HomeMy WebLinkAboutAGENDA REPORT 1999 0217 CC REG ITEM 09BTO:
FROM:
DATE:
SUBJECT:
MOORPARK CITY COUNCIL
AGENDA REPORT
Honorable City Council
ITEM •
CITY OF MOORPARK, CALIFORNIA
City Council Meeting
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ACTION:
BY: t? tCAW-)cLh G cAr z(A
John E. Nowak, Assistant City Manager cfwl
04 February 1999 (Council Meeting of 02- 17 -99)
Consider the Reallocation of Current and Prior
Year Community Development Block Grant Funds.
BACKGROUND: The City of Moorpark annually receives funds
under the federal Community Development Block Grant (CDBG)
program. Federal regulations limit the amount of
unexpended allocated funds that a recipient may have at any
given time to 150% of the annual allocation. Moorpark
currently exceeds the permitted limit.
DISCUSSION: The City of Moorpark currently has $194,600
in unexpended allocated Community Development Block Grant
(CDBG) funds. At least $25,000 of that amount must be
encumbered or expended prior to April 1, 1999 to preserve
those funds for the City. Staff is recommending that the
City reallocate a portion of the funds from the housing
assistance program to economic development programs that
can be expended in a short period of time. The project
proposed is for an economic development loan and grant
program that could be used anywhere in the City. The
recommended reallocation is $75,000. Of that amount,
$50,000 would go to a shared loan program with other small
cities in the County that would be administered through the
Economic Development Collaborative - Ventura County. The
Council's Economic Development Committee has discussed the
proposed reallocation and recommends that Council approve
the action. The Committee will review specific uses for
these programs soon.
UODU27
CDBG Reallocation
Meeting of 17 February 1999
Page 02
This action requires a public hearing. It has been
advertised in connection with the CDBG public services
hearing scheduled for this Council meeting.
RECOMMENDATION: (ROLL CALL VOTE) Staff recommends that
the City Council reallocates $75,000 from the housing
assistance program to an economic development loan and
grant program.
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