HomeMy WebLinkAbout2006 CC RESO 2006-67 CDCNOT ADOPTED
RESOLUTION NO. 2006-67
A "RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY
AUTHORIZING UNIDEV, LLC TO SUBMIT AN APPLICATION
FOR 4 PERCENT AND 9 PERCENT LOW INCOME TAX CREDITS
FOR THE PROPOSED SENIOR VILLAGE PROJECT
AND AUTHORIZING THE EXPENDITURE OF $189,000
FROM THE COMMUNITY DEVELOPMENT COMMISSION
LOW INCOME SET ASIDE FUND TO SUBMIT THE APPLICATION
AND IMPLEMENT ADDITIONAL PREDEVELOPMENT
WORK ASSOCIATED WITH THE PROPOSED PROJECT."
This Resolution was not adopted at the
Meeting of April 4, 2006.
DATE: April 27, 2006
Midhael R.'Dal(a, CMC
Recording Secretary -City
Clerk
N.)- Adopid
RESOLUT ON NO. 2006 — 67
RESOLUTION OF THE
COMMISSION OF T
AUTHORIZING UNIDEV,
FOR 4 PERCENT AND 9 PE
FOR THE PROPOSE'
AND AUTHORIZING T
FROM THE COMMUNI
LOW INCOME SET ASIDE F
AND IMPLEMENT AD
■
COMMUNITY DEVELOPMENT
E CITY OF NATIONAL CITY
LC TO SUBMIT AN APPLICATION
CENT LOW INCOME TAX CREDITS
SENIOR VILLAGE PROJECT
E EXPENDITURE OF $189,000
' DEVELOPMENT COMMISSION
MD TO SUBMIT THE APPLICATION
ITIONAL PREDEVELOPMENT
WORK ASSOCIATED WITH THE PROPOSED PROJECT
WHEREAS, the proposed S -nior Village project encompasses a 7.1 acre area
that contains the CDC -owned Kimball and organ Towers. Envisioned for the area is a senior
campus that will include the development o 160 low income rental units and 320 below market
for sale units. The proposal also includ ,s the renovation of existing rental units, a new
recreation center, replacement of the Nutriti n and Senior Centers, specialized retail uses, deck
parking, and a new pedestrian oriented str-etthat will link the existing residential area to the
new development; and
WHEREAS, UNIDEV, LLC, t
submit an application for 4 percent and 9
project, and has requested financial assista
for the costs associated with submitting the
predevelopment work.
e developer of the project, has stated its desire to
percent Low Income Tax Credits for the proposed
ce from the CDC in the amount of $189,000 to pay
tax credit application and implementing additional
NOW, THEREFORE, BE I " RESOLVED that the Community Development
Commission hereby authorizes the expenditure of $189,000 from the Low Income Set Aside
Fund to assist UNIDEV, LLC in submitting 4 percent and 9 percent Low Income Tax Credits,
and to assist in the implementation of addit onal predevelopment work for the proposed Senior
Village Project.
PASSED and ADOPTED this 4th day of April, 2006.
Nick Inzunza, Chairman
ATTEST:
Chris Zapata, Secretary
APPROVED AS TO FORM:
George H. Eiser, III
Legal Counsel