Laserfiche WebLink
Approval of Loan Agreements, Resolution, and Appropriation Adjustment <br />Santa Ana Arts Collective Project <br />July 5, 2017 <br />Page 4 <br />FISCAL IMPACT <br />Funds for the HOME Program loan were previously identified from prior year grant funds, and the <br />additional Inclusionary Housing funds were identified as part of the Inclusionary Housing Fund <br />balance in FY 2016-17. Both program funds for the Santa Ana Arts Collective project loans will <br />be carried forward to the FY 2017-18 budget for expenditure in FY 2017-18: <br />Funding Source Account No. <br />Amount <br />HOME Program 13018780-69152 <br />$2,219,760 <br />Inclusionary Housing 41718820-69152 <br />$2,900,000 <br />Totals <br />$5,119,760 <br />Approval of the appropriation adjustment will recognize $1,288,000 in the Affordable Housing <br />Sustainable Communities Program revenue account (no. 41818002-52025) and increase the <br />Affordable Housing Sustainable Communities Program expenditure account no. (41818832- <br />66220) by the same amount in the FY 2017-18 budget for the Bush Street Bicycle Boulevard <br />project. Expenditure for this project is anticipated to be: <br />Account No. FY 2017-18 <br />FY 2018-19 <br />1 Total <br />41818832-66220 $168,000 <br />$1,120,000 <br />$1,288,000 <br />Robert C. Cortez <br />Acting Executive Director <br />Community Development Agency <br />F - <br />Fred Mousavipour <br />Executive Director <br />Public Works Agency <br />AS TO FUNDS AND ACCOUNTS: <br />Francisco` wAierrez <br />Executive Director <br />Finance and Management Services Agency <br />Exhibits: 1. Location Map <br />2. Amended and Restated CDBG and Inclusionary Housing Funds Loan Agreement <br />3. HOME Investment Partnerships Program Loan Agreement <br />4. AHSC Resolution <br />5. Subordination Agreement with Bank of America, N.A. <br />55C-4 <br />