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<br />2.0 POLICY & FINANCIAL IMPLICATIONS <br /> <br />2.1 As of January 2,2003, the LDC Block Grant (Villa Park) has assets including $288,035 <br />in cash and $90,000 in four notes receivable from Villa Park condo owners. The liabilities <br />include $228,887 due back to HUD and/or to be used for additional local housing <br />programs in accordance with HUD guidelines. <br /> <br />2.2 Per the requirements of the LDC Bylaws, on January 6,2003 public notice was posted for <br />the January 27,2003 annual meeting. The time for the meeting has been set at 5:50 p.m. <br /> <br />3.0 STAFF RECOMMENDATION <br /> <br />3.1 Staff is recommending that the LDC, along with its assets and liability, be transferred to <br />the Roseville HRA. The use of the program income can be incorporated into the HRA's <br />Housing Program and budget in 2003. Upon transfer of the LDC, the HRA will hold an <br />annual public meeting to elect officers and do the business of the LDC. <br /> <br />4.0 LDC SUGGESTED ACTION <br /> <br />4.1 Motion to transfer the Roseville Local Development Corporation, its assets and liabilities, <br />to the Roseville Housing & Redevelopment Authority effective immediately, subject to <br />final review and approval of content and format by the City Attorney and City Finance <br />Officer. <br /> <br />4.2 If no further business is required, motion to close the Roseville Local Development <br />Corporation's annual meeting. <br /> <br />Attachments: <br />2003 LDC Agenda <br />LDC Minutes 2002 <br /> <br />\\Victoria\CommDev\Planning Files\3350-3399\3385_Local Dev. Corp\ldc memo annual mtg Ol2703.doc <br /> <br />LDC Memo to Manager (012703) - Page 2 of 2 <br />