pages: CityCouncil/2006-02-21.pdf, 18
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CityCouncil | 2006-02-21 | 18 | AGENDA ITEM CITY COUNCIL AND COMMUNITY IMPROVEMENT COMMISSION ACTION (06-075 CC/06-006 CIC) Recommendation to amend two loans to the Alameda Development Corporation for 626 Buena Vista Avenue, Alameda and provide up to $1.2 million in subsidy to fund eight units of affordable ownership housing. The Development Services Director gave a brief presentation. Councilmember/Commissioner deHaan stated it is a pleasure to be at this point of the process; partnering with Habitat for Humanity is excellent each unit has a heavy subsidy as high as $220,000 because of the housing market; inquired whether the Alameda Development Corporation (ADC) was an outgrowth of the Council. Greg Fujita, ADC President, responded in the affirmative; stated ADC's history was based on a 60% homeownership goal eight years ago; the Homeownership Taskforce suggested formation of a non- profit. Councilmember/Commissioner deHaan inquired whether ADC was involved at the Bayport development as well. Mr. Fujita responded in the affirmative; stated ADC was performing the buyer selection process for Bayport, RCD and School District projects. The Development Services Director noted that ADC also performed the Kaufman and Broad buyer selection process. Vice Mayor/Commissioner Gilmore stated that the staff report included a cost proforma; the 10% hard construction contingency caught her eye; other City projects have had 15% to 20% contingencies. inquired whether the 10% contingency was realistic. The Development Services Director responded that the project's partners have experience and seem very comfortable and confident with the budget. Councilmember/Commissioner Daysog inquired whether the subsidy was money that could only be used for housing programs. The Development Services Director responded in the affirmative. stated the sources include federal home funds, tax increment specifically restricted to affordable housing, and affordable Special Joint Meeting Alameda City Council and 2 Community Improvement Commission February 21, 2006 | CityCouncil/2006-02-21.pdf |