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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 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 #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