Agenda 04/24/2001 - Laserfiche WebLink

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April 10, 2001 WHEREAS, said benefit will result from the implementation of a housing rehabilitation loan program for 24 owner- and renter- occupied dwellings (49 persons--100% LMI benefit); substantial reconstruction of two (2) owner-occupied dwellings (7 persons-- 100% LMI benefit); the acquisition of three (3) vacant dilapidated dwellings and the demolition and clearance of two (2) of these dwellings to the benefit of the entire neighborhood; the installation of storm drainage improvements and turnarounds to the benefit of the entire neighborhood; grading of the former trucking terminal site and development of subdivision infrastructure including water and sewer lines, street improvements, electrical improvements, and street trees; the construction. of 23 new single-family homes on the site; the construction of two (2) new single-family homes on the cleared lots acquired by the City, the rehabilitation of the third acquired property, and the sale of 22 of the 26 total units to LMI families (estimated 91 persons 85% LMI benefit); downpayment/closing cost assistance for LMI purchasers (estimated 77 persons--100% LMI benefit); downpayment/closing cost assistance to enable a long-term renter household to purchase the property (3 persons--100% LMI benefit); and neighborhood enhancements including an entrance sign and decorative plantings; and WHEREAS, the City has committed $170,025 in force account work and capital funds for water and sewer, street, and electrical improvements; engineering services, construction services, street trees; housing rehabilitation; property acquisition; and neighborhood enhancements; and WHEREAS, local banks have pre-qualified ten (10) prospective purchasers for house purchases of $65,000 or more, which would result in a minimum private investment of $650,000 in new home construction in the project area; and Gateway Streetscape Foundation, Inc. has committed $300 in materials and 50 hours of volunteer labor toward the installation and maintenance of decorative plantings at the First Street entrance to the project area; and WHEREAS, local banks and building contractors have agreed to participate in the project by financing and constructing new single- family housing units; and WHEREAS, said public and private investments will resolve 100% of physical problems in the R. P. Thomas Neighborhood; and WHEREAS, the City of Martinsville properly advertised and conducted public hearings on March 13 and April 3, 2001, which addressed the CDBG program and the proposed CDBG application, thereby meeting citizen participation requirements; now, therefore,