HomeMy WebLinkAboutRDA AGENCY FINCL ASST 08-15-94AGENDA
DATE: AUGUST 15, 1994
RDA NO. 3
8-15-94
Intor-Com
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, EXECUTIVE DIRECTOR
COMMUNITY DEVELOPMENT DEPARTMENT
AGENCY FINANCIAL ASSISTANCE ~ RENAISSANCE PROJECT
COSMOPOLITAN APARTMENTS)
(FOP~MERLY
RECOMMENDATION
It is recommended the Agency meet in closed session to provide the
Staff direction in negotiating with the developer of the
Renaissance Project concerning Agency financial assistance for the
project.
FISCAL IMPACT
The fiscal impact will depend on the direction given the Staff
during the closed session and will be fully discussed when any
agreement is reached and submitted to the Agency for final
approval.
DISCUSSION
Christine A. - Shin~ton
Assistant City Manger
The proposed Renaissance development proposed for the former
Cosmopolitan Apartment site is before the City Council for
consideration of entitlements on August 15, 1994. Based upon
Agency right-of-way needs along Newport Avenue and the requirement
under California Redevelopment Law that any housing development
within a project area include affordable housing units (eight units
in the Renaissance Development must be affordable to families at
50% of the median income), the applicant is requesting Agency
financial assistance for the project including assistance for
dedication of right-of-way along Newport Avenue. Staff in closed
session will seek direction from the Agency on the negotiating
parameters for any assistance level.
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