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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. -2 <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: March 21 , 1990 <br /> SUBJECT: Culbreth Park Interim Assistance Grant Program <br /> DEPARTMENT: Housing/Community Dev. PUBLIC HEARING YES: NO: x <br /> ATTACHMENT(S) : INFORMATION CONTACT: Tara L. Fikes <br /> (Under Seperate Cover ) <br /> Development Agreement <br /> Grant Agreement <br /> Funding Approval <br /> TELEPHONE NUMBER- <br /> Hillsborough - 732-8181 <br /> Chapel Hill - 968-4501 <br /> Mebane - 227-2031 <br /> Durham - 688-7331 <br /> PURPOSE: To approve the execution of a Development Agreement with <br /> Culbreth Park Community Development Corporation and a Grant <br /> Agreement and Funding Approval with the N.C. Department of <br /> Economic and Community Development on or about March 30 , <br /> 1990 . <br /> BACKGROUND: In December 1989 , the County was awarded a preliminary <br /> Interim Assistance Grant for 2 . 25 million dollars from the <br /> N.C. Department of Economic and Community Development <br /> Department (ECD) for the Culbreth Park Affordable Housing <br /> Project . This preliminary award was conditioned by a list <br /> of additional information ECD required before final grant <br /> award was made. After much additional staff work, this <br /> information has been forwarded to ECD by County staff and <br /> an affirmative response, i .e. final grant award, is <br /> expected by March 30 , 1990 . Therefore, in order to avoid <br /> delay in actual implementation of the project , County staff <br /> would like to begin processing the necessary <br /> paperwork/documents which are necessary to proceed with <br /> this project . <br /> Since Culbreth Park Community Development Corporation <br /> (CPCDC) will be the actual "developer" of the proposed <br /> housing subdivision, it is necessary for the County to <br /> execute an Agreement with CPCDC to carry out these <br /> responsibilities. This Agreement will be secured by a <br /> Promissory Note and Letter of Credit . The final form and <br /> content of these documents will be approved by the County <br /> Attorney. <br /> Additionally, the County will be required by the State to <br /> execute a Grant Agreement and Funding Approval Form in <br /> order to receive grant funds. Attached is a copy of these <br /> documents. They are standard with any CDBG grant award from <br /> the State. Staff anticipates receiving these official <br /> documents on or about March 30 , 1990 . <br />