Laserfiche WebLink
~~ <br />/~--~ <br />---NOnn~ caR uNa <br />To: Cabarrus County Board of Commissioners <br />From: Kelly Sifford, AICP <br />Date: July 24, 2009 <br />Re: Proposal for Interest Collected from the Northwest Water and Sewer Fee Fund <br />The Board of Commissioners instructed Commerce Staff to create a plan for the dissolution of the <br />Northwest Water and Sewer Fee Fund approximately two years ago. Staff has been working with the <br />City of Concord to create water line plans for the Moss Drive area. The project has been bid and <br />construction will begin next month. Cabarrus County has a contract with Concord to bid the project and <br />we will reimburse them for installation of this water line and another sewer project in Poplar Trails as <br />part of the existing contract with Concord. During the time that it took to create the design and do the <br />bidding, the fund collected interest. The agreement with Concord does not require that the interest <br />from the fund be spent on water and sewer activities. Staff is requesting that the money derived from <br />the interest be deposited into a multiyear fund for urgent repair activities. Staff is proposing using HUD <br />income guidelines for qualification for the clients. The funds would be used to repair or replace roofs, <br />hvac systems, plumbing, or other necessary repairs. Staff would propose a cap of $7,500 per unit. This <br />is consistent with the NC Housing Finance guidelines for Urgent Repairs. A budget amendment would <br />need to occur in order to place the funds into this account if the Board wishes to move forward with this <br />proprosal. <br />Attachment number 1 <br />Page 107 of 315 <br />F-2 <br />