HomeMy WebLinkAboutSummary FormDate: 2/16/2011
AGENDA ITEM SUMMARY FORM
FILE ID: //- DO/ 6 8
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 03/24/2011 . District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: RESCINDING RESOLUTION NO. 07-0208 AND CONVEYANCE OF CITY OWNED
PARCELS OF LAND TO TACOLCY ECONOMIC DEVELOPMENT CORPORATION
Purpose of Item:
RESCINDING RESOLUTION NO. 07-0208, ADOPTED APRIL 12, 2007, TO THE EXTENT THAT IT
AUTHORIZED THE SALE OF CERTAIN CITY OWNED PARCELS, AS LEGALLY DESCRIBED IN
EXHIBIT "A", ATTACHED AND INCORPORATED, TO PROGRESSIVE VISION COMMUNITY
DEVELOPMENT CORPORATION, INC. ; AUTHORIZING THE CONVEYANCE, WITH PARCEL
REVERTER PROVISIONS, OF SAID CITY OWNED PARCELS TO TACOLCY ECONOMIC
DEVELOPMENT CORPORATION FOR THE DEVELOPMENT OF AFFORDABLE HOUSING;
FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE PURCHASE AND SALE
AGREEMENTS, AND TO EXECUTE OTHER DOCUMENTS AS MAY BE NECESSARY TO
CONSUMMATE SUCH TRANSACTION IN ACCORDANCE WITH THE TERMS AND CONDITIONS
OF THE AGREEMENT, WHICH TERM$ MAY BE AMENDED BY THE CITY MANAGER AS MAY
BE NECESSARY IN ORDER TO MEET THE BEST INTEREST OF THE CITY.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capitalfiinds
Grants Risk Management
Purchasing Dept. Director
Chief . a7/7//7 City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Tacolcy Economic Development Corporation ("TEDC") is a non-profit organization dedicated to the
development of affordable housing.
On February 2, 2011, the City received a letter from TEDC requesting the donation by way of
Purchase and Sale Agreements of five (5) city owned parcels of land, legally described in Exhibit "A",
attached and incorporated for the development of affordable housing.
TEDC has established a joint venture agreement with Global Development Initiatives ("GDI") to
develop two -phased affordable housing development with a total of approximately 184 units and
ground floor retail/commercial space fronting on Northwest 7th Avenue and the project will be
manage by Tacolcy Property Management Corporation, a subsidiary of TEDC.
TEDC and GDI will apply for both phases of funding during the 2011 tax credit cycle; however, each
Phase will be funded independently and can operate individually should only one of the Phases wins
tax credits.
Phase I will be a family development with 80 units of affordable housing for low to moderate income
families and approximately 15,000 square feet of ground floor retail commercial space and Phase II
will be an elderly housing development of approximately 104 units; in addition each phase will pay for
its own parking garage and amenity package.
The sites will be conveyed, with parcel reverter provisions, by way of Purchase and Sale
Agreements.
TEDC will have twelve (12) months from the date of conveyance to commence construction and
thirty-six (36) months from the date of conveyance to complete construction and rent out units.
Any costs associated with the project paid by the City, will be reimbursed back to the City.
The Administration recommends: (1) rescinding Resolution No. 07-0208 to the extent that it
authorized the sale of certain city owned parcels, legally described in Exhibit "A", attached and
incorporated, to Progressive Vision Community Development Corporation, Inc.; (2) authorizing the
conveyance, with parcel reverter provisions, of said City owned parcels to TEDC for development of
affordable housing.