10-01-2018 HPFC Report 03_ Report Fund Reconciliation

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Historic Preservation CITY OF Fund Committee IkIVERSIDE Memorandum Community & Economic Development Department Planning Division 3900 Main Street, Riverside, CA 92522 1 Phone: (951) 826 -5371 1 RiversideCA.gov TO: Historic Preservation Fund Committee MEETING DATE: October 1, 2018 FROM: Scott Watson, Associate Planner ITEM NO: 3 WARD: Citywide SUBJECT: CONSIDERATION OF THE RECOMMENDATION TO ACCEPT $726.45 IN RETURNED GRANT FUNDING BACK INTO THE HISTORIC PRESERVATION FUND RECOMMENDATION: That the Historic Preservation Fund Committee (HPFC): 1. Accept the returned grant funding back into the Historic Preservation Fund in the amount of $726.45. BACKGROUND: The City Council created the Historic Preservation Fund Committee (HPFC) in April 2013 by amending Title 20: Cultural Resources. The HPFC consists of 5 members who were selected by the Mayor's Nominating and Screening Committee and the Cultural Heritage Board. The HPFC established the application and criteria for fund disbursement, which was reviewed and approved by City Council in December of 2014. The Historic Preservation Trust Fund (Fund) was initiated in 2013 with $600,100. Through gained interest and sales of the Landmark Legacy book, the fund grew to a total $634,970.30 as of today. The HPFC began awarding grant funds in April 2015. A total of forty -four grants, totaling $684,260.91, have been awarded in four grant cycles. On July 31, 2017, the HPFC accepted $69,792.86 in returned funds with the majority of the funds being distributed during the Grant Cycle IV meeting on October 17, 2016. On January 8, 2018, the HPFC accepted back into the fund $19,912.50 from two grants, which were cancelled or expired.