ACTION REQUESTED:
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Communication from the City Manager, Community Development Director, and Finance Director/Comptroller with a Request for the Following:
A. ADOPT an ORDINANCE Amending the CITY of PEORIA 2020 - 2021 BIENNIAL BUDGET Related to the use of SOUTH VILLAGE TIF FUND BALANCE, in the Amount of $120,000.00, as Match for the Federal Home Loan Bank (FHLB) Funded South Village Owner-Occupied Housing Rehabilitation Project, to be Managed by Peoria Citizens Committee for Economic Opportunity, Inc. (PCCEO); and
B. AUTHORIZE the City Manager to Enter into an AGREEMENT with PCCEO to Manage the Application of the Matching Funds Provided by the South Village TIF Fund. (Council District 1)
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BACKGROUND: In late 2019, PCCEO and Busey Bank successfully applied for funding from the Federal Home Loan Bank of Chicago through the Affordable Housing Program. The total amount of the grant is $360,000. Using these funds, PCCEO will replace deteriorated roofs on twenty-four (24) owner-occupied properties within the boundaries of the South Village TIF. To maximize these funds, PCCEO is requesting $120,000 in funding from the South Village TIF.
Copies of the FHLB grant application, award letter, and request for matching funds are attached.
FINANCIAL IMPACT: If approved, the South Village TIF balance will be reduced by $120,000. There will be additional City staff resources shifted to the management of the TIF funds allocated to this program that were not anticipated in the 2020 budget. As such, other City programs and services will be impacted by the addition of the management of this program.
NEIGHBORHOOD CONCERNS: NA
IMPACT IF APPROVED: Twenty-four owner-occupied properties in the South Village area will receive new roofs.
IMPACT IF DENIED: The FHLB grant will not be able to provide services to twenty-four homeowners.
ALTERNATIVES: NA
EEO CERTIFICATION NUMBER: 00740-200930
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Safe Peoria
2. Financially Sound City
3. Beautiful Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Support sustainability.
2. Reinvest in neighborhoods.
3. Keep taxes and fees competitive.
DEPARTMENT: Community Development