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REQUEST FOR COUNCIL/ <br />AGENCY ACTION <br />MEETING DATE: <br />JANUARY 7, 2008 <br />TITLE: <br />LOAN AGREEMENTS WITH TOWNSEND & RAITT, LLC <br />AND AUTHORIZATION OF RELOCATION PLAN, <br />817 AND 821 S. TOWNSEND STREET AND <br />834 S. RAITT STREET <br />Ih~t~ ~l~C Yy <br />CITY NAGE EXECUTIVE DIRECTOR <br />CLERK OF COUNCIIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />^ As Amended <br />^ Ordinance on 1st Reading <br />^ Ordin<~nce on 2nd Reading <br />^ Implementing (Resolution <br />^ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION <br />At its Regular Meeting of November 20, 2007, the Community Redevelopment <br />and Housing Commission voted against recommending the actions for City <br />Council and Community Redevelopment Agency consideration listed below by <br />a vote of 2:3 (Pedroza, Rodriguez, Vasquez: No; Turner: absent), <br />respectively. <br />The questions and concerns raised by the Community Redevelopment and <br />Housing Commission members included the following: Need for <br />Recommendation at Meeting; Alternative Funding Sources; Timing of <br />Acquisition; Identification of Location; Neighborhoods with Similar <br />Need; Availability of Social Services; Temporary Relocation; and <br />Remaining Tax Increment Funds. <br />Staff had recommended approval because the proposed activity would <br />continue to expand the City's historic efforts and commitment to <br />stabilize neighborhoods and provide quality affordable housing <br />opportunities. The amount of per unit subsidy is consistent with prior <br />approved projects. This was an opportunity to begin stabilization of <br />this neighborhood utilizing funding which is designated for the <br />expansion and preservation of affordable housing. <br />RECOMMENDED ACTION <br />Deny. If the City Council wishes to approve this project, the following <br />actions are necessary. <br />80B-1 <br />