MEETING DATE:
DECEMBER 9, 2014
SUBJECT:
Title
RESOLUTION NO. 2014-8010 - INFILL INFRASTRUCTURE GRANT APPLICATION - EL DORADO II AFFORDABLE HOUSING DEVELOPMENT
Body
Recommendation
Recommendation
ADOPT a resolution approving the City of San Marcos' submittal of a joint application with Orange Housing Development Corporation to request an allocation of funds through the California Department of Housing and Community Development's Infill Infrastructure Grant Program in an amount not to exceed $3,000,000 for Phase I of El Dorado II.
Body
Board or Commission Action
Planning Commission approval on April 28, 2014
City Council project approval on May 27, 2014
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Introduction
One of the City's long term projects is the completion of the revitalization of the Richmar neighborhood, including the area between Mission Road and Richmar Avenue. To that end, the former Redevelopment Agency (RDA) Board of Directors approved on January 27, 2009 an Exclusive Negotiating Agreement with the Developer and authorized a predevelopment loan of $173,000 for a project in the vicinity of the ageing El Dorado Apartments, which is owned and operated by the Developer. On five subsequent occasions since 2009, the former RDA Board of Directors or the City Council in its capacity as Successor Housing Agency (SHA) followed up by approving acquisition loans to the Developer totaling $9,537,238 from the Low/Mod Housing Increment fund for property assembly. The last land purchase was concluded in 2013, completing the acquisition of privately held property by the Developer.
This project, known as El Dorado II, like other affordable housing developments in San Marcos (Residences at Creekside and Eastgate), became temporarily stalled in the turbulence and uncertainty engendered by the State government's dissolution of the RDA. Despite ...
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