Minutes 08/25/2009 - Laserfiche WebLink

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AUQust 25. 2009 Discussion: . Program income is defined as funds received as a result of the use of the NSP investment. Program income is generated by payment of principal and interest on loans made by the City using NSP funds. . The City of Portsmouth will be responsible for receiving direct payments of the program Income. . The funds must be deposited in a non-interest bearing escrow account and identified as revenue then immediately transmitted to DHCD. . Funds must be accounted for separately on the City of Portsmouth's balance sheet. Program income shall be returned to DHCD's Financial Analyst. . The program income will then be escrowed for the City for further use in the designated NSP neighborhoods. Financial Impact: . The program income will be available for continued use by the City to carry-out its NSP project in the designated neighborhoods. There are no matching requirements for the NSP funds or the program income. Staff Recommends: . Adopt the Program Income Plan for the NSP project. Vision Principle: Thriving Neighborhoods and a Sense of Community. Next Steps Following Council Action: . Submit the PIP to DHCD. Motion by Ms. Psi mas, and seconded by Mr. Heretick, to adopt the following resolution, and was adopted by the following vote: "RESOLUTION ADOPTING A PROGRAM INCOME PLAN GOVERNING FUNDS GENERATED BY THE CITY'S NEIGHBORHOOD STABILIZATION PLAN. WHEREAS, the Virginia Department of Housing and Community Development (VDHCD) awarded $2,000,000 to the City of Portsmouth for the purchase and rehabilitation of foreclosed residential properties for resale to income-eligible households through the City's Neighborhood Stabilization Program (NSP); and WHEREAS, income will be generated as a result of the payment of principal and interest on loans made by the City using NSP funds; and WHEREAS, the City Council has reviewed the draft Program Income Plan (Exhibit A) prepared by City staff and approves of its contents. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby approves the Program Income Plan contained in Exhibit A, attached hereto and made a part hereof, and directs that the City Manager forward a copy of the Plan and this resolution to the Virginia Department of Housing and Community Development." Ayes: Heretick, Moody, Psi mas, Randall, Smith, Whitehurst, Holley Nays: None 09 - 445 - Adoption of a resolution authorizing procurement of City Insurance through insurance agents or brokers and authorizing the City Manager to enter into Contracts or Agreements for that purpose with insurance agents or brokers. Vision Principle: A Robust and Prospering Economy. Background: . Portsmouth City Code 12-277 requires that City Council issue a written determination authorizing the City to procure insurance coverages by a licensed insurance broker if deemed impracticable or not fiscally advantageous to do otherwise.