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City of Missoula, Montana Item to be Referred to City Council Committee Committee: Administration and Finance (A&F) Item: Contract for grant award Date: December 18, 2009 Prepared by: Nancy Harte, OPG Initiated by: Nancy Harte Action Required: To approve for the Mayor’s signature a contract with the Montana Department of Commerce for the award of $5 million in funds from the Neighborhood Stabilization Program to purchase property, demolish existing structures, and construct 115 units of affordable rental housing at 1311 E. Broadway (formerly the Missoula Athletic Club site). Recommended Motion: I move the City Council the Mayor’s signature of a contract with the Montana Department of Commerce for the award of $5 million in funds from the Neighborhood Stabilization Program to purchase property, demolish existing structures, and construct 115 units of affordable rental housing at 1311 E. Broadway (formerly the Missoula Athletic Club site). Timeline: Referral to committee: December 21, 2009 Committee discussion: December 30, 2009 or January 6, 2010 Council acts to approve: January 4 or January 11, 2010 Background and Alternatives Explored: The City of Missoula has been awarded a $5 million Neighborhood Stabilization Program grant for property purchase, demolition, and construction of 115 units of new affordable rental housing at 1311 E. Broadway. Financial Implications: The contract is a required condition to receive the $5 million NSP grant. Attachments: Neighborhood Stabilization Program Contract