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. REofVELOPMENT AGENCY.&EST FOR I,MMISSION/COUNCIL AllON
GLENDA SAUL
Subject: TEFRA PUBLIC HEARING - DEL ROSA
GARDENS PROJECT
1m.
pt:
Redevelopment Agency
Date: FEBRUARY 24. 1986
Synopsis of Previous Commission/Council action:
Ordinance #3815 providing for the issuance of multifamily mortgage revenue bonds.
On June 17. 1985. the Mayor and Common Council adopted Resolution #85-213 -
inducement resolution. .
On November 18. 1985. the Mayor and Common Council adopted Resolution #85-473
setting a TEFRA public hearing.
On December 21. 1986. Mayor and Common Council continued the TEFRA public hearing
to January 6. 1986.
On January 6, 1986, the Mayor and Common Council continued the TEFRA public
h~arin~ to March 3. 1986.
Recommended motion:
(MAYOR AND COMMON COUNCIL)
.
Continue public hearing to April 21. 1986.
~4..itd
Contact person: GLENDA SAUL
Supporting data attached: YES/STAFF REPORT
Phone: 383-5081
Ward: 7
FUNDING REQUIREMENTS:
Amount: $
N/A
Project:
No adverse Impact on City:
.Cil Notes:
Date:
N/A
March 3. 1986
Agenda Item No. J I
i . CIT' OF SAN BERNARDIA - REQU'-" FOR COUNCIL AC,t,N
.
.
.
75-0264
STAFF REPORT
Staff requests the public hearing be continued to allow developer and staff to
assess the projected effective date of H.R. 03838. There is still no word as
to the effective date of this proposed tax reform. Until that time, the
ability to issue tax-exempt bonds is uncertain. Staff requests the
continuance to April 21, 1986.
The following is a recap of the application:
Principals:
E1mwood Del Rosa, a partnership.
Amount of Financing:
$11,400,000
Project:
Construction of a 200-unit senior
citizen multifamily rental and
congregate housing development on
a 4.5 acre site.
Location:
Del Rosa Avenue on
Rosa Avenue on the
Road on the east
Avenue on the north.
the west, Del
south, Elmwood
and Highland
Target Date for Financing:
Second quarter, 1986,
Construction Schedule:
1 phase: 12-18 months to complete.
Increase in Jobs:
During construction only.
Reserve & Development Fee:
1% of $11,400,000 - $114,000
Rent Schedule:
116 Units
1 bedroom/1 bath/$395 per month.
116 units congregate care - will
provide recreation, transportion,
limited and medical assistance,
beauty shop, meals (3), maid and
security service.
70 private, single occupancy
$990.00 per month.
46 semi-private, double occupancy
- $550.00 per month.
680L
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