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Report regarding adoption of a resolution conditionally committing $2,366,828 from the Commercial Linkage Fee Fund in support of the proposed Rotary Gardens affordable housing development project, located at 500 and 522 Linden and authorizing staff to negotiate a loan effectuating the commitment. (Mike Noce, Housing Manager)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council receive a report regarding a request from Rotary Plaza, Inc. for a proposed affordable housing development at 500 and 522 Linden and consider adoption of a resolution conditionally committing $2,366,828 from the Commercial Linkage Fee Fund to bring the total funding support to $4,000,000, directing staff to negotiate loan agreements effectuating this commitment, and return to City Council for final budgetary appropriations and loan approval.
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BACKGROUND
In Summer 2023, the Rotary Club informed the City of a potential affordable housing project at the Liberty Bank site located at 500 and 522 Linden. The Rotary Club and its development partner, Beacon Development, have collaborated closely with the City to advance a two-phase development project, known as Rotary Gardens. The first phase includes an 80-unit senior affordable housing building, and the second phase consists of a 64-unit family building. Both buildings are part of the same entitlement process to ensure a cohesive vision and management approach. Each building is 6 stories and approximately 75 feet in height. 52 parking spaces are proposed at 500 Linden Avenue, and 61 parking spaces are proposed at 522 Linden Avenue.
On December 13, 2023, the City committed $1,633,172 to the design and pre-entitlement preparations of Rotary Gardens. There were two sources used by the City to provide the funding. A portion of the funding, $556,789, came from the City's allocation of the State-funded Permanent Local Housing Allocation (PLHA) fund. The majority of funding, $1,076,383, was approved from the Ci...
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