Laserfiche WebLink
REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 18, 2014 <br />I11111it" <br />LOAN AGREEMENT WITH 940 MINNIE, LP <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 18' Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For_ <br />CONTINUED TO <br />_ FILE NUMBER <br />CITY MANAGER <br />RECOMMENDED ACTION <br />Authorize the City Manager or his designee and the Clerk of the Council to execute a loan <br />agreement with 940 Minnie, LP for the acquisition and rehabilitation of a multi - family property <br />located at 940 S. Minnie Street in an amount not to exceed $1,422,000, subject to <br />nonsubstantive changes approved by the City Manager and City Attorney. <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />At its regular meeting on February 18, 2014, by a vote 6:0, the Community Redevelopment and <br />Housing Commission recommended that the City Council authorize the City Manager or their <br />designee and the Clerk of the Council to execute a loan agreement with 940 Minnie, LP for the <br />acquisition and rehabilitation of a multi - family property located at 940 S. Minnie Street in an <br />amount not to exceed $1,422,000. <br />DISCUSSION <br />On October 22, 2013, staff distributed a notice announcing the availability of a Request for <br />Proposals (RFP) soliciting proposals for the development of an affordable rental housing project. <br />The RFP indicated that the City would consider proposals for acquisition and rehabilitation <br />projects. It also indicated that the City had approximately $1.5 million in federal HOME Program <br />funds available for commitment to a project. It identified a number of criteria that would be used <br />to evaluate proposals, including the project readiness, proposed levels of affordability, the <br />location of the proposed project, the leveraging of City funds with outside sources, and <br />experience and track record of the development team in both developing and managing <br />affordable projects. The RFP was published on the City's website, and 74 electronic letters and <br />115 hard copy letters announcing its availability were sent to individuals and firms who had <br />previously requested to be informed of development opportunities. Four developers submitted <br />questions regarding the RFP, yet only one proposal was received. <br />251 -1 <br />