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Home My WebLink AboutRDA AG PKT 2006-10-23 #1 e AGENDA REPORT DATE: October 23, 2006 TO: Chairperson and Members of the Redevelopment Agency THRU: John B. Bahorski, Executive Director FROM: Lee Whittenberg, Director of Development Services SUBJECT: BUDGET AMENDMENT 07-06 - REDEVELOPMENT : AGENCY - RIVERFRONT PROJECT AREA LOW AND MODERATE INCOME HOUSING FUND SUMMARY OF REQUEST: e The proposed Redevelopment Agency action will adopt Budget Amendment 07-06, revising the approved budget for the Riverfront Project Area Low and Moderate Income Housing Fund to reflect anticipated spending levels for the various housing rehabilitation loan and grant programs and administrative expenses to manage and oversee those programs. BACKGROUND: The Redevelopment Agency received funds from the State of California MPROP Program to reimburse a "bridge loan" between the Agency and LINC Housing as part of the fInancial transaction to acquire the Seal Beach Trailer Park in 2000. These funds now need to be properly allocated and estimated expenditures need to be established to utilize those replenishment funds for the authorized purposes of providing housing rehabilitation assistance to persons and families of low- and moderate-income within the City. The funds in the Riverfront Project Area Low and Moderate Income Housing Fund are utilized for implementation of 4 primary programs within the City, which are briefly described below: e D Seal Beach Trailer Park Rental Subsidy Program: D Costs for this program are a maximum of $180,000 per year until 2020. D These rental subsidy expenditures are included within the "LowlMod Housing Expense" Account 061-081-45050. D Provides rental subsidy funds for residents of the Seal Beach Trailer Park that were residents of the park when it was acquired with Bond financing in 2000. Agenda Item RIJ/9-1 Z;\My Documcnts\2006-2007 Budgct\2006 Low-ModeraIe lnCOlllC HOUSing Fund.RDA Budget Amcndmcnldoc\L W\I 0-16-06 e Budget Amendment 07-06 Rillerfront Project Area Low and Moderate Income Housing Fund Redevelopment Agency Stqff Report October 23, 2006 o City-Wide Low- and Moderate-Income Housing Assistance Program: o Provides loan and grant funds for approved housing rehabilitation repairs to qualified persons and families: o Total estimated costs for housing rehabilitation work to be accomplished by this program for the 2006-2007 Fiscal Year are $945,000. During the current fiscal year 3 applicants have already been served and it is estimated that approximately 25 applicants will be working with CivicStone during the reI)'lainder of the fiscal year on project approvals and completion of rehabilitation work. o Funds administration expenses of City Staff and CivicStone to administer the program; o Estimated administrative costs are $100,800 based on a per project estimated cost of$3,600.00. e o Administration - Leisure World CDBG Assistance Program - Funds administration expenses of City Staff and CivicStone to administer the program that is funded by the County of Orange through the Federal Community Development Block Grant (CDBG) program as a grant to the Agency of $200,000.00. It is estimated that 65 additional units will be rehabilitated during this fiscal year. o Estimated administrative costs are $104,000 based on a per project estimated cost of $1 ,600.00. e o Leisure World Window Replacement Program: o Provides grant funds for window replacements for approved window replacements to qualified persons and families; o Funds administration expenses of City Staff and CivicStone to administer the program. o Estimated window replacement costs are $175,000 based on a per unit estimated cost of $5,000 per unit for the 3S identified units. o Estimated administrative costs are $89,600 based on a per project estimated cost of$I,600.00. o The following units are eligible to participate in the program: o 1682 Monterey Road - Units D, E, and F (Building 11)- 3 units o 1620 Monterey Road - Units A through F (Building 12) - 6 units o 1580 Monterey Road - Units A through F (Building 14) - 6 units o 1523 Monterey Road - Units A through C, and Unit L end windows(Building 25) - 4 units o 1503 Monterey Road - Units A and L - end and front windows(Building 27) - 2 units o 1461 Monterey Road - Units A and L - end and front windows (Building 28) - 2 units 2 2006 Low-Me_lncomc Heuoing FundRDA Budgm Amendment e e e Budget Amendment 07-06 Rive1from Project Area Low tmd Moderate Income HOWling Fund Redevelopment Agency Staff Report October 23, 2006 [J 1441 Monterey Road - Units A through F (Building 61) - 6 units [J 13 81 Monterey Road - Units A through F (Building 62) - 6 units The requested budget amendment will establish funding levels for both the loan and grant programs and for all City Staff and Consultant administration expenses to manage and conduct the above-discussed programs. In addition, The Agency has received the requested $10,000 from Seal Beach Trailer Park Resident Owners' Association, Inc. to conduct the review of all necessary documents for the proposed ownership transfer of the Seal Beach Trailer Park to a non- profit public ]lenefit corporation as a limited equity corporation. The anticipated staff review costs will be abated with these funds within the "Legal Services" account. No budget amendment is necessary as this is an abatement expense. Please refer to Attachment 1 to review proposed Resolution No. 06-10, A Resolution of the Redevelopment Agency of the City of Seal Beach Authorizing Budget Amendment No. 07-06 for the Riverfront Project Area Low and Moderate Income Housing Fund. FISCAL IMPACT: The proposed budget amendment will establish expenditure goals for each of the programs that received funding through the Riverfront Project Area Low and Moderate Income Housing Fund. There is no impact to the City General Fund. RECOMMENDATION: Adopt Resolution No. 06-10, A Resolution of the Redevelopment Agency of the City of Seal Beach Authorizing Budget Amendment No. 07-06 for the Riverfront Project Area Low and Moderate Income Housing Fund. ~ Whittenberg Director of Development Services ~W~% Keith vanoff - Director of Administrative Services 3 2006 Low-Modcnllc Income Housing Puttd.RDA Budget Amendment e BudgdAmendmmtO~06 Riverfront Project Area Low and Moderate Income Housing Fund Redevelopment Agency Staff Report October 23, 2006 Attachment 1: Resolution No. 06-10, A Resolution of the Redevelopment Agency of the City of Seal Beach Authorizing Budget Amendment No. 07-06 for the Riverfront Project Area Low and Moderate Income Housing Fund e e 4 2006 Low-Modmtc Income Housina Fund.RDA Budsct Am<ndmont e Budget Amendment 07-06 Riveifront Project Area Low and Moderate Income Housing Fund Redevelopment Agency Stoff Report October 23, 2006 ATTACHMENT 1 RESOLUTION NO. 06-10, A RESOLUTION . OF THE REDEVELOPMENT AGENCY OF . THE aTY OF SEAL BEACH AUTHORIZING BUDGET AMENDMENT NO. 07-06 FOR THE RIVERFRONT PROJECT AREA LOW AND MODERATE INCOME HOUSING FUND e e 5 2006 I.ow-Modcra11: Income Housing Fund RDA Budget Amendment e RESOLUTION NUMBER 06-10 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL BEACH AUTHORIZING BUDGET AMENDMENT NO. 07- 06 FOR THE RIVERFRONT PROJECT AREA LOW AND MODERATE INCOME HOUSING FUND WHEREAS. the fiscal year 200612007 budget requires budgetary amendments as outlined below: THE SEAL BEACH REDEVELOPMENT AGENCY DOES HEREBY RESOLVE: ACCOUNT DESCRIPTION Contract Prof. SVCI. LowlMod Housing Exp ACCOUNT NUMBER 061-081-44000 06I-081-4S0S0 REVISEDI ADOPTED BUDOET 5100.000 5330.000 PROPOSED BUDOET 5294,400 51.300.000 BliDGET (diff) AMENDMENT 5194.400 5970.000 PASSED, APPROVED AND ADOPTED by the Redevelopment Agency of the City of S.aI B.sch this 23rd day of October , 2006 by the following vat.: AYES: Agency M.mbers NOES: Agency Members e ABSENT: Agency M.mbo.. ABSTAIN: Agency Members Chainnan A1TEST: Agency Secretary STATEOFCALlFORNlA I COUNTY OF ORANGE } SS CITY OF SEAL BEACH ) I, Linda Devin.. Agency Sec...tary of the Redevclopm.nt Agency of the City of Seal Besch, California. do h....by certify that the fo...going Resolution is th. original of Resolution Number 06-10. on fil. in the office of the City Clerk, passed, approved, and adopted by the Redevelopment Agency of the City of Seal B.sch at a meeting thereof h.ld on the 23rd day of October , 2006. Agency Secretary e