Laserfiche WebLink
i � t <br /> ECONOMIC AND URBAN DEVELOPMENT M ORANDUM <br /> Memo No. 07-13 8 <br /> November 28, 2007 <br /> TO: Honorable Mayor Paul Osborne and City Council Mem ers <br /> FROM: Steve Garm ity Manager <br /> Greg Crow sistant City Manager of Economic& U ban Developm <br /> SUBJECT: Ordinance Transferring 2007 Volume Cap in Connecti n with Private Activity <br /> Bond <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached ordinance <br /> transferring the City's 2007 volume cap to the ASSIST Homebuyer Program in the amount of <br /> $6.6 million. <br /> BACKGROUND: The City of Decatur has participated in the pr gram for the past several <br /> years. Several Illinois communities, including Decatur, pool their bo ding resources together to <br /> provide this first-time homebuyer assistance. The program provide down payment assistance <br /> and reduced rate mortgages to income qualified families. <br /> POTENTIAL OBJECTION: N/A <br /> INPUT FROM OTHER SOURCES: N/A <br /> STAFF REFERENCE: If Council members have questions they ay contact Greg Crowe at <br /> 424-2727, or at gccrowe(a�decaturnet.or� <br /> BUDGET/TIME IMPLICATIONS: N/A <br />