HomeMy WebLinkAboutMINUTES - 06231998 - C152 111_....1 ......... ......... ......... ......... _........ 1.11.1 _.
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TO: REDEVELOPMENT AGENCY Costa
FROM: Phil Batchelor ` ,�
County
Executive Director
DATE: June 23, 1998
SUBJECT: Option Agreement with Ecumenical Association for Housing -Rodeo Senior Housing Project
SPECIFIC REQUEST(S)OR RECOMMENDATIONS(S)& BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
DESIGNATE Ecumenical Association for Housing (EAH) as the developer for the Rodeo Senior
Housing Project; and AUTHORIZE the Deputy Director - Redevelopmentto execute an Option
Agreement with EAH.
FISCAL,IMPACT
None. No General Fund revenues are involved.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In July 1995, the Redevelopment Agency and the Rodeo Citizens for Affordable Senior Housing (R-
CASH)selected Ecumenical Association for Housing(EAH), a non-profit housing developer, to develop
an affordable senior housing project in the unincorporated community of Rodeo. EAH was one of five
non-profit developers interviewed by R-CASH and Redevelopment Agency staff. In January 1996, the
CONTINUED ON ATTACHMENT: XX_YES SIGNATURE: GO
RECOMMENDATION OF EXECUTIVE DIRECTOR�REC DATION AGENCY COMMITT E
4 APPROVE OTHER 1
i
SIGNATURE(S):
ACTION OF AGENCY ON • U 1998
APPROVED AS RECOMMENDED 4' OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS IS A
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: Lourdes P. Chang 199
9251335-1252 ATTESTED
cc: Community Development PHIL BATCHELOR,
Redevelopment Agency AGENCY SECRETARY
County Counsel
County Administrator
Auditor-Controller
Public Works-Real Property
BY e 3 ,DEPUTY
Q
Redevelopment Agency Governing Board authorized execution of a pedevelopment loan agreement
in order to assist EAH in performing pedevelopment associated with the development of the senior
housing project. Tasks include site assessment, preliminary site planning, preliminary cost estimate,
and securing land use approvals. A site was identified and purchased by the Redevelopment Agency.
The site is a 2.11 acre vacant lot located at the southwest corner of Willow and iSan Pablo Avenue
in Rodeo. Half the site is designated for the senior housing development and the remaining portion
for commercial development. The commercial portion of the site will be developed at a future date
and is not part of the senior housing project.
EAH has worked with R-CASH and Redevelopment Agency staff`in developing a site plan. The
project includes 49 one-bedroom units plus a manager's unit, a laundry room, lounge, and outdoor
sitting areas, The units will be available to senior households with incomes between 30-54% of
County area median income, EAH is now in the process of applying for funding. The project will
require financing from various sources, including a conventional mortgage, grants from foundations
and/or local corporations, County HOME and CDBG funds, and Redevelopment Agency funds. A
major source of funding will come from the use of Low-Income Housing Tax;Credits. Since the
process for applying for tax credits is very competitive, EAH will also submit an Application for
Capital Advance under the HUD 2132 Program in July 1998. In order to apply for these funds, EAH
must show evidence of site control and has requested that they enter into an Option Agreement with
the Redevelopment Agency. A condition to exercise said Option Agreement would be approval of
the conveyance of the property by the Board of Supervisors, and execution of a Disposition,
Development and Loan Agreement.