HomeMy Public PortalAbout1983_02_23_R034The Town of Leesburg in Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED February 23, 1983
83-34 ADOPTED February 2.3~ 1983.
AUTHORIZING AN Ab~NDMENT TO THE COMMUNITY DEVELOPMENT BLOCK GRANT
APPLICATION
RESOLVED by the Council of the Town of Leesburg in Virginia as follows:
The manager is authorized and directed to amend the second year community
development block grant application in order to improve project cash flow and
to ensure timely implementation to reflect the revised three-year budget shown
in a memo to Mayor and Council dated February 10, 1983.
PASSED this 23rd day of February , 1983.
Robert E ~evi~, ~Mayor'
Town of Leesburg
ATTEST:
Clerk of C~ncil ~
The Town of Leesburg in Virginia
February 10, 1983
TO MAYOR AND COUNCIL
RE SOUTH HARRISON STREET PROJECT REVISED BUDGET
A revised three-year budget for the South Harrison Street Community Develop-
ment Project is shown below:
Activity Year 1
Street Improvements $ 233,700
Water and Sewer 45,000
Housing Rehabilitation 20,000
Land Acquisition 137,300
Relocation
Farmers' Market
Town House
Park
Demolition/Clearance
Administration 14,000
TOTAL $ 450,000
Two major changes are proposed.
Year 2 Year 3 Total
$ 195,800 $ $ 429,500
45,000
15,000 15,000 50,000
174,000 147,900 459,200
50,000 50,000
90,000 90,000
85,000 85,000
75,000 75,000
21,100 21,100
15~.200 16,000 45~200
$ 450~000 $ 450~000 $1~350.,000
First, the townhouse development is shifted
from program year two to program year three. Second, purchase of the VEPCO tract
is funded over two program years. These changes are necessary to avoid cash flow
problems resulting from the nature of block grant funding and impact of purchasing
the VEPCO tract in one program year.
Purchase of the VEPCO tract as proposed above will cost the town approximately
$4,000 in interest, because interest is not an eligible grant expense. Implementa-
tion of the South Harrison Street Project would be delayed, however, without these
changes.
An additional change in strategy may benefit Leesburg substantially. The
VEPCO tract will be marketed on a lease/purchase basis so that the majority of
-2-
program income will be received after the project is complete. This may pro-
vide $100,000 to $200,000 which the town can use for a variety of grant-eligible
projects throughout Leesburg.
Planning and Development