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TO: REDEVELOPMENT AGENCY r Costa
FROM: Phil Batchelor 'r County
c uhf J
Executive Director
DATE: December 6, 1994
SUBJECT: BRIDGE Housing, Inc. -Bay Point Redevelopment Project Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
COMMIT Bay Point Redevelopment Housing Set-Aside and Capital funds in an amount up to
$800,000 to BRIDGE Housing, Inc.; and
AUTHORIZE the Deputy Director-Redevelopment to execute a Predevelopment and Loan Agreement
with BRIDGE Housing, Inc.
FISCAL IMPACT
None to the General Fund. The monies will come from the Bay Point Redevelopment Project Area
Housing Set-Aside funds for Fiscal Years 1994-95, 1995-96, 1996-97 and 1997-98 and 1994-95 Capital
Funds. Approximately $434,483 will .come from FY 94-95 funds ($137,405 in Capital Funds and
$297,078 in Housing set-aside). The remainder will come from the subsequent Fiscal Year's Housing
set-aside.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
GrMv i
RECOMMENDATION OF EXECUTIVE DIRECTOR CODATION OF ENCY
COMMITTEE
—APPROVE —OTHER
SIGNATURE(S):
ACTION OF
AGENCY ON December 6 , 19 9 4 APPROVED AS RECOMMENDED x OTHER—
,1
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT 2 , 4 ) 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: Jim Kennedy
646-4076 ATTESTED December 6 , 1994
cc: Community Development PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
BRIDGE Housing, Inc.
Bay Point PAC
BY , DEPUTY
2
BACKGROUND/REASONS FOR RECOMMENDATIONS
BRIDGE Housing, Inc., a non-profit housing developer, proposes to construct and manage a 46 unit
housing project for low-and-moderate income households in the Bay Point Redevelopment Project
Area. The proposed housing would be built on a vacant two-acre site at the intersection of Alberts
Avenue and Willow Pass Road. County Redevelopment funds will be allocated for land acquisition
and Predevelopment expenses. BRIDGE has applied for Community Development Block Grant
(CDBG) funds and any recommendation to fund this project will be submitted to the Board of
Supervisors in February 1995. To further assist with the financing of this project, it is anticipated
that BRIDGE Housing, Inc. will apply for County HOME funds in Spring 1995 and submit an
application in Spring 1995 to receive Low Income Housing Tax Credits.
The Bay Point Redevelopment Project Area has considered and recommended the above action.
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