HomeMy WebLinkAboutMINUTES - 09011998 - C170 TO: REDEVELOPMENT AGENCY ;. ` ,t Contra '
Costa
FROM: Phil Batchelor ` 4 ' un�y
Executive Director x
DATE: September 1, 1998
SUBJECT: Rodeo Senior Housing-First Amendment to the Predevelopment Loan Agreement with Ecumenical
Association for Housing, Inc.
SPECIFIC REQUEST(S)OR RECOMMENDATIONS(S)& BACKGROUND AND JUSTIFICATION
RECOMMENDATION
APPROVE,.and AUTHORIZE the Deputy Director- Redevelopment to execute a First Amendment to
the Predevelopment Loan Agreement with Ecumenical Association for Housing, Inc., to increase the loan
amount by $13,000 to an amount not to exceed $63,000, and extend the loan term to January 9, 2000.
FINAL IMPS
None to the General Fund. Rodeo Redevelopment Housing Set-Aside Funds will have been budgeted
for this purpose. This authorization raises the predevelopment loan amount by $13,000, for a maximum
amount of$63,400.
BACKGROUNDM�ASONS FOR RECOMMENDATION
On January 9, 1996, the Board of Supervisors approved and authorized the Redevelopment Agency to
enter into a Predevelopment Loan Agreement with Ecumenical Association for Housing, Inc. (EAH),
under which the Agency provided 'a Ioan to EAH in the amount of$50,000. The purpose of the
predevelopment loan is to assist EAH in performing predevelopment tasks associated with the
development of residential units for very low and moderate income senior households. The
predevelopment funds would be used to fund site evaluation, preliminary site planning, preliminary cost
estimates, development of a financing plan and securing land use approvals.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
_t3 RECOMMENDATION OF EXECUTIVE DIRECTOR_RE OM ENDATIO F AGENCY COMMIT EE
10 APPROVE _OTHER
i.
SIGNATURE(S): :L -
ACTION OF AGENCY ON September 1 1998
APPROVED AS RECOMMENDED X 4�1.
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS(ABSENT None— ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Contact: Lourdes P. 'Chang
9251335-1252ATTESTED "_
cc: Coinniunity Development PHI BATCHELOR,
Redevelopment.Agency AGENCY SECRETARY
County Counsel
County Administrator
Auditor-Controller
EAH via Redevelopment Agency BY ! �' � �' �=DEPUTY
To date, EAH has worked with the Agency and the Rodeo Citizens for Affordable Senior Housing
(R-CASH) in developing preliminary architectural designs and completed and/or initiated an
environmental site assessment, an acoustical study, and an archaeological study. EAH is currently
applying for funds to finance the development. Potential sources of financing include County
HOME/CDBG funds, Redevelopment Agency,HUD 202, Affordable Housing Program, and Federal
and State Low-Income Housing Tax Credits. Additional predevelopment funds will be required to
complete the applications for funding and to obtain necessary land use approvals.
LPC:LPC
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