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TO: REDEVELOPMENT AGENCY Costa
FROM: Phil Batchelor r c U?W County
Executive Director
DATE: December 5, 1995
SUBJECT: BRIDGE Housing, Inc. - Bay Point Redevelopment Project Area
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
INCREASE the amount of financial assistance to the BRIDGE Housing Corporation multi-
family housing project by $150,000 (from $800,000 to $950,000);
DIRECT the Redevelopment Agency staff to raise said $150,000 through the issuance of Tax
Allocation Revenue Bonds secured by the Bay Point Redevelopment Project Housing Set-
Aside; and
AUTHORIZE the Deputy Director - Redevelopment to execute a Loan Agreement with
BRIDGE Housing Corporation.
FISCAL IMPACT
None to the General Fund. The committed monies will come from the Bay Point
Redevelopment Project Area funds for Fiscal Years 1994-95, 1995-96, 1996-97 and 1997-98,
and from proceeds from the issuance of 1995-B Tax Allocation Revenue Bonds.
CONTINUED ON ATTACHMENT: XX YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR COMME a.DATION OF ENCY
COMMITTEE APPROVE OTHER
SIGNATURE(S):
ACTION OF AGENCY ON December 5 , 1995 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
x UNANIMOUS (ABSENT 5 ) 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 5 , 1995
cc: Community Development PHIL BATCHELOR
County Administrator AGENCY SECRETARY
County Counsel
Auditor-Controller
BRIDGE Housing, Inc. BY , DEPUTY
JKAh
sra2ftridge.bos
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, construction, and predevelopment expenses.
On December 6, 1994 the Redevelopment Agency authorized the commitment of$800,000
of Agency financial assistance. BRIDGE Housing has also secured County CDBG and
HOME funds totaling $550,000 ($300,000 and $250,000 respectively). The primary source
of financing was anticipated to be equity raised through the sale of federal and state Low
Income Housing Tax Credits. The California Tax Credit Allocation Committee has advised
BRIDGE that federal tax credits only (no state tax credits) are available for the Bay Point
Project. This creates a $400,000 funding gap. The additional Redevelopment Agency
assistance of$150,000 will address a portion of this gap. Additional County CDBG and/or
HOME funds are expected to address the remaining funding gap.
The Bay Point Redevelopment Project Area Committee has considered and recommended
the above action.