HomeMy WebLinkAbout10-06-20 City Commission Packet Materials - A3. Res 5222 FY21 Budget Amendment to Comm Housing Fund for proj grants
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission FROM: Kristin Donald, Finance Director
SUBJECT: Resolution 5222 Amending the FY21 Budget to increase the Community
Housing Fund appropriation for $225,000 for funding affordable housing project grants. MEETING DATE: October 6, 2020
AGENDA ITEM TYPE: Action
RECOMMENDATION: Approve Resolution 5222 Amending the FY21 Budget to increase the Community Housing Fund appropriation for $225,000 for funding affordable housing project grants.
SUGGESTED MOTION: I move to approve Resolution 5222 amending the FY21 Budget to
increase the Community Housing Fund appropriation for $225,000 for funding affordable housing project grants. BACKGROUND: The original budget included appropriations for grant agreement for $515,000. Two projects
have been recommended for funding totaling $740,000. To fund both affordable housing project grants the fund requires $225,000 in appropriations.
• The Willow Springs Townhomes by HRDC will create twenty-four (24) affordable two
and three bedroom homes. The homes will be priced to be affordable to homebuyers earning 70% of Area Median Income or less. All 24 homes will be restricted by a ground lease and held in a Community Land Trust, ensuring long term affordability. The City Commission approved a grant of $240,000, or $20,000 per home built in Phase I, to
reimburse construction costs. This funding request of $240,000 will serve to reimburse
construction costs for the twelve remaining homes to be built in the project, Phase II.
• The Arrowleaf and Perennial Parks mixed-use project by GMD Development will create
232 affordable homes, as well as provide an early childhood education center, and onsite
health services. All 232 homes will be 1, 2, and 3 bedroom rentals, made available to
households earning between 50% - 70% of Area Median Income. Ninety-six (96) of the
homes will be for seniors, and one hundred thirty-six (136) homes will be available to families.
This resolutions increase the appropriations and would be covered by fund balance. UNRESOLVED ISSUES: None
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ALTERNATIVES: As suggested by the Commission
FISCAL EFFECTS: This resolution will amend the current budget reducing the Community Housing fund by $$225,000.
Attachments: Resolution 5222
Report compiled on: 09/23/2020
Budget
Budget
Amendment
Beginning Fund Balance 1,684,894 1,684,894
Estimated Revenues 972,252 972,252
Budget Appropriations (1,024,705) (1,249,705)
Estimated Ending Fund balance 1,632,441$ 1,407,441$
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RESOLUTION NO. 5222
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF BOZEMAN,
MONTANA, AMENDING THE CITY’S ANNUAL BUDGET TO MAKE CHANGES TO
THE OPERATING IN THE COMMUNITY HOUSING FUNDAPPROPRIATIONS
APPROVED JUNE 22, 2020. APPROPRIATIONS WILL BE FUNDED BY FUND
RESERVES.
WHEREAS, the City Commission did, on the 22nd day of June, 2020, after due and
proper legal notice, conduct a public hearing and adopt a municipal budget for Fiscal Year 2020-
2021 (Fiscal Year 2021); and
WHEREAS, the City Commission did, on the 6th day of October, 2020, after due and
proper legal notice, conduct a public hearing on proposed amendments to the municipal budget.
NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of
Bozeman, Montana, to wit:
Section 1 – Appropriation Additions
The City Commission of the City of Bozeman, Montana, does hereby authorize
additional expenditures in the Community Housing Fund increasing Appropriation by $225,000,
for housing project grants.
Section 2 – Use of Cash on Hand in the Community Housing Fund
The increased appropriation will be funded with cash on hand in the Community
Housing Fund.
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Section 3
Pursuant to Section 7-6-4030, M.C.A., this resolution, upon its passage, shall be in full
force and effect on July 1, 2020.
Section 4
That should it be found by any court of competent jurisdiction that any section, clause,
portion, sentence, word, or phrase of this resolution is deemed to be contrary to any existing law
or regulations, that in this instance, it is the intent of the City Commission of the City of Bozeman,
Montana, that all other portions, sections, words, clauses, phrases, or paragraphs of this document
shall remain in full force and effect.
PASSED, ADOPTED, AND APPROVED by the City Commission of the City of
Bozeman, Montana, at a regular session thereof held on the 6th day of October, 2020.
___________________________________
CYNDY ANDRUS Mayor ATTEST:
___________________________________ MIKE MAAS City Clerk
APPROVED AS TO FORM:
___________________________________ GREG SULLIVAN City Attorney
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