REGULAR MEETING OF THE WELLINGTON VILLAGE COUNCIL

7. D
Wellington Council Meeting April 10, 2012 Page 87 of 384
WELLINGTON VILLAGE COUNCIL
AGENDA ITEM SUMMARY
AGENDA ITEM NAME: RESOLUTION R2012-24 (AMENDMENT NO. 5 TO THE
NEIGHBORHOOD STABILIZATION PROGRAM 1 (NSP1) GRANT AGREEMENT)
A RESOLUTION OF WELLINGTON, FLORIDA’S COUNCIL APPROVING AMENDMENT 5
TO THE AGREEMENT WITH PALM BEACH COUNTY FOR THE PURPOSE OF
RECEIVING A GRANT UNDER THE PROVISIONS OF THE NEIGHBORHOOD
STABILIZATION GRANT PROGRAM; AND PROVIDING AN EFFECTIVE DATE.
ACTION REQUESTED: Discussion Approval
BUDGET AMENDMENT
REQUIRED: Yes No See Below
PUBLIC HEARING: Yes No
FIRST READING
SECOND READING
REQUEST: Approval of Resolution R2012-24 and authorization of Amendment No. 5 to the NSP1
Grant Agreement between Wellington and Palm Beach County amending the term of the Agreement
to allow for development subsidies.
EXPLANATION: Amendment No. 5 will allow Wellington to recover, through program income, the
development costs of renovations that, due to market conditions, cannot be captured through
resale. This is consistent with the intention of the program and with all applicable federal guidelines.
The specific changes are to rewrite Section K of Exhibit A.1 and replace Exhibit 1 “Mortgage and
Restrictive Covenants”. The changes are relatively minor other than the term of required residence
to eliminate the County’s mortgage is reduced from 30 years to 15 years. The original documents
and proposed modifications are attached for a detailed review.
LEGAL SUFFICIENCY: Yes
FISCAL IMPACT: N/A
VILLAGE GOAL: Neighborhood Renaissance
RECOMMENDATION: Approval of Resolution R2012-24 and authorization of Amendment No. 5 to
the NSP1 Grant Agreement between Wellington and Palm Beach County amending the term of the
Agreement to allow for development subsidies.