pages: CityCouncil/2008-08-05.pdf, 15
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CityCouncil | 2008-08-05 | 15 | should the Agreement move forward. The Development Services Director responded Warmington would respond to community input, follow the normal process, and work toward a project that the School Board and Planning Board would be comfortable with; if Warmington does not build on the site, the CIC, working with School District, would go through the same public processi if the Alameda Unified School District (AUSD) and the CIC do the project, there would be less opportunity to construct moderate income units on the site because both the CIC and AUSD money and tax credits support low and very low income, but not moderate units; the Guyton Agreement restricts both AUSD's housing dollars and most of the CIC's housing dollars. Mayor/Chair Johnson inquired whether approval of a project is not before the Council/Commission tonight, but that the Agreement, which does not give any entitlements to any particular project, is being considered. The Development Services Director responded in the affirmative. Councilmember/Commissioner deHaan stated the City had an Agreement with Warmington for Veteran's housing; inquired how many units were constructed. The Development Services Director responded the 39 units at Operation Dignity were part of the Catellus project. louncilmember/Commissioner deHaan inquired how much money Catellus put into the project. The Development Services Director responded Catellus was not obligated to money into the project; stated the project was an obligation of the CIC under the Development Agreement. Councilmember/Commissioner deHaan inquired where the funding came from. The Development Services Director responded the deal was leveraged with Multifamily Housing Program (MHP) funds and tax credits stated about 20% of the equity contribution came from the CIC; the CIC removed the units and was obligated to replace the units under the law; the entire transaction assigned certain costs to the public; Catellus loaned funds to the CIC. Councilmember/Commissioner deHaan inquired how much Warmington would invest in the project. Special Joint Meeting Alameda City Council and Community Improvement Commission 2 August 5, 2008 | CityCouncil/2008-08-05.pdf |