Agenda - 12-03-1990 - Laserfiche WebLink

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ORANGE COUNTY HOARD OF COMMISSIONERS Action Agenda Item No. ;9X__01 ACTION AGENDA ITEM ABSTRACT Meeting Date: December 3, 1990 SUBJECT: Culbreth Park Interim Assistance Grant - Status Report DEPARTMENT: Housing /Community Dev. PUBLIC HEARING YES: NO: x ATTACHMENT(S): INFORMATION CONTACT: Tara L. Fikes Status Report Development Agreement TELEPHONE NUMBER - Hillsborough - 732 -8181 Chapel Hill -- 968 -4501 Mebane - 227 -2031 Durham - 688 -7331 - PURPOSE: To receive a status report of the Culbreth -Park Interim Assistance Grant Program. To approve the execution of the Development Agreement with the Culbreth Park Community Development Corporation and the Town of Chapel Hill. BACKGROUND: The 2.25 million dollar Culbreth Park Interim Assistance Grant Program began on May 1, 1990. Much progress has been made in the development of the Culbreth Park Affordable Housing Subdivision, therefore, this report is given as information for Board members. Also, an integral part of this project is the participation of the Town of Chapel Hill who is providing second mortgage funds to lower the cost of the homes to the prospective low and moderate income buyers. The Town has approved a Development Agreement specifying their level of participation with the Culbreth Park Community Development Corporation. The County must also execute this agreement as an interested third party by virtue of being the administrator of the Interim Assistance Grant Program which is funding the project. The document has been forwarded to the County Attorney for review. RECOMMENDATION(S): 1. Receive the report as information. 2. Approve execution of the Development Agreement between the Town of Chapel Hill and the Culbreth Park Community Development Corporation and authorize the Chair to sign the document after approval by the County Attorney on behalf of Orange County.