REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, AICP, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: SARAH J. LAMBETH, Project Manager
Planning and Development Department
SUBJECT
Title
***RESOLUTION – In support of a contribution of City funds in the amount of $4,300,000 and contribution of a City-owned parcel along the Blackstone Avenue Corridor to Samuelian Group LLC for the development of the Senior Affordable, Modular, Factory-Built Housing Project (Subject to Mayor’s Veto) (Council District 4)
Body
RECOMMENDATION
Staff recommends that the City Council adopt the Resolution in support of a contribution of City funds in the amount of $4,300,000 and a City-owned 1.21-acre parcel located at 4323-4333 North Blackstone Avenue to Samuelian Group LLC for the development of the Senior Affordable, Modular, Factory-Built Housing Development Project.
EXECUTIVE SUMMARY
Samuelian Group LLC (Developer) is proposing to develop Vantage Blackstone, a senior affordable, modular, factory-built, rental housing project that will include 100 units directly adjacent to the new Senior Activity Center near Blackstone Avenue and Swift Avenue (Project). The Project will utilize a modular, factory-built construction method to enhance efficiency and cost effectiveness.
Adopting the Resolution will provide a conditional commitment of $4,300,000 in City funds and contribution of a City-owned 1.21-acre parcel to the Developer to support the development of Vantage Blackstone. Both this conditional commitment of funding and City-owned property, which will occur through a long-term ground lease, is contingent upon the full project financing and shall terminate on September 30, 2027, with an option for a one-year extension if progress toward securing funding is demonstrated.
BACKGROUND
In July 2022, the City Council authorized the appropriation of $4,993,300 in Community Development Block Grant (CDBG) funds ...
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