SUBJECT: ADOPTION OF APPROPRIATION ORDINANCE AND FUNDING SOURCE RESOLUTION AMENDMENTS INCREASING THE LOANS, GRANTS AND SITES ACQUISITION APPROPRIATION TO THE HOUSING DEPARTMENT BY $77,685
RECOMMENDATION:
It is recommended that the City Council approve the following Appropriation Ordinance and Funding Source Resolution amendments in the Low and Moderate Income Housing Fund:
1. Increase the Loans, Grants & Site Acquisition appropriation by $77,685.
2. Increase the Earned Revenue estimate by $77,685
In 1998, the City Council approved an agreement between the Housing Department and Neighborhood Housing Services (NHS) of Silicon Valley. The purpose was to establish an NHS office, which provided a First Time Home Buyer program to San Jose residents. Staffs from NHS, the City, and the Redevelopment Agency believe that it would be valuable to relocate the office to a more visible location, central to those neighborhoods which NHS is targeting to serve rather than in a downtown office location.
Staffs from NHS, Agency and the City have been working with Cha Cha Enterprises to develop a lease for proposed space for the NHS office in Mi Pueblo Plaza The interior improvements have been designed and approved by NHS and the landlord, and are satisfactory to the Agency and the City.
The one-time tenant improvements costs are being jointly funded by the Agency and the Housing Department. The City’s portion of the cost was included in the 2001-02 Adopted Budget.
ANALYSIS
This memo is a follow up appropriation amendment action to a previous City Council and Agency Board action authorizing an amendment to the agreement between NHS and the City of San Jose to partially fund tenant improvement for the 5,179 square food permanent NHS office at Mi Pueblo Plaza, corner of Story and King Road.
Since the subsidies to the NHS is through the Low and Moderate Income Housing Fund, this appropriation amendment is necessary to recognize the Agency’s share of the cost and appropriate it to the Housing department for distribution to NHS.
N/A
Larry D. Lisenbee
Budget Director
I hereby certify that there will be available for appropriation in the Low and Moderate Income Housing Fund in the Fiscal Year 2001-02 moneys in excess of those heretofore appropriated therefrom, said excess being at least $77,685.
Larry D. Lisenbee
Budget Director