Title
Authorization for the Housing Department to Serve as Fiscal Agent and Property Manager for Phoenix Residential Investment Development Effort (Ordinance S-48440)
Description
Request to authorize the City Manager, or his designee, to authorize the Housing Department to serve as fiscal agent and property manager for Phoenix Residential Investment Development Effort (PRIDE) and enter into related agreements. Further request to authorize the City Treasurer to accept funds and the City Controller to disburse all funds related to this item. There is no impact to the General Fund.
Report
Summary
PRIDE is a private non-profit, non-stock corporation created in 1989 with directors appointed by the Phoenix City Council whose mission is to assist the Housing Department in its efforts to create and enhance affordable housing communities within the City of Phoenix.
PRIDE is an independent 501(c)3 entity formed by the Housing Department to participate in developmental activities and support the mission of affordable housing in Phoenix. PRIDE currently owns and manages two affordable properties in Phoenix, Ladera del Norte and Santa Fe Springs. The PRIDE Board desires to obtain the services of the Housing Department, for a fee, to oversee the management of the properties by a third-party management company and to serve as PRIDE's fiscal agent to manage its finances, accept donations, make payments and perform general administrative functions on PRIDE's behalf. The Housing Department seeks authorization to proceed with all actions necessary or appropriate to serve in the capacity of PRIDE's fiscal agent and make expenditures based on approved PRIDE Board action and provide property management oversight services.
Contract Term
The City intends to enter into a five-year agreement, with the option to renew or extend the agreement for an additional five years.
Financial Impact
There is no impact to the General Fund.
Concurrence/Previous Council Action
On Feb. 15, 2022, the Economic Development and Equity Subcommittee unanimously recommended City Council approval to authorize the Housing Department to serve as fiscal agent and property manager for PRIDE and enter into related agreements.
Department
Responsible Department
This item is submitted by Deputy City Manager Gina Montes and the Housing Department.