HomeMy WebLinkAbout2004-060 HOPE 3 Project Funds ORDINANCE NO. 2004 - 60
AN ORDINANCE amendmg the 2004 budget for the City of Yakima, and making
an appropnation of $252,000 m the 124 — Office of
Neighborhood Development Services Fund for expenditure
during 2004 to provide additional HOPE 3 project funds.
WHEREAS, the amount of $252,000 must be appropriated within the 124 —
Office of Neighborhood Development Services Fund for expenditure during 2004 to
provide additional HOPE 3 project funding, and
WHEREAS, at the time of the adoption of the 2004 budget it could not
reasonably have been foreseen that the appropnation provided for by this ordinance would
be required, and the City Council declares that an emergency exists of the type
contemplated by RCW 35.33 091 and that it is in the best interests of the City to make the
appropnation herem provided, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1. The amount of $252,000 is hereby appropnated from the
Unappropriated Fund Balance in the 124-Office of Neighborhood Development Services
Fund to account number 124 - 124 - 332- 0000 - 559.20 -48K titled HOPE 3 Single Family as a
2004 appropriation.
Section 2. This ordinance is one making an appropriation and shall take effect
immediately upon its passage, approval and publication as provided by law and by the City
Charter
PASSED BY THE CITY COUNCIL, si and approved this 5th day of
October 2004 n n
X V"
PAUL P GEORGE, MA OR
ATTEST:
71 -w .2
CITY CLERK
First Readmg: 9-24 -2004
Pubhcation Date. 10-8 -2004
Effective Date. 10-8 -2004
Cepperson HOPE 3 Ordinance 9/16/2004
e
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. - -
O�'o E . 5
For Meeting Of Ser21 2004
ITEM TITLE An Ordinance Amending the 2004 Budget and Making an
Appropriation in the 124 - Office of Neighborhood Development
Services (ONDS) Fund for additional HOPE 3 Project funds.
SUBMITTED BY William Cobabe, ONDS Manager
William Cook, Community & Economic Development, Director
CONTACT PERSON /TELEPHONE Bill Cobabe - 575 -6101
SUMMARY EXPLANATION
In recent years ONDS has moved to develop affordable homeownership opportunities in
small subdivisions with local private and non -profit developers. We completed such a
project about 4 years ago with United Builders, we just completed a project with OIC, and
have another underway These new homes are constructed on infill lots and raw land
throughout the older portions of the City
ONDS is in the planrung stages of a larger project, in partnership with OIC and Habitat for
Humanity This is to be located at the end of Hathaway, in the Fruitvale area. It will
ultimately contain 20 new homes. In order to make our funding work as efficiently as
possible, ONDS arranged a short -term note with the seller of the property, to be paid off
when we were ready to proceed with the subdivision.
Continued on page 2.
Resolution X Ordinance _Contract Other (Specify)
FUNDING SOURCE. ONDS eserved Fund Balance
APPROVED FOR SUBMITTAL.
Ci l a
City er g
STAFF RECOMMENDATION (B) Read Ordinance by title only at the September 21, 2004,
meeting. Pass Ordinance after second reading at the October 5, 2004 meeting.
BOARD /COMMISSION RECOMMENDATION
COUNCIL ACTION First reading of ordinance; second reading scheduled for October 5,
2004.
Ordinance passed. ORDINANCE NO. 2004 -60
Cje 9/16/2004 HOPE 3 Appropriation
r
Page 2
As you might imagine, planning for a project of this size is complex. It involves streets,
utilities, and engineering the actual lot design before any homes are actually started. The
very nature of such an effort makes it difficult to predict with total accuracy when some of
the components will be ready to move forward. ONDS had anticipated paying the note off
sometime in 2005, but we find we are ready to move forward a bit sooner
In addition, our partnership project with JAL Construction has also moved to completion.
It includes construction of 3 new homes, and rehab of a 4th, located on S. 4th Ave
Accordingly, ONDS is requesting additional budget authority for 2004 to allow these
transactions this year The funds will be taken from a fund known as HOPE 3 This is a
part of our funds that are not replenished each year, as are the CDBG and HOME funds.
Rather these funds originally came from a Federal program that originated with the
Savings and Loan bailout programs of the late 1980s and early 1990s The HOPE 3
program provided funds the City was able to use to help finance affordable
homeownership opportunities. As payments and payoffs of these funds accumulate,
ONDS is charged with reinvesting these funds in new affordable housing efforts.
Funding is requested as follows:
South 4th Avenue, JAL Construction $114,409
Hathaway Project, Marvin Gardens $202,591
Other Misc. HOPE 3 Projects $ 10,000
`Total for 2004. $327,000
Less current 2004 budget 75,000
Additional appropriation request $252,000
The attached appropriation ordinance would authorize the use of $252,000 from the Office
of Neighborhood Development Services Fund reserves, which were established by and
designated for the HOPE 3 program.
Cje 9/16/2004 HOPE 3 Appropriation