2002-10-21 - Laserfiche WebLink

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WORK STUDY SESSION • Improvements include realignment of the street for traffic calming and pedestrian safety • Project is a cooperative agreement between the City and the property owners • City's responsibilities include construction of street and landscape improvements, Fagade Improvement grants, and , target loan program • The Owners formed an owners association and signed and recorded CC&R's and Owner Participation Agreements (OPA), and agree to improve the buildings • The CC&R's will improve maintenance and management, overcrowding, manager training, and enforceability • The owner improvement project began in August, 2000 and is expected to be completed in August, 2005 • The owners association is comprised of owners of 48 properties; 90% participation required; received 100% participation • Responsibilities of the owners association include maintenance of landscape and parking areas, and assistance in enforcing standards; the association is supported by monthly dues • Owners to improve building and have 5 years to bring up to standards • City gains a better neighborhood, future savings and prototype for other neighborhoods • Owners gain higher values, stable tenants, and lower cost • Residents gain community pride, safer community, and improved conditions • Creation of 500 affordable housing units • Fagade and Public Improvements • Approval of bonds totaling $14.2 million for interior and exterior improvements • Major rehabilitation and improvements for 287 units • New loan program for stair and balcony improvements • Grand opening of 40 rehabbed apartment units • Project attracting private investors/non-profit agencies • Rehabilitation of 130 units with 100% private financing • Neighborhood and Owners Associations formed and meet regularly • Funding awarded for traffic signal at Hobart/Standard • County funding for family resource center CITY COUNCIL MINUTES 387 OCTOBER 21, 2002