Agenda - 04-21-1998 - 9c - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS Action Agenda Item No. q - C ACTION AGENDA ITEM ABSTRACT Meeting Date: April 21, 1998 SUBJECT: Request for Funding - Orange Community Housing Corporation DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/N) BUDGET AMENDMENT: (Y/N) ATTACHMENT(S): INFORMATION CONTACT: 4/6/98 Finance Director Memo Tara L. Fikes 4/6/98 CH Town Manager Memo TELEPHONE NUMBERS: - - ext. 2490 Hillsborough 732 -8181 Chapel Hill 968 -4501 Durham 688 -7331 Mebane 227 -2031 PURPOSE: To consider a request from the Orange Community Housing Corporation for additional funding for this fiscal year. BACKGROUND: On February 17, 1998, the Orange Community Housing Corporation (OCHC) reported a $42,000 deficit in their operating budget for the fiscal year ending June 30, 1998. This budget shortfall is primarily due to the fact that the anticipated revenue from the Magnolia Place development included in this year's budget will not be available to the corporation this fiscal year. Also, the Corporation has had to incur approximately $4,004 in attorney fees in order to resolve the outstanding issues at Magnolia Place. To cover the budget shortfall, OCHC asked for additional funding this fiscal year from the County and the Towns in the following proportions. Orange County $ 19,000 Chapel Hill $ 19,000 Carrboro 4,000 Total funding $ 42,000 At that time, the Board of County Commissioners asked that the Finance Director review the financial situation and report his findings to the Board along with specific recommendations regarding future operations. His memorandum is provided in the attachment to this abstract. On Monday, April 6, 1998, the Chapel Hill Town Council approved a resolution authorizing the allocation of an additional $19,000 to OCHC for this fiscal year. This resolution also requires that "the Mayor and the Manager meet with their Orange County and Carrboro counterparts to discuss and bring back to the three governing bodies proposals to, over a longer period of time, address the problems the Corporation has had, with a review of the Corporation, and then develop policies and standards which the three governing bodies would require of the Corporation."