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CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Ptesented By: <br />Agenda Item No.: <br />03/16/10 <br />Council Date: <br />City Manager <br />Kevin Carruth; Michael Hunter <br />16. <br />03/22/10 <br />RECOMMENDED MOTION: <br />Move to approve a Resolution authorizing application for a TDHCA HOME/American Dream <br />Downpayment Initiative program grant and authorizing the City Manager to negotiate and execute all <br />necessary documents. <br />POLICY ISSUE(S): <br />Grant application; Community development <br />BACKGROUND: <br />The proposed downpayment assistance program is the same as last year's program with the exception <br />that the total assistance per family will double to $20,000 and the total number families assisted will be <br />15. These changes will put the City's program on par with Paris Living's program, which also provides <br />$20,000 in assistance, making it much easier for the City to meet its performance goals. As with the <br />previous downpayment assistance program, the City's $18,000 match will come primarily in the form of <br />waived fees and the value of any City-owned lots plus any cash to make up the difference (if any). In <br />addition, the City will establish a$80,000 cash reserve to pay program costs before the City receives <br />reimbursement from the State, i.e. the City will set up a specific fund to "front" the money (this is no <br />different from what has been done in the past with this and other reimbursement programs and no <br />projects expend funds until they are approved by the State. The City's grant consultant, Michael Hunter, <br />will be available to answer any questions. <br />BOARD/COMMISSION RECOMMENDATION: <br />EXHIBITS: <br />Resolution <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$ <br />❑ Department Report M Resolution <br />Budgeted Amt. <br />$ <br />❑ Presentation ❑ Ordinance <br />y'I'D Actual <br />$ <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />FA-cct. Number <br />FISCAL NOTES: <br />REVIEWED AND APPROVED BY: <br />E Administration E City Clerk ❑ Community Development ❑ EMS/IT ❑ Finance ❑ Fire <br />❑ Municipal Court E Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Urilities <br />City of Paris Revised 2/04/08 <br />% nnO163 <br />