HomeMy WebLinkAboutAGENDA REPORT 2004 1215 CC REG ITEM 10L'.ITY OF MOORPARK, CALIFORNIA
City Council Meeting
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ACTION:
MOORPARK CITY COUNCIL...,,
AGENDA REPORT
BY:_
TO: Honorable City Council ^
FROM: Nancy Burns, Senior Management Analyst �G�v
DATE: December 8, 2004 (CC Mtg. of December 15, 2004)
SUBJECT: Consider Appropriating City Housing Funds in the
Amount of $430,000 for Acquisition of 3 Affordable
Units in Moondance Project (Tract 5307)
BACKGROUND
A Purchase and Sale Agreement, executed August 9, 2004, between
the City and Moondance- Moorpark L.P., developer of the Moondance
residential project, provides for the developer to sell three
(3) affordable units in this project to low or very low income
buyers or to the City. The sales price for each of the two (2)
low income units is $158,000; the sales price of the very low
income unit is $98,000.
DISCUSSION
On November 3, 2004, the Council approved an Amendment to the
above - mentioned Purchase and Sale Agreement to allow the City to
pay certain costs incurred by the developer for these units, as
buyers for the units had not been identified at that time. The
Amendment also stipulated that the City would purchase Lots 1,
11 and 25 on or before December 31, 2004. Escrow has been
opened for the City to purchase the affordable units on the
above - mentioned lots, as it is not likely that escrow could
close before December 31, 2004, on direct sales to the low and
very low income buyers of the units.
A budget amendment has been prepared to appropriate the funds to
complete the above - mentioned purchase transaction, including
costs of the transaction. (Exhibit A)
4)00.050
f
Honorable City Council
December 15, 2004 Meeting
Page 2
STAFF RECOMMENDATION:
Approve appropriation of $430,000 from City Affordable Housing
Fund for purchase of 3 affordable units in Tract 5307.
Exhibit A: Budget Amendment for City Affordable Housing
4)CY00SI
EXHIBIT A
BUDGET AMENDMENT FOR
CITY AFFORDABLE HOUSING
2004 -05
FUND ALLOCATION FROM:
Fund
Account Number
Amount
City Affordable Housing
2201 -5500
$ 430,000.00
$ 430,000.00
$ 430,000.00
Total
$ 430,000.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number
Current Budget
Revision
Amended Budget
2201 - 2430 - 5025 -9612
$ -
$ 430,000.00
$ 430,000.00
$ -
Total
$ -
$ 430,000.00
$ 430,000.00
Approved as to Form: Jb