2002_Appropriations - Laserfiche WebLink

Home Browse Search

APPROPRIATION OF $500,000 TO THE PIEDMONT HOUSING ALLIANCE FOR THE ACQUISITION AND RENOVATION OF THE GARRETT SQUARE APARTMENTS WHEREAS, by Resolution dated March 4, 2002 the City Council committed to making a grant in the amount of $500,000 for the rehabilitation and preservation of the Garrett Square Apartments; and, WHEREAS, the financial commitment from the City assisted the proposed developers of the property in obtaining a commitment for tax credit financing through the Virginia Housing Development Authority; and, WHEREAS, the Piedmont Housing Alliance ("PHA") and the National Housing Trust - Enterprise Preservation Corporation ("NHT") have received commitments from other funding sources which, with the contribution from the City, will enable them to acquire, significantly rehabilitate and manage the Garrett Square property; and, WHEREAS, PHA and NET have notified the City that the entire amount of the City grant will be needed in order to close on the sale of the property on or about • September 30, 2002; and, WHEREAS, the City is willing to appropriate the previously committed grant amount, as requested by PHA and NHT, so that the property can be acquired and renovated. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Charlottesville, Virginia that $250,000 be appropriated from the contingency of the City's Capital Fund (26-020-122050) and $250,000 from the City's Housing Initiatives account (26-020-051528) to account code 26-020-051774 in the Capital Fund, to fund the acquisition and renovation of the Garrett Square apartments. Funding by the City will be released upon the execution of a grant agreement between the City and PHA which contains the following conditions: 1. PHA or NHT must receive a matching grant of $500,000 from a local nonprofit foundation or fund for the purchase and renovation of Garrett Square apartments. 2. PHA will agree to loan the grant funds to NHTE Piedmont Garrett Square Limited Partnership, which will be responsible for the acquisition and renovation. 3. Prior to closing the Limited Partnership will enter into a contract with • Edgewood Property Management, or another property management firm