Substitute Ordinance
WHEREAS, By ordinance passed by the City Council on November 15, 2012 for the 2013 fiscal year, the City Council authorized the projected use of Community Development Block Grant entitlement funds for Year XXXIX (the "Year XXXIX CDBG Ordinance"); and
WHEREAS, Pursuant to the Year XXXIX CDBG Ordinance, the reprogramming of funds is subject to review and approval by the City Council; and
WHEREAS, The Office of Budget and Management (OBM) seeks to increase the appropriation by $1,675,000 that has become available as a result of increases in both program income and salvage; and
WHEREAS, The increase in program income, in the amount of $520,000, has become available due to the receipt of loan repayments and shall be used by the Department of Housing and Economic Development for their Rehabilitation Loan and Grant Program; and
WHEREAS, The increase in salvage, in the amount of $1,155,000, shall be used for demolitions pursuant to the Department of Buildings' Troubled Buildings Program; and
WHEREAS, The City desires to amend the Year XXXIX CDBG Ordinance to account for the above-described program income and salvage increases; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The Year XXXIX CDBG Ordinance, as amended, is hereby further amended by striking the words and figures and adding the words and figures indicated in Exhibit A attached hereto.
SECTION 2. This ordinance shall be in full force and effect from and after its passage and approval.
Exhibit A
AMENDMENT TO COMMUNITY DEVELOPMENT BLOCK GRANT
Strike Amount Add Amount
APPROPRIATION ORDINANCE
Community Development Block Grant 81,591,000 83,266,000
Reallocation of Unspent CDBG Funds from Prior Years 4,956,814 6,111,814
Revenue from Loan Repayments 221,000 741,000
(54) - Department of Housing & Economic Development
2515. Developer Services 1,926,340 2,446,340
.9103 Rehabilitation Loans and Grants 1,544,169 2,064,169
Budget Level Total
(54) Departme...
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