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Posted: November 08, 2017
Rapid City
Agenda Item Summary

Agenda Item Ref. #: LF111517-12

Agenda Item Title:

Approve Investment Committee Recommendations for FY2018 Community Development Block Grant (CDBG) Allocations and Approve the Investment Committee to Make Allocation Adjustments Upon Notice of Actual Funding Amount if Adjustments are Less than 25% of Total Allocation

Origination Group:
Legal & Finance Committee
Origination Meeting Date:
11/15/2017
City Council Hearing Date:
11/20/2017
Staff Contact:
Barbara Garcia
Agenda Item Summary:
CDBG funds available for 2018 are estimated to total $438,500. The Investment Committee has made Recommendations for funding allocations that meet the highest priority needs as identified by the CDBG Consolidated Plan and Collective Impact recommended projects.

Funding Source & Fiscal Impact (if applicable):

Funding Cost Center
Community Development Block Grant funds estimated to be $433,000 plus Program Income estimated to be earned in 2018 of $2, 000, and Revolving Loan fund income of $3,500, for an estimated total of $438,500
Funding Source & Fiscal Impact Notes:
See attached spread sheet showing application requests and recommended funding.

Recommendations:

Origination Recommendation Action:
Approve