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HomeMy WebLinkAboutEDA RES 2011-02EDA RESOLUTION NO. 2011-02 A RESOLUTION APPROVING FUNDING FOR THE REHAB INCENTIVE PROGRAM ($50,000) WHEREAS, since 2002 the Greater Metropolitan Housing Corporation (GMI -IC) has provided housing consulting services for the City of Columbia Heights, and WHEREAS, over time the majority of their service time has centered on the City's Rehabilitation Incentive Program and the City's Deferred Loan Program process, and WHEREAS, over time the City's Community Development Department, in order to provide better service for the residence of the community, has increasingly taken over the duties of providing information regarding home buying and rehabilitation programs, and WHEREAS, the Community Development Department has all of the skill sets necessary to run any type of housing program including knowledge of financing, real estate and construction, and WHEREAS, the Economic Development Authority (EDA) does not have to take any formal action to sever their relationship with GMHC since their contract with the EDA ended at the end of fiscal year 2010, and WHEREAS, this resolution seeks to authorize and provide additional funds for the continuation of the City's Rehabilitation Incentive Program and the City's Deferred Loan Program, to be administered by the City, NOW THEREFORE BE IT RESOLVED THEREFORE, BE IT RESOLVED, that the EDA allocates $50,000 for the Rehab Incentive Program from Fund 420 — Capital Improvement Development Fund. Passed this 22`1 day of February, 2011. Waiter Fehst, F cutive TSirector