REPORT TO THE CITY COUNCIL
FROM: JENNIFER CLARK, Director
Planning and Development Department
PHILIP SKEI, Assistant Director
Planning and Development Department
BY: JENNIFER DAVIS, Senior Management Analyst
Housing Finance Division
SUBJECT
Title
***RESOLUTION - Adopt a Resolution in support of a contribution of City funds in the amount of $6,000,000 and a contribution of three City-owned parcels along the Parkway Drive Corridor to Cesar Chavez Foundation for the development of the Parkview Apartments affordable rental housing project, and authorizing the City Manager, or designee, to execute all necessary documents on behalf of the City (Subject to Mayor's Veto) (Council District 3)
Body
RECOMMENDATION
Staff recommends that the City Council adopt the Resolution in support of a $6,000,000 contribution of City funds and the contribution of three City-owned parcels along the Parkway Drive Corridor to Cesar Chavez Foundation for the development of the Parkview Apartments affordable rental housing project, and authorizing the City Manager, or designee, to execute all necessary documents on behalf of the City.
EXECUTIVE SUMMARY
The Cesar Chavez Foundation (Developer) is proposing to develop Parkview Apartments, an affordable rental housing project that will include between 150 and 160 units, located on three City-owned sites along the Parkway Drive Corridor. The project will consist of both the rehabilitation of existing units and new construction of modular units, thereby offering various permanent affordable housing options.
Adopting the Resolution will provide a conditional commitment of $6,000,000 in City funds and a contribution of three City-owned parcels to the Developer to support the development of the Parkview Apartments. This contribution of City-owned property, along with the conditional City funding, is contingent upon the full financing of the project and shall terminate on December 31, 2025, with an option to exten...
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