ITEM TITLE:
Title
Consider approving a Second Amendment to the FYE 2024 Agreement for Funding and Limited Support of the FISTA Development Trust Authority, authorizing the Authority to repurpose $1,000,000.00 originally allocated for HUD grant purposes, allowing it to be used for any grant reimbursement purpose and authorizing the Mayor to execute the Agreement.
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INITIATOR: Dewayne Burk, Deputy City Manager
STAFF INFORMATION SOURCE: Dewayne Burk, Deputy City Manager
Tim Wilson, Interim City Attorney
BACKGROUND: The City previously provided the Authority $1,000,000.00 to accommodate compliance with a HUD grant reimbursement contract. The Authority was to reimburse the City within thirty (30) days of receiving the HUD reimbursement. The Authority has requested these funds remain with them and available for use with any grant reimbursement contract purpose. This proposed amendment accommodates the Authority’s request, allowing the funds to remain with the Authority so long as they are in use for grant reimbursement contract purposes. After a period of non-utilization of the funds for such purposes, the funds are to be reimbursed to the City within thirty (30) days. The Amendment also allows for the City to request reimbursement of the $1,000,000.00 at any time, with one hundred eighty (180) day notice.
EXHIBIT: Second Amendment
KEY ISSUES: N/A
FUNDING SOURCE: Original money was allocated from 2019 CIP funds; this is expanding use of those same funds.
FISTA RECOMMENDED COUNCIL ACTION: Approve a Second Amendment to the Fiscal Year 2023-2024 Agreement for Funding and Limited Support of the FISTA Development Trust Authority, authorizing the Authority to repurpose $1,000,000.00 originally allocated for HUD grant purposes, allowing it to be used for any grant reimbursement purpose and authorizing the Mayor to execute the Agreement.