Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into an agreement with Wagenbrenner Development, Inc. The funds provided by the agreement will be used to undertake the development of five units located at 361-369 East Eleventh Avenue and will be part of Grant Commons which is a market rate rental housing project in the University District also adjacent to Weinland Park. Grant Commons is being developed as a market rate project to restored historic properties in the area. This legislation authorizes the expenditure of $250,000.00 of bond funds to Wagenbrenner Development, Inc. for the development of the 361 - 369 East Eleventh Avenue.
Emergency action is necessary to allow for Wagenbrenner Development, Inc. to immediately begin the development of the project.
FISCAL IMPACT: Funding is from the Housing Preservation/Home Again/Land Bank - 2013 Capital Improvements Budget.
Title
To authorize the Director of the Department of Development to enter into an agreement with Wagenbrenner Development, Inc. to undertake the development of five units located at 361-369 East Eleventh Avenue as part of the Grant Commons rental housing project; to authorize the expenditure of $250,000.00 from the 2013 Housing Preservation Fund; and to declare an emergency. ($250,000.00)
Body
WHEREAS, the Department of Development, Housing Division desires to administer a rehabilitation grant from city bond proceeds within 2013 Capital Improvements Budget; and
WHEREAS, the Department of Development desires to enter into an agreement with Wagenbrenner Development, Inc. and to expend $250,000 in bond proceeds; and
WHEREAS, these monies will be used to assist in the development and rehabilitation of 361-369 East Eleventh Avenue as part of the Grant Commons rental housing project to provide market rate housing; and
WHEREAS, emergency action is necessary to allow for the commencement of the project to begin immediately; and
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