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HomeMy WebLinkAboutResolution No. 2007-214RESOLUTION N0.2007-214 RESOLUTION RECLASSIFYING AND DESIGNATING FUND BALANCES FOR THE ECONOMIC DEVELOPMENT AUTHORITY'S HOUSING MAINTENANCE PROGRAM WHEREAS, on August 28, 2007 the Columbia Heights Economic Development Authority approved a 10-year Housing Maintenance Program; and WHEREAS, the purpose of the Housing Maintenance Program is to maintain and improve the housing stock, tax base and improve the livability of the City's neighborhoods; and WHEREAS, the City of Columbia Heights has accumulated fund balances in the Business Revolving Loan Fund, the Rental Housing Fund, the General Fund, the Special Project Fund and the Sheffield Development Fund for the purpose of funding future expenditures; and WHEREAS, the City Council has determined that there is a need for a Housing Maintenance Program in Columbia Heights; and WHEREAS, it is the intent of the City Council to provide funding for a Housing Maintenance Program: NOW THEREFORE, BE IT RESOLVED that a Housing Maintenance Program Fund be established as a fund of the Columbia Heights Economic Development Authority and funds be transferred from the following funds to the Housing Maintenance Fund 207 effective January 1, 2008. From Funds: # Name Amount 299 Business Revolving Loan Fund $306;426 235 Rental Housing $40,688 101 General Fund $138,000 226 Special Project $103,350 410 Sheffield Development 400 000 Total $988,464 BE IT FURTHER RESOLVED that funds be transferred from the following fund to the Housing Maintenance Fund 207 before December 31, 2008. From Fund: # Name 226 Special Project Amount $103,350 NOW THEREFORE, BE IT FURTHER RESOLVED that the fund balance in the newly established Housing Maintenance Fund be appropriated for expenses related to the Housing Maintenance Program. Passed this 26`h day of November 2007 Offered By: Diehm Second By: Kelzenberg Roll Call: Ayes: Peterson, Williams, Diehm, Kelzenberg Nawrocki L. Attest: ; `~ ~ .r #._ f ~~ F~atricia Muscovitz, City Clerk ~