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22-611HA
| 1 | 6.1 | November 28, 2022 - Draft Minutes. | HA- Minutes | November 28, 2022 - Draft Minutes. | Approved as submitted. | |
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23-001HA
| 1 | 7.1 | PROCLAMATION OF APPRECIATION FOR JEFF BERK | HA- Agenda Item | PROCLAMATION - PROCLAMATION OF APPRECIATION FOR JEFF BERK | received and filed | |
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23-002HA
| 1 | 10.1 | PENDING DEVELOPMENT PIPELINE UPDATE | HA- Communication Item | COMMUNICATION - PENDING DEVELOPMENT PIPELINE UPDATE
Provided for information only | presented | |
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22-814HA
| 1 | 12.1 | BENNETT VALLEY APARTMENTS - $272,000 REDUCTION TO PRIOR FUNDING COMMITMENT FOR COSTS ASSOCIATED WITH THE DEMOLITION OF THE SITE PRIOR TO DEVELOPER ACQUISITION | HA- Report | 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 commitment of loan funds in the amount of $5,800,000 to Freebird Development Company, LLC for the Be | to waive reading of the text and adopt | Pass |
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