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HomeMy WebLinkAboutMINUTES - 01041994 - 1.83 r Contra TO: REDEVELOPMENT AGENCY •'•�/f > Costa FROM: Phil Batchelor �u' "�'/ Executive Director r � DATE: January 4 , 1994 SUBJECT: First Amendment to Predevelopment Loan Agreement - Senior Housing project in the Oakley Redevelopment Project :Area SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS APPROVE AND AUTHORIZE the Deputy Director - Redevelopment to execute an amended Predevelopment Loan Agreement between the Redevelopment Agency and Ecumenical Association for Housing. FISCAL IMPACT None to the General Fund. This amendment adds an additional $43,000 to the Predevelopment Loan provided to Ecumenical Association for Housing. These funds come out of the Oakley Redevelopment Project Area Housing Reserve to be repaid out of the Low and Moderate Housing Income Fund. BACKGROUND/REASONS FOR RECOMMENDATIONS On August 15, 1993 a Predevelopment Loan Agreement was entered into between the Contra Costa County Redevelopment Agency and Ecumenical Association for Housing, a non-profit housing developer. The project sponsor would construct 50 units of multifamily rental housing for senior citizens in the Oakley Redevelopment Project Area. The proposed site fronts Oakley Road, between Live Oak Road and Empire Avenue in Oakley. CONTINUED ON ATTACHMENT: YES SIGNATURE: e� r RECOMMENDATION OF EXECUTIVE DIRECTOR RECOE DATION Of AGENCY MMITTEE APPROVE OTHER SIGNATURE(S) : ACTION OF AGENCY ON January 4 , 1994 APPROVED AS RECOMMENDED x OTHER VOTE OF COMMISSIONERS 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 REDEVELOPMENT AGENCY ON THE DATE SHOWN. Contact: Jim Kennedy 646-4076 ATTESTED January 4 , 1994 cc: Community Development PHIL BATCHELOR, Ecumenical Association for GENCY SECRETARY Housing via Redevelopment BYa , DEPUTY i �w The Oakley Municipal Advisory Committee allocated $337,448 for assistance to acquire and construct the project. This balance would not change. The original allocation of $50, 000 went to support predevelopment activities such as : an environmental assessment of the site, illustration of the proposed structures, civil engineering activities and submittal of the rezoning application for the project. An additional $43, 000 is requested for full architectural renderings of the project, tax credit application fees, as well as fees associated with submitting a final development plan for the project. With this amended predevelopment loan, the project balance for development becomes $244 ,448 . This project complies with the October 1991 directive from the Board of Supervisors to pursue low-income housing for senior citizens in the Oakley area. A General Plan Amendment from Single Family Residential - High Density to Multiple Family Residential Very High was approved by the Board of Supervisors on, June 17, 1993 .