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<br />Hastings 2005 Subredpient Agreement <br /> <br />Page 6 of 11 <br /> <br />Activity 3- BIiQhted Property Clearance <br /> <br />A. Description <br />Clearance of spot blight focused on areas adjacent to downtown. <br /> <br />B. BudQet <br />FY 2004 Funding: $43,773.00 <br />(Includes $3,773.00 for project administration.) <br />Balance Remaining as of 6/30/2005: $43,773.00 <br /> <br />Activity 4-Assessment Abatement <br /> <br />A. Description <br />Assessment abatement for low- and moderate-income homeowners for <br />city infrastructure improvement projects. <br /> <br />B. BudQet <br />FY 2003 Funding: $40,000.00 <br />(includes $3,000.00 for project administration.) <br />Remaining balance as of 6/30/2005: $5,474.11 <br /> <br />.. <br /> <br />Activity 5-Bliahted Property ACQuisition <br /> <br />A. Description <br />Acquisition and clearance of spot blight <br /> <br />B. BudQet <br />FY 2003 Funding: $18,000 <br />Remaining balance as of 6/30/2005: $13,693.88 <br /> <br />VII. GENERAL CONDmONS. The following shall apply to the Subrecipient and this <br />Agreement: <br /> <br />A. Timeliness. HUD requires that sixty (60) days prior to the end of the <br />Grantee's program year, the amount of non-disbursed COBG funds <br />be no more than 1.5 times the entitlement grant for its current <br />program year. The penalties for failing to meet the 60-day spend- <br />down requirement potentially affect all jurisdictions in the county. <br />Reallocation of funds, if necessary, will be done according to the <br />COBG Contingency Plan attached in Exhibit M. As of July 1, 2005, <br />the Subrecipient has a 2.43 ratio of non-disbursed funds (based on <br />the FY05 entitlement allocation). Therefore, the following expenditure <br />targets shall apply to current and past year fund balances: <br /> <br />1. For FY05 fund balances identified in Section VI of this <br />Agreement, the Subrecipient should expend no less than 25 <br />