DEPARTMENT: Neighborhood and Housing Services Department
DEPARTMENT HEAD: Ver?nica R. Soto, AICP, Director
COUNCIL DISTRICTS IMPACTED: 3
SUBJECT:
Consideration of an Ordinance approving the execution of a Development Agreement in the amount of $150,500 with Housing and Community Services, Inc. for the Village at Roosevelt Project, a five story multifamily residential community.
SUMMARY:
City Council is being asked to consider an Ordinance approving the execution of a Development Agreement with the Housing and Community Services, Inc. (dba Prospera Housing Community Services) for the Village at Roosevelt Project in an amount not to exceed $150,500 in reimbursable Tax Increment Financing funds for public infrastructure and public improvements associated with the construction of The Village at Roosevelt Project, located at 1507 and 1515 Roosevelt Avenue, in the Mission Drive-In TIRZ, City Council District 3. The Village at Roosevelt Project will be a five-story multifamily residential community with a total development cost of $12.4 million dollars.
BACKGROUND INFORMATION:
The City Council designated the City-initiated Mission Drive-In Tax Increment Reinvestment Zone (TIRZ) on December 11, 2008 to assist with revitalization and reinvestment initiatives. The Mission Drive-In TIRZ allows for reimbursement of eligible development expenses that promote development or redevelopment in the zone that would not occur solely through private investment. The TIRZ termination date is September 30, 2027.
The $150,500.00 in Mission Drive-In TIRZ funds approved by the TIRZ Board are to be utilized to address public improvements and/or public infrastructure requirements to include site work, demolition, landscaping and fencing. The total development cost is approximately $12.4 million dollars.
ISSUE:
The Village at Roosevelt Project is located at 1507 and 1515 Roosevelt Avenue, in the Mission Drive-In TIRZ, City Council District 3. The Village at Roosevelt ...
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