Loading...
HomeMy WebLinkAboutMINUTES - 04112000 - SD2 . Contra TO: REDEVELOPMENT AGENCY t• Costa FROM: Phil Batchelor County Executive Director DATE: April 11, 2000 SUBJECT: Rodeo Senior Housing SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION RECOMMENDATIONS APPROVE and AUTHORIZE the Deputy Director- Redevelopment to execute a First Amendment to Disposition Development and Loan Agreement with Ecumenical Association for Housing for the development of the Rodeo Senior Housing Project. FISCAL IMPACT None. No general funds are involved. All additional loan proceeds are Redevelopment or outside funding. CONTINUED ON ATTACHMENT: YES SIGNATURE: RECOMMENDATION OF EXECUTIVE DIRECTOR R COMMEND TION OF AG CY COMMITTEE APPROVE OTHER SIGNATURE(S): ACTION OF AGENCY ON APPROVED AS RECOMMENDED OTHER VOTE OF COMMISSIONERS I HEREBY CERTIFY THAT THIS IS A UNANIMOUS {ABSENT l'1 } 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 ATTESTED r + _�gere) cc: Community Development PHIL BA CHELOR, AGENCY SECRETARY Redevelopment Agency County Administrator County Counsel via Redevelopment Agency BY EPUTY EAH Rodeo MAC Goldfarb & Lipman JK:jjr D: Stevens\Rodeo\SeniorHouagBoardOrder.doe BACKGROUND/REASONS FOR RECOMMENDATIONS On October 6, 1998 the Redevelopment Agency entered into a Disposition Development and Loan Agreement with Ecumenical Association for Housing (EAH). The agreement provides for EAH to undertake the development of an affordable senior housing project in the Rodeo Redevelopment Area. In the Fall of 1999 EAH successfully secured an award of Federal Section 202 funding for the senior housing project. Based on this award, the project should be able to proceed to construction in 2001. In an effort to develop as diversified a funding base as possible, the Redevelopment Agency and EAH requested funding from the Tosco Good Neighbor Agreement Funds administered by the Rodeo MAC, An award of$138,000 was provided. The Redevelopment Agency will become the fiscal agent for the provision of these Good Neighbor Funds to the project. The funds have been received by the Agency and have been deposited in our housing set-aside funds. The purpose of this First Amendment is to incorporate these Good Neighbor funds into the financial assistance being provided to EAH for the project. D:\EStcvens\Rodoo\SeniorHousgBoardOrder.doe