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► , <br /> ECONONIIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-68 <br /> April 11,2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve Garm ity Manager <br /> Dane C. Brag Assistant City Manage� <br /> SUBJECT: Near West Residential Rehab Program <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached <br /> resolution for the Near West Residential Rehabilitation Program to extend $500,000 in <br /> rehabilitation funds to properties in the NWRAPS area. The program was reviewed by <br /> the Council during the Apri13 study session. <br /> BACKGROUND: T'he Near West Residential Rehabilitation Program was developed <br /> in consultation with the TIF Advisory Committee and members of NWRAPS. A <br /> $500,000 loan pool has been established with local lenders to facilitate the program. <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: NWRAPS and the TIF Advisory Committee have <br /> been involved in the creation of this program. <br /> STAFF REFERENCE: Any additional questians may be forwazded to Dane Bragg at <br /> 424-2727 or dbrag��cldecaturnet.or�. <br /> BUDGET/TIME IMPLICATIONS: The rehabilitation funds will be drawn from the <br /> $SDO,OOO loan pool and debt will be serviced from the Olde Towne TIF Fund. <br />