HomeMy WebLinkAboutMINUTES - 02271996 - C116 Contra
TO: REDEVELOPMENT AGENCY Costa
FrbM: Phil Batchelor J Cour
Executive Director
DATE : February 27, 1996
SUBJECT: Golden Oak Senior Housing Project - Oakley
SPECIFIC REQUEST (S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE and AUTHORIZE the reallocation of Housing Set-Aside funds in
the amount of $188, 934 to Ecumenical Association for Housing (EAH) for
the Golden Oak Senior Housing as provided for in the Developer Loan
Agreement .
FISCAL IMPACT
None to the General Fund. The total loan amount is $780, 000 and will
come from the Oakley Redevelopment Project Area Housing Set-Aside
.funds for Fiscal Years 1994-95, 1995-96, and 1996-97 . The project is
included in the Agency budget ..
BACKGROUND/REASONS FOR RECOMMENDATIONS
A major redevelopment activity in Oakley is to improve and expand the
supply of affordable housing. The Oakley Municipal Advisory Committee
(OMAC) has considered and recommended the above action.
On April 8, 1994, the Redevelopment Agency approved and uthorized
CONTINUED ON ATTACHMENT: X YES SIGNATURE :
RECOMMENDATION OF EXECUTIVE DIRECTORNDATION F AGENCY 7ITTEE
APPROVE OTHER
7
S I GNATURE (S)
ACTION OF AGENCY ON February 27 , 1996 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: Beth Lee
646-4076 ATTESTED February 27 , 1996
cc: Community Development PHIL BATCHELOR,
Redevelopment Agency AGENCY SECRETARY
Auditor-Controller
Ecumenical Association for Housing
GMAC
BY , DEPUTY
' ! ILP
to develop and execute a loan agreement with EAH for the Golden Oak
Senior Housing Project . The project was included in the
Redevelopment Agency budget for Fiscal Years 1994-95 and 1995-96.
;r However, the amount allocated for Fiscal Year 1995-96 was $360, 885 .
This amount reflected the total previously allocated minus total
expenditures for the project. The budgeted amount did not reflect
the total amount committed to the project and inadvertently left a
$203, 700 funding shortfall .
The Fiscal Year 1995-96 Oakley Redevelopment Project Area budget
had $188, 934 set-aside for "Unallocated Housing Funds" which can be
reallocated to the Golden Oak Project . In addition, the remaining
$14, 766 in funding commitment will be prioritized out of the FY
1996-97 housing set-aside funds (that year begins on July 1) .
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