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File #: 13-0103    Version: 1 Name:
Type: CC- Study Session Status: Approved
File created: 3/5/2013 In control: City Council
On agenda: 3/5/2013 Final action: 3/5/2013
Title: JOINT STUDY SESSION - REVIEW PROPOSED CHANGES OF A MULTI-PHASED, MIXED USE DEVELOPMENT IN RAILROAD SQUARE TO A STAND-ALONE AFFORDABLE HOUSING DEVELOPMENT AT 3 WEST THIRD STREET AND MODIFICATION TO THE PROPOSITION 1C GRANT AWARD New Railroad Square has received certain land use entitlements, environmental clearances and/or financial pledges from local, state and federal agencies, and private entities. However, real estate and financial markets continue to be weak for new commercial and new market-rate residential construction amid other challenges to the financial feasibility of the project. The State has revised the Proposition 1C Grant program to allow a grant recipient to modify its project from a multi-phase project to a stand-alone project with a commensurate reduction in the grant award. No action is requested; however, the Council and Housing Authority may discuss and provide questions for staff to include in its further research and discussion for the subsequent meetings
Attachments: 1. Staff Report