Page 286 - Project Detail Sheet_AdoptedBook

ADOPTED | BUDGET

Economic Development Capital Projects
Department Project Title Project Number
Economic Development Neighborhood Revitalization Program (NRP) ED1501
Project Description
The Neighborhood Revitalization Program (NRP) is designed to revitalize neighborhoods by renovating single-family, owner-
occupied homes in a target zone. By renovating homes, the program will not only boost property values in these neighborhoods, but
also provide interested single-family home buyers the opportunity to purchase an updated and safe home that they can be proud to
own at a reasonable price. This program aims to give such neighborhoods a "facelift" while continuing to attract responsible citizens.

This program provides a twenty percent (20%) grant of up to $10,000 for the completion of well-designed home renovations that
make a home more aesthetically pleasing and inspire the continued community growth of the neighborhoods in the program's initial
target zone. Both contractors "flipping" homes and residents who currently own homes qualify for this incentive.

Project Justification
This project is working toward City Council's goal of Quality Community Development and Revitalization. By offering this incentive to
both contractors and current residents, the Neighborhood Revitalization Program encourages redevelopment and home-ownership
in the more mature residential areas in the City.
As of July 2016, one year since program inception there are 17 approved projects with an 83% average increase in home value,
totaling $1,330,000 or $75,000 per home. Staff receives approximately 3 program inquiries per month and estimates using 100% of
approved project funds by October 2017. Therefore there is a request for an additional $30,000 to fully fund FY 2017-2018.

Note: Reserve Funding for FY17/18 is identified as a transfer from the General Fund.

Project Schedule Beginning Date Ending Date History Fiscal Year Amount
Professional Services Adopted Budget 2014-15 $206,184
Engineering/Design Adopted Budget 2016-17 $100,000
Land/ROW Acquisition Adopted Budget 2017-18 $30,000
Construction 02/2015 09/2022 Total $336,184
Other
Total Schedule 02/2015 09/2022
Sources of Funds Appr. To Date 2021‐22 Budget 2022‐23 Estimate 2023‐Completion Total Funding
General Obligation Bonds
Certificates of Obligation
Federal/State Grants
Reserves 130,000 0 0 0 $130,000
Sales Tax
Other 206,184 0 0 0 $206,184
Total Funding $336,184 $0 $0 $0 $336,184

Project Costs To Date 2021‐22 Budget 2022‐23 Estimate 2023‐Completion Total Cost
Professional Services
Engineering/Design
Land/ROW Acquisition
Construction 336,184 0 0 0 $336,184
Other
Total Costs $336,184 $0 $0 $0 $336,184
Operating Impact
No operating impact is anticipated.

Fiscal Year 2020‐21 2021‐22 2022‐23 2023‐24 2024‐25 Total Impact
Amount $0 $0 $0 $0 $0 $0

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