HomeMy WebLinkAboutMINUTES - 03231993 - 1.75 , 'Z� 1 . 7S
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TO: REDEVELOPMENT AGENCY :�
i Costa
FROM: Phil Batchelor �..' COu /
Executive Director °a l� C a� a ' I`y
DATE: March 23 , 1993
SUBJECT: North Richmond Parkway Estates Housing Project
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Authorize an advance of $10, 000. 00 to the Community Housing
Development Corporation of North Richmond to exercise a land purchase
option for the Parkway Estates affordable housing project in the North
Richmond Redevelopment Project Area.
FISCAL IMPACT
No General Funds will be used. The Redevelopment Agency will provide
the funds from the housing portion of the bond proceeds.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Community Housing Development Corporation of North Richmond
(CHDC) , a neighborhood non-profit housing developer, in cooperation
with the Redevelopment Agency, proposes to construct an affordable
single family housing project on Gertrude Avenue, east of the Richmond
Parkway, referred to as Parkway Estates. CHDC has received a Community
Development Block Grant allocation for this project. The Local
Initiatives Support Corporation and Richmond Neighborhood Housing
Services have also committed funding for the Parkway Estates Project.
The Redevelopment Project Area Committee was supportive of and
earmarked $100, 000 of the housing set-aside tax increments for this
project. As a result of the community and financial support, CHDC has
has entered into a land purchase agreement for the six acre parcel.
The purchase agreement requires a $10, 000. 00 inital deposit, which is
fully refundable, by March 25, 1993 , to hold the property. CHDC has
requested the Agency advance the funds to cover the escrow deposit.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
�J
RECOMMENDATION OF EXECUTIVE DIRECTOR RECO E DATION O AGENCY C ITTEE
APPROVE OTHER i
I
SIGNATURE(S) :
ACTION OF AGENCY ON March 23 , 1993 APPROVED AS RECOMMENDED x OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT II ) 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 March 23 , 1993
cc: Redevelopment Agency PHIL BATCHELOR,
Community Development AGE CY SECRETARY
CAO
County Counsel
Auditor-Controller BY , DEPUTY
via Redevelopment
CHDC of N. Richmond
sraK/chdc.bos