CC - Item 4D - Staff Report Request to Reimburse the Rosemead Redevelopment Agency for a Portion of Acquisition Costs of Garvey Senior Housing _ Stat%aper
DONORABLEMAYOR
TO AND '
ROSEMEAD CITY COUNCIL
NAGE
FRANK G.TRIPEP1,CITY MA
FROMOCTOBER 6,FRANK
SUBJECTNT
ADREDEVELOYNIEVEY
SE TDE
ION COSTS OF GAR
SENIORHOUSU G
DAT '. REQUEST
FORA PORTION
DEVELOPMENT ISIT USING FEDERA DOME
the HOME d
FONDS.
Iwisdictiona Ment of Housing City
F Participating the Department
Rosemead became a administered by rte Council the City of Rp$em which is budget Process, in Y 199'1-199
Act program, of the overall ds,$371A ss,the City
g and
6-1997, Agency f° owthis dated
M f R int ad has budgeted
to As part Y 1996-1991 funant Ag
Investor ant( 380eim in rs to the Redevelopment Agenc f
Urban Development
$ Gar
Rosemead has y located
at 9108-9118 sing
of Rosem FY 1998-1999 f° located at 9 the City has
property
ty in ' rep ed as affordable senior housing.
Since community
h the acquisition°f p e develop DOME eXpenditure�
j vPTt°imbu s proposed t°b eligible reposed gee. Si ce t m
acquisition costs is an including a proposed
now req
the protect, the City n'
lent of land to
revel for from DUD,
Reimbursement
ental approval
the senior housing,
received envrronroRosemead
adjacent Yo partnership with the R 72 units of
I center located oration,in p of the property ith t wb of the total are.
reimbursement.
Development Corporation,
OQ a portion of
property 's 85
uest
Housing is proposing
sing to develop
I The housing portion
The Rosemead ency, O�
Redevelopment t rental housing
UfWC;I. -,�aE'
� affordable senior Oil i � }n��
11 1 '7 ' `
ITEM Mo.
J�
The Redevelopment Agency purchased the property for$1,660,960.96. The housing portion of
the project represents an investment of$1,421,782.58. Staff feels it would be appropriate to
reimburse the Redevelopment Agency in the amount of$1,000,000. The reimbursed funds would
go back into the Redevelopment Agency's fund for use for either construction of this project or
for future projects.
Staff recommends that the Redevelopment Agency be reimbursed in the amount of$1,000,000
for acquisition costs associated with the development of 72 units of senior housing in accordance
with HOME regulations.
RECOMMENDATION
Approve reimbursement to the Redevelopment Agency for$1,000,000 for acquisition costs of
property at 9108-9118 Garvey Avenue to be used for development of 72 units of affordable
senior housing.