HomeMy WebLinkAboutMINUTES - 03072000 - C.177 Contra
TO: REDEVELOPMENT AGENCY Costa
FROM: Phil Batchelor County
Executive Director
DATE: March 7, 20001
SUBJECT: Oakley Senior Housing Finance
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
APPROVE & AUTHORIZE the Deputy Director-Redevelopment to execute a Loan
Agreement with Oakley Senior Associates, a California Limited Partnership for
development of senior housing in Oakley;
DETERMINE that entering into a Loan Agreement is exempt from the California
Environment Quality Act (CEQA) pursuant to Section 15051(b)(3)of the CEQA Guidelines;
DIRECT the Deputy Director-Redevelopment to arrange for payment of the $25 handling
fee to the County Clerk for filing the Notice of Exemption; and
DIRECT the Director of Community Development to file a Notice of Exemption with the
County Clerk.
FISCAL IMPACT
No general funds are involved. Redevelopment Agency funding would be used to acquire the
land and pay development related expenses.
BACQKGROUNDIREASONS FOR RECOMMENDATIONS
In 1999 an eighty-eight unit apartment project near the int rsection o ire Avenue
CONTINUE? ON ATTACHMENT: XX YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR ECOME DATION OF GENCY
COMMITTEE APPROVE OTHER
I '
SIGNATURE(S):
ACTION OF AGENCY ON March 7, 2000 PPROVED 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: Jim Kennedy
335-1255
orifi: Redevelopment Agency ATTESTED March 7, 2000
cc: Community Development PHIL BA CHELOR, AGENCY SECRETARY
County Counsel
CAO
Auditor-Controller
vie Rede"4ment Agency BY z DEPUTY
City of oe#dey
Goictfarb&Lipman
Mysm Nave
Pack Communitles
tBICD APPLMOMETSTEV\Board Orders and GreeniesldnkleySenHsgFin.doc
and Oakley Road, Oakley was approved by the East County Regional Planning Commission. The
proposed project, Avalon Court, is within the Oakley Redevelopment Project Area. The project approval
was appealed to the Oakley City Council. To address the concerns of neighbors the City Council and
the developer, Pacific Communities L. L. C., an Idaho limited liability company, agreed to a revised
development program that involved the development of eighty (80) units of affordable housing for
seniors. The City approved the revised project on February 28. As part of their approval the City
Council adopted a mitigated negative declaration pursuant to CEQA. The change in project type will
rewire a change in the plan of finance for the project. The developer expects to utilize federal and state
low-income housing tax credit proceeds, a bank loan, developer equity, and Redevelopment Agency
assistance. The Redevelopment Agency assistance of up to $2.8 million would be used for land
acquisition and development costs. Total development costs are approximately $10.9 million. The
Redevelopment Agency assistance would come from current revenues-approximately$1.8 million-and
future revenues. In the event the development as proposed is unable to proceed the Redevelopment
Agency would receive title to the property so that it could pursue other affordable housing opportunities.
The amount of Redevelopment Agency assistance may be reduced by various impact fee modifications
currently being discussed with the City.
Administration of the Oakley Redevelopment funds currently resides with the County. Since its
incorporation on July 1, 1999, the Oakley City Council has taken some preliminary steps that would allow
the City to accept administrative and legislative control of the Oakley Redevelopment program effective
July 1, 2000. A Transfer Agreement is presently being negotiated, and will be before the Board of
Supervisors/Redevelopment Agency this spring. The Oakley City Council has recommended the action
before you today regarding senior housing assistance.
i
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