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MEMORANDUM <br />To: City Manager <br />From: Interim Executive Director <br />Community Development Agency <br />Subject: 1.401 N. FLOWER <br />Date: December 3, 2012 <br />The Vitus Group, a for-profit affordable housing developer, is proceeding with plans to acquire and <br />rehabilitate Wycliffe Plaza which is located at 1401 N. Flower Street. An agenda item to authorize <br />the issuance of tax-exempt mortgage revenue bonds is on the December 3, 2012 Housing Authority <br />meeting agenda. This financing along with the use of low-income housing tax credits will enable the <br />affordability of this senior housing to be extended for 55 years. <br />At the November 6, 2012 meeting of the Redevelopment and Housing Commission, the issuance of <br />the tax exempt mortgage revenue bonds was discussed. While commissioners had no issues with the <br />physical development or financing, a few did express concerns about the proposed name, Washington <br />Place, as sounding too similar to Washington Square (neighborhood), which could cause confusion. <br />After consulting with the Ieadership of the Washington Square Neighborhood, they also concurred <br />that an alternate name be explored. <br />In response, the Vitus Group has revisited their project name and selected Flower Terrace as the new <br />name. Principals from the Vitus Group are also moving ahead with a separate briefing on the project <br />for the leadership of Washington Square. This will enable them to become more familiar with the <br />project and Plans to assure that excellent management and maintenance are in place over the long <br />term. <br />Please contact me with any questions on the matter. <br />JWCq <br />Nanev T. Edwards <br />cc: Mayor and City Council <br />CCM: 12/03/2012 <br />HA -4 <br />