HomeMy WebLinkAboutMINUTES - 09121995 - C155 Contra
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TO: BOARD OF SUPERVISORSCounty
r c U1.4 J
FROM: Harvey E. Bragdon
Director of Community Development
DATE: September 12, 1995
SUBJECT: Loan Agreement - Senior Housing Project, North Richmond Redevelopment Project Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE and AUTHORIZE the Director of Community Development, or his designee, to
enter into a Loan Agreement with the Redevelopment Agency for the development of a senior
housing project in the North Richmond Redevelopment Project Area.
FISCAL IMPACT
No impact on the General Fund. The $500,000 is provided by the County Affordable Housing
and Special Revenue Fund No. 1113000.
BACKGROUND/REASONS FOR RECOMMENDATIONS
A major redevelopment activity in North Richmond is to improve and expand the supply
of affordable housing. On September 13, 1994, the Redevelopment Agency approved
a Disposition, Development and Loan Agreement (DDLA) between the Agency nd the
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR COMMEN ATION OF BOAR
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON September 12 , 1995 APPROVED AS RECOMMENDED x OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
Source: Beth Lee
646-4208
cc: County Counsel ATTESTED September .12 , 1995
County Administrators Office PHIL BATCHELOR, CLERK OF
Board Clerk THE BOARD OF SUPERVISORS
Via Redevelopment AND COUNTY ADMINISTRATOR
Auditor-Controller
Via Redevelopment
CHDC BY DEPUTY
Eden Housing
a
Community Housing Development Corporation of North Richmond and Eden Housing. The
DDLA provides for the block bounded by 2nd, 3rd, Grove and Chesley to be redeveloped
into a 52 unit affordable senior housing commercial/retail project. The DDLA requires the
Agency to acquire the twenty-one (21) parcels, relocate tenants, and prepare the land for
development of the senior housing mixed-use project.
The properties have been, or are currently being, acquired for the project. All tenants have
been relocated and the structures will soon be abated. The Agency does not have
sufficient financial resources of its own to complete this process and the County has
agreed to loan funds to the Agency from its Affordable Housing Trust Funds.