FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to approve the following proposed project to be eligible for the Neighborhood Assistance Act (NAA) tax credits:
* Habitat for Humanity of Eastern Connecticut to support a full rehabilitation of a single-family split-level home locate at 42 Laurel Leaf Drive, Gales Ferry, CT total cost $182,803.07 with $20,000 requested in accordance Neighborhood Assistance Act (NAA) eligibility.
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Background:
The State Department of Revenue Services in conjunction with large corporations in the State of Connecticut developed a Neighborhood Assistance Act (NAA) which provides a tax credit to businesses that make donations to nonprofits for projects approved by their local governments.
Habitat for Humanity of Eastern Connecticut, a non-profit organization, is seeking support from the Town of Ledyard to apply for the 2023 Neighborhood Assistance Act Program.
Habitat for Humanity of Eastern Connecticut $20,000 (NAA) Funds
The $20,000 (NAA) requested funds will support a full rehabilitation of a single-family spit-level home at 42 Laurel Lead Drive in Gales Ferry. The home was a donation to Habitat for Humanity of Eastern Connecticut but will require a full rehabilitation to be habitable. The rehabilitation includes siding, roofing, windows, sheet rock, insulation, kitchen, bath and flooring if needed.
Funding Sources
* NAA Funds Requested $20,000.00
* Community Foundation of Eastern Connecticut $15,000.00
* Pfizer Connecticut Labs $2,500.00
* Electric Boat Employees $7,500.00
* Liberty Bank $10,000.00
Total Funding $55,000.00
Total Project Cost $182,803.07
Department Comment/Recommendation:
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Finance Director Comment/Recommendation:
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Mayor Comment/Recommendation:
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Meeting Action Detail:
Town Council Meeting 06/28/2023:
File #: 23 -1726 Version: 1
Type: Financial Business Request (FBR)
Title: MOT...
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