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File #: 22-814HA    Version: 1 Name: BENNETT VALLEY APARTMENTS - $272,000 REDUCTION TO PRIOR FUNDING COMMITMENT FOR COSTS ASSOCIATED WITH THE DEMOLITION OF THE SITE PRIOR TO DEVELOPER ACQUISITION
Type: HA- Report Status: Agenda Ready
File created: 11/29/2022 In control: Housing Authority
On agenda: 12/19/2022 Final action:
Title: REPORT - BENNETT VALLEY APARTMENTS - $272,000 REDUCTION TO PRIOR FUNDING COMMITMENT FOR COSTS ASSOCIATED WITH THE DEMOLITION OF THE SITE PRIOR TO DEVELOPER ACQUISITION BACKGROUND: On May 10, 2021, the Housing Authority approved a conditional commitment of $5,800,000 in loan funds for construction-related costs for Bennett Valley Apartments (the “Project”). On October 20, 2022, a fire occurred, which resulted in the City’s Building Division “red-tagging” the City-owned site and necessitating the demolition of the site before the anticipated April 2023 sale to the Developer. The Developer has agreed to reduce the conditional commitment of loan funds awarded by the Housing Authority by up to $272,000 so that those funds may be utilized by the City for costs associated with the demolition of the site. RECOMMENDATION: It is recommended by the Housing and Community Services Department that the Housing Authority, by resolution, approve a reduction up to $272,000 to a prior conditional comm...
Sponsors: Housing and Community Services
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Resolution, 4. Presentation
Related files: 22-802HA, 21-813HA, 21-806HA, 21-404HA