HomeMy WebLinkAboutHA_1401 N. FLOWERMEMORANDUM
To: City Manager
From: Interim Executive Director
Community Development Agency
Subject: 1.401 N. FLOWER
Date: December 3, 2012
The Vitus Group, a for-profit affordable housing developer, is proceeding with plans to acquire and
rehabilitate Wycliffe Plaza which is located at 1401 N. Flower Street. An agenda item to authorize
the issuance of tax-exempt mortgage revenue bonds is on the December 3, 2012 Housing Authority
meeting agenda. This financing along with the use of low-income housing tax credits will enable the
affordability of this senior housing to be extended for 55 years.
At the November 6, 2012 meeting of the Redevelopment and Housing Commission, the issuance of
the tax exempt mortgage revenue bonds was discussed. While commissioners had no issues with the
physical development or financing, a few did express concerns about the proposed name, Washington
Place, as sounding too similar to Washington Square (neighborhood), which could cause confusion.
After consulting with the Ieadership of the Washington Square Neighborhood, they also concurred
that an alternate name be explored.
In response, the Vitus Group has revisited their project name and selected Flower Terrace as the new
name. Principals from the Vitus Group are also moving ahead with a separate briefing on the project
for the leadership of Washington Square. This will enable them to become more familiar with the
project and Plans to assure that excellent management and maintenance are in place over the long
term.
Please contact me with any questions on the matter.
JWCq
Nanev T. Edwards
cc: Mayor and City Council
CCM: 12/03/2012
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