HomeMy Public PortalAboutRES-CC-2010-17Resolution 17-2010
A RESOLUTION REGARDING A $25,000 ALLOCATION OF REAL ESTATE TRANSFER
ASSESSMENT FUNDS TO HELP FINANCE THE CINEMA COURT AFFORDABLE
HOUSING PROJECT
WHEREAS, the Governing Body of the City of Moab has approved the "Grand County and City
of Moab Housing Study and Affordable Housing Plan"; and
WHEREAS, the aforementioned plan calls for a commitment to partnerships to design, construct
and operate affordable housing; and
WHEREAS, the Cinema Court project is a partnership between the Utah Nonprofit Housing
Corporation and the Housing Authority of Southeastern Utah, and this partnership has been aided
by the expertise of the Utah Workforce Housing Initiative and the Rural Community Assistance
Corporation; and
WHEREAS, Cinema Court is a 60 unit affordable housing project which will feature five set
aside units for persons with mental illness or health related issues at levels below 39 percent of
Area Median Income [AMI] and five units for the chronically homeless at levels below 25
percent of AMI, while serving 50 additional workforce housing households making less than 50
percent of AMI; and
WHEREAS, the Cinema Court project represents the culmination of several community
feedback meetings and great efforts on the part of community leaders to bring affordable housing
to Moab; and
WHEREAS, Moab City Code 3.29.030 allows for the allocation of voluntary Real Estate
Transfer Assessment funds for the "acquisition of affordable housing;" and
WHEREAS, the Olene Walker Housing Loan Fund has set aside up to $2.8 million toward the
construction of this project and two other community based projects and has approved a $30,000
predevelopment loan supporting the Low Income Housing Tax Credit application process; and
WHEREAS, this predevelopment loan will help leverage more than $8.2 million in funding to
bring the project to fruition; and
WHEREAS, the Olene Walker Housing Loan Fund expects local community support in the form
of funding contributions and fee waivers; and
WHEREAS, the Cinema Court project represents the culmination of several community
feedback meetings and great efforts on the part of community leaders to bring affordable housing
to Moab; and
Resolution #17-2010
WHEREAS, the Housing Authority of Southeastern Utah owns the Cinema Court property and
will request annexation into the City of Moab.
NOW, THEREFORE, we, the Governing Body of the City of Moab do hereby resolve as
follows:
The Governing Body of the City of Moab intends to contribute $25,000 in Real Estate Transfer
Assessment funds to help with the financing package for the Cinema Court Project, to be
allocated and released upon the successful acquisition of all other needed funding for the project.
Said allocation will be subject to inclusion in the City's 2010-2011 budget and shall be
contingent upon annexation of the Cinema Court project into city limits
Passed and adopted by action of the Governing Body of the City of Moab in open session this
28th day of September, 2010.
By:
David L. Sakrison
Mayor
ATTEST:
Rachel Ellison
City Recorder
Resolution #17-2010