ITEM TITLE:
#21-45 - Authorizing Submission of a Community Development Block Grant Application for the Valdez Senior Living Apartments Project
SUBMITTED BY: Martha Barberio, Economic Development Director
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
Resolution #21-45 provides authorization for city administration to submit an application for a Community Development Block Grant for the purpose of obtaining grant funds to extend water, sewer and drainage infrastructure for the Senior Living Apartment Facility Project.
An applicant may apply for a maximum amount of $850,000 in grant funds during a funding cycle to address eligible community needs.
A resolution of support from the governing body must be submitted with the Community Development Block Grant application. This is a matching grant program, therefore if the city is awarded the full amount of $850,000 the city must provide matching funds in the amount of $212,500.
The CDBG Program is a flexible source of competitive funding for a broad range of community development activities. Grant funding is available for three project categories:
Community Development
Planning
Special Economic Development