465.2005
RESOLUTION AMENDING HOUSING REHABILITATION LOAN IN
CONNECTION WITH TOWN OF QUEENSBURY HOUSING
REHABILITATION PROGRAM
RESOLUTION NO.: 4652005
,
INTRODUCED BY:
Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. John Strough
WHEREAS, the Town of Queensbury has established a Housing Rehabilitation Loan
Program which provides a deferred loan to very low income eligible property owners for the
owners cost of rehabilitation, and
WHEREAS, a single family property, Case File #5071, has been determined to be
eligible for a loan through the Housing Rehabilitation Loan Program and the owner of the
property has requested such a loan, and
WHEREAS, property rehabilitation specifications have been provided to three (3)
qualified contractors for bid, and
WHEREAS, the low bid cost to complete the work specified is twenty three thousand
four hundred ninety eight dollars ($23,498), and
WHEREAS, a total of $1,541.80 in repair costs has been incurred up to this point for a
total rehabilitation cost of $25,039.80, and
WHEREAS, the property owner has contributed $39.80 of personal funds for the project,
and
WHEREAS, by Resolution No.: 244,2005, the Town Board authorized a loan in the
amount of four thousand seven hundred ninety one dollars and eighty cents ($4,791.80) and now
the costs have increased and a Revised Loan with a net increase of two hundred eight dollars and
twenty cents ($208.20) for a total loan of five thousand dollars ($5,000) is required to complete
all required rehabilitation, and
,
WHEREAS the property has been approved for a grant for twenty thousand dollars
($20,000) through the Housing Rehabilitation Program, and
,
WHEREAS Shelter Planning & Development, Inc. has overseen the grant and loan
process and has verified that it has been followed in this case and recommends approving this
deferred loan, and
WHEREAS, the property owner will enter into a Loan Agreement with the Town of
Queensbury which will be filed with the Warren County Clerkâs Office with the principal
balance of the loan due in full upon the transfer of title of the property,
NOW THEREFORE BE IT
RESOLVED, that the Queensbury Town Board hereby approves a rehabilitation loan for
Case File #5071 in an amount not to exceed five thousand dollars ($5,000) and hereby authorizes
and directs either the Town Supervisor or Executive Director of Community Development to
execute a Grant Award Agreement and take such other and further action as may be necessary to
effectuate the terms of this Resolution.
th
Duly adopted this 26 day of September, 2005, by the following vote:
AYES: Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Boor
NOES: None
ABSENT: Mr. Turner