Item No: 4.C.4.

Meeting Date: December 17, 2012

From: Ken Thomas, Director of Housing & Economic Development

Subject: Resolution authorizing execution of a contract to purchase property at 2142 Woodland Boulevard, Leesburg, Florida to provide affordable housing consistent with the Neighborhood Stabilization Program 3 (NSP3)

Staff Recommendation:

Staff recommends approval of the contract to purchase a single family home at 2142 Woodland Boulevard for the purpose of providing affordable housing.

Analysis:

The City of Leesburg and Lake County Government signed an agreement July 9, 2012 regarding the NSP3 to purchase two single family homes in the designated NSP3 targeted areas which includes Carver Heights. The agreement provides the City with $80,000 to acquire two homes, $20,000 to fund any rehabilitation of the single family units and $5,000 total for any soft costs associated with the acquisition and rehabilitation of each home.

Therefore, acquisition of the subject property is consistent with the NSP 3 and our intent to provide affordable housing in Leesburg. A home inspection has been completed and identified no major improvements were warranted.

Options:

1. Approve the purchase of the single family home; or

2. Such alternative action as the Commission may deem appropriate

Fiscal Impact:

The Carver Heights CRA will pay fifty-percent of the acquisition cost which is twenty-two thousand five hundred dollars ($22,500) and Lake County NSP3 will pay the remaining acquisition cost.

Submission Date and Time: 12/13/2012 9:55 AM____

Department: ______________________ Prepared by: ______________________ Attachments: Yes____ No ______ Advertised: ____Not Required ______ Dates: __________________________ Attorney Review : Yes___ No ____ _________________________________ Revised 6/10/04

Reviewed by: Dept. Head ________ Finance Dept. __________________ Deputy C.M. ___________________ Submitted by: City Manager ___________________

Account No. 017-6190-559-61-10___ Project No. __170INV__________ WF No. ___817619/1___________ Budget __262,882.00___________ Available _ 254,497.00__________

RESOLUTION NO._______________

RESOLUTION OF THE CITY COMMISSION OF THE CITY OF LEESBURG AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A CONTRACT TO PURCHASE PROPERTY LOCATED AT 2142 WOODLAND BOULEVARD, LEESBURG CONSISTENT WITH THE NEIGHBORHOOD STABILIZATION PROGRAM 3.

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

THAT the Mayor and City Clerk are hereby authorized to execute an agreement with CB Florida RRE Holdings LLC whose address is 5310 East SR 64, Bradenton, Florida 34208.

THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the __17th___ day of _December________ 2012.

__________________________

Mayor

ATTEST:

_______________________________________

City Clerk