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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: December 13, 1999 <br />Action Agenda <br />Item No. <br />SUBJECT: Housing Bond Program Award Commitment <br />DEPARTMENT: Housing/Comm. Development PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Commitment Letter <br />Capital Project Ordinance <br />INFORMATION CONTACT: <br />Tara L. Fikes, ext. 2490 <br />Donna Dean, ext. 2151 <br />TELEPHONE NUMBERS: <br />Hillsborough 732-8181 <br />Chapel Hill 968-4501 <br />Durham 688-7331 <br />Mebane 336-227-2031 <br />PURPOSE: <br />a. To approve the commitment letter confirming the award of $90,000 in Housing Bond funds to <br />EmPOWERment, Inc. for the purchase of a tract of land on Pine Hill Drive in Carrboro for future <br />affordable housing development. <br />b. To authorize the County Manager, the County Attorney, and the Housing and Community <br />Development Director to prepare a Performance Agreement governing this expenditure and <br />authorize the County Manager to execute the Agreement on behalf of the County. <br />c. Approve the Capital Project Ordinance authorizing the expenditure of $90,000 in housing bond <br />funding. <br />BACKGROUND: <br />On December 7, 1999, the Board of Commissioners committed $90,000 in housing bond funds subject to <br />approval of a Performance Agreement with the non-profit organization EmPOWERrrient, Inc. for the <br />purchase of a tract of land on Pine Hill Drive in Carrboro for future affordable housing development. <br />EmPO~WERrrient, Inc. has indicated the need to close on this property this month or risk losing the deal. <br />In order to facilitate the actual expenditure of funds for this project, two actions are required. First, the <br />BOCC must approve a Capital Project Ordinance appropriating funds to this project. A Capital Project <br />Ordinance has been prepared to accomplish this task and is included with this abstract for the Board's <br />consideration. Second, a Performance Agreement must be executed between the County and <br />EmPOWERrrient, Inc. which secures and governs the bond funds. This agreement will be developed by <br />the County Manager, the County Attorney and the Housing and Community Development Director by <br />December 29, 1999 and will be presented to EmPOWERrrient, Inc. on that day for execution. <br />To assist EmPOWERrrient, Inc. in the interim, a commitment letter has been drafted for the board's <br />approval. <br />FINANCIAL IMPACT: This action represents an expenditure of $90,000 of the $1.8 million dollar <br />Affordable Housing Bond approved in November 1997. <br />