[HISTORY: Adopted by the Mayor and Council of the City of
Seat Pleasant 4-9-2018 by Ord.
No. O-18-11. Amendments noted where applicable.]
As used in this chapter, the following terms have the meanings
stated:
Refers to housing, either owner-occupied or rental, for which
the household spends no more than 30% of its gross income on housing-related
expenses; provided, however, that any housing program or project that
receives federal or state funds and complies with regulations applicable
to such funding source(s) regarding the percentage of household income
to be spent on housing shall be considered "affordable housing" for
purposes of this definition or as decided upon by the Board of Directors.
Refers to a process where elected officials and community
members come together to take collective action and generate solutions
to common problems. Community well-being (economic, social, environmental
and cultural) often evolves from this type of collective action being
taken at a grassroots level.
A.
The Seat Pleasant Economic and Community Development Corporation (SPECDC) shall be created by the Director of Economic Development as a separate corporate entity, a Maryland not-for-profit corporation, established in the name of "the Seat Pleasant Economic and Community Development Corporation," held by the City of Seat Pleasant, a Maryland municipal corporation, into which shall be deposited funds collected pursuant to § 113-3A of this chapter.
B.
The SPECDC shall be administered by the Economic Development Department
and managed by an Executive Director appointed by the Mayor, who shall
account for the Economic and Community Development Corporation. A
Board of Directors comprised of the City Administrator, Director of
Economic Development, and City Treasurer shall have oversight and
final authority over all matters relating to the SPECDC, including
approval of all decisions regarding the SPECDC monies, subject to
consideration of the Executive Director's recommendations and
except as otherwise stated in this chapter. The Board of Directors
shall meet on a quarterly basis based on the availability of each
member. The SPECDC projects shall be recommended by the Executive
Director and decided by the Board of Directors.
C.
The Executive Director, subject to the Board of Directors' approval,
may utilize a separate, independent entity to invest the proceeds
of the SPECDC in furtherance of the purposes of this chapter and subject
to the City's investment policies and procedures.
D.
In addition to the other duties specified herein, the Executive Director
shall:
(1)
Develop an annual plan for using the Economic and Community Development
Corporation's assets in furtherance of the purposes of this chapter,
which shall be approved by the Board of Directors for submission to
the City Council, which may then approve the plan by resolution;
(2)
Disburse funds from the Economic and Community Development Corporation in accordance with a duly approved annual plan as specified in § 113-2D(1) of this chapter;
(3)
Recommend to the Board of Directors qualified funding projects in
accordance with the details of the annual plan, or to otherwise assist
in the administration and management of the SPECDC; and
(4)
Perform such other duties as the Mayor may direct.
E.
It is the intention of the City Council that the Economic and Community
Development Corporation be a dedicated funding source used for the
purpose of this chapter and in accordance with all applicable federal,
state, and local laws and regulations. The SPECDC shall develop and
manage its own budget, and its fiscal year shall be aligned with that
of the City. Accordingly, any assets remaining in the SPECDC at the
end of any fiscal year shall be carried into the next fiscal year,
including all interest and income earned, as well as any repayments
or forfeitures of loans and/or grants.
A.
The Economic and Community Development Corporation will be funded
through the following sources:
(1)
Grants and/or loans from private sources, Prince George's County,
the State of Maryland, and/or the federal government; and
(2)
Appropriations from the City's general fund or other City funds;
(3)
Other gifts, donations, or grants; or
(4)
Other sources of funding as the City Council may from time to time
specify by ordinance.
B.
Funds appropriated from the Economic and Community Development Corporation
shall be used to fund programs and projects for the benefit of affordable
housing and economic and community development within the corporate
limits of the City that:
(1)
Increase production of affordable housing for sale or rent;
(2)
Increase the accessibility of new and existing development projects
to citizens and residents, both existing and potential, and increase
the supply of urban development;
(3)
Manage funds for, including, but not limited to, grants or loans
for basic repair, rehabilitation, or improvement of housing and business
stock, adaptive modification, or the targeted improvement of facades;
(4)
Provide funds to match other local, state, or federal housing assistance
programs;
(5)
Provide counseling and education as to housing and business development
options for City residents; and
C.
Administrative costs of the SPECDC associated with funding and administering
the programs and projects specified in this chapter may be paid from
the SPECDC's assets or from other revenue sources as designated
by the City Council as part of the City's annual budget process.
D.
On an annual basis, a percentage of the SPECDC monies that are used
for purposes other than to pay for administrative costs shall be used
to fund programs and projects specified by this chapter for the benefit
of households with low to moderate incomes. The exact percentage shall
be determined by a majority vote of the Board of Directors.
