Agenda Item Wording:
title
Authorization to amend the amend FY 2023-24 Community Development Block Grant (CDBG) Annual Action Plan in the amount of $1,129,275, amend the FY 2023-24 Permanent Local Housing Allocation (PLHA) budget by $750,000, and appropriating additional funds from the Successor Agency Housing of $300,000 ($50,000 in FY 2023-24 and $250,000 in FY 2024-25) in order to provide additional support to the Navigation Center development funding of $2,179,275.
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Deadline for Action: 8/7/2023
Submitting Department: Finance and Technology Services
Contact Name and Phone Number: Margie Perez, Housing Specialist, 713-4460, margie.perez@visalia.city; Melody Murch, Assistant Finance Director, 713-4379, melody.murch@visalia.city; Renee Nagel, Finance Director, 713-4378, renee.nagel@visalia.city
Department Recommendation:
Due to increased construction costs and project funding shortfalls, staff recommends Council approve the budget increase of $2,179,275 for the Navigation Center development funding. Should additional grant funding, such as the Encampment Resolution Funding grant, be obtained and/or enough money be raised for construction through other sources, staff will return with an allocation adjustment recommendation. Funding will require action to be approved as listed:
1. Amend the FY 2023-24 CDBG Annual Action Plan to transfer $729,275 and add $400,000 in program income for a total of $1,129,275 in CDBG development funds to the Navigation Center development. Staff will return to Council for review and approval of the amendment during the public comment period; and
2. Amend the FY 2023-24 Permanent Local Housing Allocation (PLHA) to transfer budgeted Navigation Center operating and unspent prior year funds of $750,000 for Navigation Center development; and
3. Appropriate additional funds of $300,000 ($50,000 - FY 2023-24 and $250,000 in FY 2024-25) from the Successor Agency Housing fund balance.
Background Discussion:
On March 1, 20...
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