HomeMy WebLinkAboutIR 6994 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 6994
VoRp To the Mayor and Members of the City Council January 22, 1985
X Subject: USE OF THE PROCEEDS FROM THE SALE OF THE MEADOWBROOK SITE
Background
On January 15, 1985 (M&C L-8334), the City Council approved the sale of
City-owned surplus property at 5700 Meadowbrook Drive. The sale price
of the property was $550,000. The City Council further authorized that
the net proceeds from this sale be deposited in Fund 76, Project No.
206079-98; Index Code 699702 (Year Ten CDBG Contingency Account) .
These funds are Community Development Block Grant (CDBG) program income
and must be expended for CDBG eligible activities. Members of the Coun-
cil previously have discussed using these funds to develop an innovative
housinq program to benefit low to moderate income persons. The Housing
Task Force appointed by the City Council currently is studying housinq
issues and will be making recommendations to Council. The City staff
also is researchinq possible housinq programs which could address the
housing needs of the low-income elderly.
The proposed Eleventh Year CDBG budget, which was distributed last week,,
reflects significant cuts because there are fewer funds available from
previous years. It is likely that there will be requests made to use
the sale proceeds to lessen the negative impact of the budget reduc-
tions.
The current condition of the Southside Multi-purpose Center is another
factor which the City Council may want to consider in deciding how to
best use the proceeds from this sale. Serious problems have developed
in the foundation of that facility. The Transportation and Public Works
Department has recommended that a study be conducted to determine the
source of these problems and to identify possible solutions. Staff an-
ticipates that major work will have to be performed to correct the
problems.
The City Council may want to consider the following two alternatives for
allocating the proceeds from the sale of the Meadowbrook site:
1. Reserve the funds to be used at a later date for an innovative
housinq program or to pay for work which may be required to
correct the problems at the Southside Center; or,
2. Use the funds in the Eleventh Year CDBG budget to offset the
reduction of funds available this year as compared to the pre-
vious years.
op
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 6994 - p.2
January 22, 1985
o`FoRr To the Mayor and Members of the City Council
vs
Subject: USE OF THE PROCEEDS FF04 THE SALE OF THE MEADOWBROOK SITE
Staff recruests guidance from the City Council on the utilization of the
5550,000 expected from the sale of the Meadowbrook site.
Should additional information be desired, it will be furnished upon
request.
Vernell Sturns
Acting City Manager
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-ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS