HomeMy WebLinkAboutMINUTES - 04271999 - C82 Contra
TO: BOARD OF SUPERVISORS ;yCosta
Cary
FROM: Dennis M. Barry, AICD
Director'of Community Development
DATE: April 27, 1999
SUBJECT: Execution of Required Legal Documents for the Ellis Street Townhome Project in Concord.
SPECIFIC REQUEST(S)OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOM 4ENiaATIQNNS
AUTHORIZE the Deputy Director, Redevelopment or his designee to enter into the required legal
documents to provide $365,000 in FY 1998/99 HOME Investment Partnership Act (HOME)funds to
the Ellis Street Townhome Project in Concord.:
FISCAL IMPACT
No General Fund impact. Funds for this project will come from FY 199$/99 HOME Investment
Partnership Act(HOME)funds. HOME funds are provided to the County on a formula allocation basis
through the U.S. Department of Housing and Urban Development(HUD).
BACKGRQUI D19R A SQ' S FOR R CCC _1ENDATIOstiS
On April 281 1998,the.Board of Supervisors approved the allocation of$355,000 of FY 1998/99 HOME
funds to the Ellis Street Townhome Project in Concord. The purpose of the Ellis Street Townhome
Project is to provide affordable homeownership opportunities for low and very-low inc 6e households
CONTINUED ON ATTACHMENT; _X YES SIGNATURE:
RECOMMENDATION OF COU NTY ADMINISTRATOR RE C � NDATIO'�'Ok BOARD COMMITTEE
APPROVE OTHER
1
SIGNATURE(S): r °�
ACTION OF
BOARD ON AD r iL-27.,1992 APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
xx UNANIMOUS (ABSENT ANIS CORRECT COPi'OF AN ACTION TAKEN
AYES: NOES._ AND ENTERED ON THE MINUTES OF THE
ABSENT:_ ABSTAIN: BOARD OF SUPERVISORS,ON THE HATE SHOWN.
Contact: Kara Douglas, 335-1253
cc: County Administrator ATTESTED .gip r i l -2 7, 1999
County Counsel PHIL BATCHELOR, CLERK OF THE BOARD
Auditor---Controller OF SUPERVISORS& COUNTY ADMINISTRATO
Community Development
B DEPT,"I"Y
through the new construction of 16 townhomes in Concord. Habitat will use the HONE funds
primarily for permits and fees, soft costs, and developer fees. Habitat has applied for
approximately$1 million in City of Concord Redevelopment Agency(RDA)and Community
Development Block Grant (CDBG)funds, The City Council has approved the Preliminary
Development Plan for this project. The homeowner's"sweat equity," volunteer labor, and
donations of building materials will provide an additional $1 million to the project budget. Upon
completion of each home, the HOME loan will roll over as a deferred equity share loan to the
homebuyer which will be due on sale or transfer of the property.
Funds were recommended contingent on the following: negotiation of loan terms consistent with
HOME Program requirements and satisfactory to the County, the sales price of the units to be at
or below the appraised value, identification and approval of required matching funds, and
identification and commitment of all resources required to build each of the four project phases
prior to initiation of construction of that phase.
The total cost of this project is $2,740,789. The development budget and sources of funds are:
Source Amount
FY 1998/99 HOME funds $365,000
City of Concord RDA 900,570
City of Concord CDBG 100,000
World Savings 160,000
Habitat International (SHOP) 180,000
Habitat Donations and Gifts in-kind 1,035,219
TOTAL $2,740,789
Use
Acquisition $500,000
Construction 2_240.789
TOTAL $2,740,789
KD DADATA\WP60\BRDoRDRI 999\13D-ELLIS.WPD