HomeMy WebLinkAboutR04-Redevelopment Agency
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01" TIIB CITY OF SAIl R1rIIWARnlRO
BODIST POR CQIRlSSIOW'COOWCIL AC'lION
From:
Kenneth J. Henderson
Executive Director
Subject:
BIUlL1lII DBVBLOPIIDT
HOUSIIIG PROJBCT
Date:
August 12. 1992
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Svnooais of PreYioua C....ission/Cft....~i1/C~ittee ~ction(s):
On August 11. 1992. the Housing Committee considered this request for
financial assistance and recommended approval to the Community
Development Comission.
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RecftMm,""ed IIOtion(s):
(C~"tv Dawelo.........t. C..--t..lonl
MOTION:
That the Coamunity Development Commission (i) approve the
interim construction loan financing in the amount of
$472.000 to Emblem Development for the construction of
fifty-nine (59) low income single family detached homes,
subject to the terms and conditions set forth in the staff
report, and. (ii) authorize agency counsel to prepare the
appropriate Owner Partcipation Agreement (OPA) and submit
same to the Commission for approval.
,
-'-"'~ON
Executive Director
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Administrator
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Contact Person(s): Ken Henderson/Bd Flores
Phone:
5081
Project Area(s): State Co11eRe (SC)
Ward(s): Five (5)
Supporting Data Attached: Staff ReDort
FUNDING REQUIREMENTS:
Amount: *472.000
20X Set-Aside Fund
Source:
Budget Authority:
Reauested
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Commission/Council Notes:
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ICJH:ELF:2343B
COMMISSIOW MEB'lING AGENDA
Meeting Date: 8/17/1992
Agenda Item Number: --1--
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DBV~OPRB.T DBPARrR~r
OF 'l1li CITY OF SAIl R1rIIW.nntRO
SrAPI' REPORT
Emblem Develooment Housina Proiect
Emblem Development Corporation has submitted a proposal requesting
financial assistance fro.. the Agency for the development of tract
number 14715 near the intersection of Kendall Road and 4th Avenue in
the City of San Bernardino.
Emblem Development currently owns the land and is seeking financial
assistance in the amount of $8.000 per lot x 59 lots, or a total of
$472,000, to help offset certain costs and to offer housing at a price
per square foot lower than most housing in the area.
The project is to be developed utilizina three floor plans as follows:
1 - 1200 sq. ft.
2 - 1299 sq. ft.
3 - 1320 sq. ft.
2/Br - 2 Bath 1 story
3/Br - 2 Bath 1 story
3/Br/Den - 2 Bath 1 story
The proposed price range is as follows:
Plan 1 - $117.990 - $110.79 per. sq. ft.
2 - $127.990 - $ 98.52 per. sq. ft.
3 - $129.990 - $ 98.48 per. sq. ft.
The pricina of the homes would include the following features that are
usually optional items on homes of this type and in this price range.
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l. Drapes
2. Security System
3. Garage door opener -
4. Microwave oven -
5. Trash Compactor
The homes will also include normal development code requirements of the
City. such as rear yard fencing and front yard landscaping. The homes
will be a Mediterranean Stucco style with tile roofs and
architecturally enhanced to provide a pleasing atmosphere. Thirty-two
(32) of the units could include a "Bonus Area" in the garage which
could be utilized as a third car garaae or an additional bedroom. The
cost to the consUBer for this Bonus Area would be $6,000.00 or $37.50
per square foot unfinished. In the event the room is to be finished by
the developer in a habitable state. it would cost $62.50 per square
foot. '
KJH:ELF:2343B
COJIItISSION MElTING AGENDA
Meeting Date: 8/17/l99~1
Agenda It_ Number: ~
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DBVELOPMElft' DBPAKnu&n: (}rr RBPORr
Emb1ea Deve10pDeBt Boualll Project
August 12. 1992
Page Bmlber -2-
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The financial assistance plus accrued interest would be repaid at the
close of escrow. The interim assistance loan would be subordinated to
the construction financing. Staff will insist that. where possible,
houses be sold to first time homebuyers.
Based upon the foregoing. staff recommends that interim construction
loan financing assistance be provided subject to the following terms
and conditions:
A 1.5X loan origination fee.
Loan to accrue interest at prime plus two, to be fixed at loan
closing.
The developer will make demonstrated good faith efforts to sell to
first-time homebuyers.
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The loan will not fund until all entitleJllents have been acquired and
supplemental construction financing obtained. A letter from the
Director of Planning and Building Services indicating the developer
is able to pull building permits will suffice. A related letter from
a private lending institution commiting to construction loan
financing will also suffice.
On August 11, 1992, the Housing Committee considered this matter and
recommended approval of this project to the Community Development
CODlllission.
Staff recommends adoption of the form motion.
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lUUUUi:u& ~. BBlDi.sON. Bxec:utive Director
Deve1o~t Departaellt
K.JH:ELF:2343B
COIlfiSSIOR IID'rING AGENDA
Meeting Date: 8/17/199;,
Agenda Item Number: ~