City Council

AUTHORIZING THE CITY MANAGER TO SIGN A CONDITIONAL\nENFORCEABLE FUNDING COMMITMENT IN THE AMOUNT OF $500,000,\nAUTHORIZING THE DIRECTOR OF COMMUNITY DEVELOPMENT TO SIGN\nA FORMAL LETTER OF SUPPORT, BOTH OF WHICH ARE RELATED TO A\nPROPOSED 100% AFFORDABLE SENIOR HOUSING PROJECT ON\nPRIVATELY-OWNED PROPERTY AT 214-216 SOUTH HAMILTON DRIVE,\nAND APPROVING AN EARMARK FROM THE GENERAL FUND AVAILABLE\nBALANCE IN THE AMOUNT OF $500,000.\nComment: Staff recommends City Council adopt a resolution memorializing the\nCity's support for a developer's grant application to the State department of Housing\nand Community Development (HCD) to develop a 100% affordable housing project\nat 214-216 South Hamilton Drive, which is an existing builder's remedy site. The\nHCD grant awards five points if the City provides a funding commitment of $500,000\nand an additional five points if the City provides a letter of support for the project.\nGrant funds are awarded on a competitive basis and the City's support helps the\ndeveloper to maximize their score.