit subsidy and interest fees [until the loan payments from the City's Section 108 partners begins in 2019]). The requested funds are to fund the ongoing annual subsidy and administrative (interest) fees for the remaining 2018 quarters and the 2019 year. Staff is seeking approval to use CDBG funds to reimburse the fees. Because the loan interest payments are based upon a variable rate as well as the loan amount owed once payments begin in 2019, to best ensure the consistency of the funding amount needed, additional funds will be requested at a future date.
Reallocation Total: $36,000.00
2. Cancel City of Aurora Small Business Revolving Loan Program
CDBG funds for this project were committed in 2015; however, the project's funds hav...
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