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393.2005 RESOLUTION APPROVING HOUSING REHABILITATION LOAN IN CONNECTION WITH TOWN OF QUEENSBURY HOUSING REHABILITATION PROGRAM RESOLUTION NO.: 3932005 , 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 #5074, 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 five thousand eight hundred fifty dollars ($25,850), and , WHEREAS the property has been approved for a grant for twenty thousand dollars ($20,000) through the Housing Rehabilitation Program, and WHEREAS, the property owner has agreed to contribute eight hundred fifty dollars ($850) towards the cost of the project, and 1 , 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 recorded with the Warren County Clerk’s 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 #5074 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 15 day of August, 2005, by the following vote: AYES: Mr. Stec, Mr. Boor, Mr. Turner, Mr. Strough, Mr. Brewer NOES: None ABSENT:None 2