TO: Urban Renewal Agency Board
THROUGH: Steve Powers, Executive Director
FROM: Kristin Retherford, Urban Development Director
SUBJECT:
title
North Gateway Urban Renewal Area Grant Program
Ward(s): 5
Board Member(s): Ausec
Neighborhood(s): Northgate
end
ISSUE:
Shall the Agency Board authorize the use of North Gateway Urban Renewal funds to add $1,000,000 to the North Gateway Interior/Exterior Grant Program for Fiscal Year 2018-2019?
RECOMMENDATION:
recommendation
Authorize the use of North Gateway Urban Renewal funds to add $1,000,000 to the North Gateway Interior/Exterior Grant Program for Fiscal Year 2018-2019.
body
SUMMARY AND BACKGROUND:
An early learning center project will not be moving forward. The project’s allocation of $1 million can be reallocated to the Grant Program.
Since 2015, a total of $5.1 million of grants have been awarded. The quantity of applications exceeds the funds available. Additional funding is needed in the Grant Program to address pending applications and respond to future inquiries. The grant activity is representative of the various projects and opportunities occurring within the North Gateway URA due to an increase in growth and development in the area.
FACTS AND FINDINGS:
The following table summarizes the available funds and pending applications as of September 6, 2018:
Currently Available Grant Funds $ 71
Pending Grant Application Total $ 686,278
Balance of Grant Funds $(676,207)
Without authorization of additional funds, the Grant Program will not have sufficient funding for projects. Staff continues to receive significant interest in the Grant Program from businesses and property owners in the North Gateway URA.
The North Gateway Advisory Board recommended increasing the Grant Program funds by $1 million through reallocation from the Early Learning Center project at the September 6, 2018, meeting.
Sara Long
Project Manager
Attachments: None