DATE: April 21, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Chris Bridgewater, Director BNS
Kathleen Sauseda, Housing Development Coordinator
SUBJECT:
Title
Consideration of Resolution 2015-24 Directing the Appropriation of Funds to Hard Bargain Association for the Purpose of Reducing Development Fees Associated Completing the Planned Unit Development on Mount Hope Street in the amount of $ 30,000 (WS 4/28/15).
Body
Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the Hard Bargain Association request for assistance from the Board of Mayor and Alderman for development fees, specifically infrastructure costs associated with sanitary sewer and water development fees (access, system development, tap, and effluent fees) for completion of the Planned Unit Development including Six (6) new homes in the amount of Thirty-Thousand Dollars ($30,000.00).
Background
The mission of Hard Bargain Association is to impact lives and preserve the Hard Bargain neighborhood in part by building quality affordable housing that will be made available to low and moderate income people. Previously, the Board had authorized funds for Franklin Housing Authority for infrastructure improvements from the Housing Reserve Fund. The current fund balance of the Housing Reserve Fund as of April 1 is $75,975.
Financial Impact
The contribution will come from the Housing Reserve Fund which is intended to be used for purchasing land or existing dwelling units for development of affordable housing dwelling units, or to defer City of Franklin Water and Wastewater system development and access fees. The city's $30,000 contribution and Hard Bargain's contribution of $20,000 will be 100% matched by HCA foundation ($50,000 contribution) for a total of $100,000.
Recommendation
Rec
Staff recommends approval utilizing funds from the Housing Reserve Fund.