HomeMy WebLinkAbout2006 05 08 Informational 503 Wyman Fields
COMMISSION AGENDA
ITEM 503
CONSENT
INFORMATIONAL X
PUBLIC HEARING
REGULAR
May 8, 2005
Meeting
MGR/DEPT
Authorization
REQUEST: The City Manager wishes to update the City Commission on the fund balance of
the Revolving Rehabilitation Fund after the sale of the final Wyman Fields Unit
located at 123 Kristi Ann Court.
PURPOSE: The purpose of this Agenda item is to update the City Commission on the fund balance
of the Revolving Rehabilitation Fund.
CONSIDERATIONS: In fiscal year 2000, the City of Winter Springs loaned $909,655 to the
Wyman Fields Foundation for a townhouse rehabilitation project. With the proceeds
from the sale of the final townhouse unit, which occurred on April 26, 2006, the
Revolving Rehabilitation Fund will have a fund balance of $944,685. This fund
balance takes into consideration all of the costs associated with preparing the
foreclosed units for sale, with the exception of any legal costs. It was the City's intent
to recover at least 101 % of the initial investment of $909,655 or $918,751. The City
actually recovered 104% of their investment.
FUNDING: N/A
RECOMMENDATION: N/A
A TT ACHMENTS: N/A
COMMISSION ACTION: