HomeMy WebLinkAboutMINUTES - 08122008 - C.75 j sE..t
TO: REDEVELOPMENT AGENCY - ontra
.........
FROM: JOHN CULLEN '�`"` �' '
Costa
EXECUTIVE DIRECTOR
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- - County
DATE: August 12, 2008 ` TSTA you
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SUBJECT: Loan Agreement for Habitat for Humanity, Bay Point Redevelopment Project Area
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
APPROVE and AUTHORIZE the Redevelopment; Director to amend the Agency Loan
Agreement with Habitat for Humanity East Bay, increasing the loan amount by $25,000 for a
new amount of $325,000 for the Inglewood Street project, Bay Point.
FINANCIAL IMPACT:
No general funds will be used. The monies will come from the Bay Point Redevelopment
Project Area Housing Set-Aside funds for fiscal.year 2008/2009.
BACKGROUND:
Habitat for Humanity, a non-profit housing developer, acquired property in Bay Point for the
construction of nine single-family residential units;for low and moderate income households
in the Bay Point Redevelopment Project Area (map attached). The proposed housing would
be built on a vacant 1.2 acre property in the Bella Vista neighborhood of Bay Point. The
County Redevelopment Agency has previously provided $300,000 in funds for land
acquisition expenses. Habitat for Humanity has ,equested additional funds from the Agency
in the amount of$25,000 to be used for off-site infrastructure purposes. In accordance with
Sections 33334.2(e) (2) (A) of the California Health and Safety Code the improvements to be
funded are a fundamental component of the construction of",the affordable housing units
which will be directly benefited by the improvements. In addition the Agency has recorded a
restriction against the Property requiring that the units remain available at affordable housing
cost to, and occupied by persons and families of low and moderate income for the
applicable statutory period.
CONTINUED ON ATTACHMENT: ® YES SIGNATURE: O
® RECOMMENDATION OF EXECUTIVE DIRECTOR ❑ RECO E DATION OF 41
ENCY COMMITTE
APPROVE ❑ OTHER
SIGNATURE(S):
ACTION OF AGENCY ON
APPROVED AS RECOMMENDED OTHER ❑
VOTE OF SUPERVISORS: I HEREBY CERTIFY THAT THIS IS A TRUE AND
CORRECT COPY OF AN ACTION TAKEN AND
UNANIMOUS(ABSENT_ � ) ENTERED ON THE MINUTES OF THE
��. REDEVELOPMENT AGENCY ON THE DATE
AYES: NOES: SHOWN.
ABSENT: ABSTAIN: _
ATTESTED
Contact: MaureenToms (335-7230)
JOHN CULLE GENCY SECRETARY
cc: CAO
County Counsel
Redevelopment Agency
By puty
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