Submitted by: Treasurer
Submitting Department: Finance
Agenda Section: Consent
Item Title:
title
FY21 Budget Amendment: Maryland DHCD Grant Funds
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Suggested Action:
recommendation
I move that the Mayor and Council amend the FY21 Special Revenue Budget to create a new Fund and appropriate under Contracted Services the balance of $250,000 from the National Capital Strategic Economic Development Fund (NCSEDF) awarded to the City of Hyattsville by the Maryland Department of Housing & Community Development for the purpose of supporting demolition and site development activities for the Hyattsville Armory Apartments project, subject to the legal review of the City Attorney.
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Summary Background:
In December 2019, through Motion #HCC-177-FY19, the City Council accepted and appropriated the $250,000 NCSEDF grant awarded to the City by Maryland DHCD. As a requirement of the grant, the City must establish a memorandum of understanding with the property owner to administer the project funding. The MOU required the applicant to submit to the City evidence of work completed and payment for services. Once the terms of the grant have been satisfied, the City will submit payment requests to the State of Maryland, drawing down the grant funds.
Next Steps:
Create a new fund and appropriate the $250,000 in contracted services.
Fiscal Impact:
Increase in the FY21 Special Revenue Budget by $250,000.
City Administrator Comments:
Recommend Approval.
Community Engagement:
Community Sustainability Plan: Goal 14C - Advocate for the continued State funding of the Maryland Department of Housing and Community Development’s Strategic Demolition and Smart Growth Fund. Continue to use the fund as a redevelopment tool to help finance grey field development by providing financial assistance for the demolition of a no longer viable building.
Strategic Goals:
Goal 2 - Ensure the Long-Term Economic Viability of the City
Legal Review Required?
Complete