Minutes 11/22/2011 - Laserfiche WebLink

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November 22. 2011 - New Business - 11 - 456 - Boards and Commissions There were no appointments. 11 - 457 - Items Submitted by Council Members . Adoption of an ordinance authorizing the City Manager to make a grant in the amount of $73,750 from appropriated funds in the FY 2011-12 General Fund to the Center for Community Development, Inc., for the purposes of business retention. Vision Principle: Thriving Neighborhoods and a Sense of Community. Background: . The Center for Community Development, Inc. (CCDI) is a regional not-for-profit development group with offices in Downtown Norfolk, Downtown Hampton, but with their primary offices located in Downtown Portsmouth at 220 High Street. . CCDI, formerly Portsmouth Community Development Group, was incorporated in January 1990 as a nonprofit Virginia corporation with the following mission: "to be a catalyst for neighborhood revitalization through Affordable Housinq and community involvement" such as Microenterprise, and Arts & Culture. . These efforts include: (1) being a Small Business Administration Intermediary Lender; (2) operating the Urban Arts Center (UAC), which is a community-based performance program that specializes in turning quality time into an art; (3) operating the Earthsong Organic Farm & Retreat Center, which is dedicated to the celebration and enhancement of life through a deep commitment to, and an exploration of, sustainability; and, (4) helping low to moderate-income individuals and families become first-time homebuyers. . For CCDI's affordable housing program in Portsmouth, this is done by using primarily HUD Entitlement Funding (i.e., CDBG and HOME funding) to rehabilitate existing older homes and building newly constructed homes in neighborhoods that are in need of revitalization. . Currently, six projects are underway in the Prentis Park, Park View, Brighton, and Prentis Place neighborhoods. Discussion: . In these still very austere economic times, it has become increasing difficult for low to moderate-income individuals and families to qualify for mortgages to become first-time homebuyers. . Without the revenue from the sale and completion of these affordable homes, CCDI is facing increasing economic pressures. . By supporting CCDI and the work they do to help low to moderate-income individuals and families become first-time homebuyers by rehabilitating existing older homes or constructing new single family dwelling units, the proposed grant funding would serve the public purpose of promoting economic development that results in economic growth having a significant, positive impact on the local tax base and quality of life, creating employment opportunities for citizens, and increasing the tax base. . CCDI will also be working with the City over the next few months to develop actions plans aimed at identifying and implementing enhanced marketing for the projects currently underway, as well as offering enhanced first time homebuyer recruitment and counseling services, all with the ultimate goal of being able to successfully sell these units over the next few months. Financial Impact: . Sufficient funds are available in the FY12 General Fund to cover the amount of the proposed sustainability and retention grant. Recommended Action: . Approval of the attached ordinance. Vision Principle: Thriving Neighborhoods and a Sense of Community.