STOCKTON BOULEVARD REDEVELOPMENT ADVISORY COMMITTEE
THURSDAY, April 14, 2005 6:00pm Stockton Boulevard Partnership Office, 5625 Stockton Boulevard
Absent: Cranshaw
Ms Silverman presented a report to recommend approval of an action item to give the Redevelopment Agency authority to submit an application to the California Infrastructure and Economic Development Bank (IBank) for $4 million to fund the Phase III streetscape improvements, accept funding and execute documents should funds be awarded and use the Stockton Boulevard tax increment funds to repay the IBank loan. The IBank offers an Infrastructure State Revolving Funds program designed to provide low cost financing (3 to 3.8 percent) to public agencies for a variety of infrastructure projects; with a 30 year amortization of the loan at the higher interest rate, the anticipated annual payment from tax increments is estimated to be less than $224,000. Phase III is the last phase of the Stockton Boulevard streetscape improvements to be completed between El Paraiso Avenue and the City/County boundary south of Riza Avenue. The expectation is once the loan is approved that construction will begin in September with a completion in the Spring 2006.
A question was raised as to why the report will be submitted both to the City Council and the Board of Supervisors when the improvements for Phase III are entirely in the City. The reason is that the redevelopment area is a joint City/Council redevelopment area and since payment of the loan will come from these joint redevelopment funds, both the City Council and the Board of Supervisors must approve the action.
Motion to approve staff recommendations was made by Greene, seconded by Brown, vote: 6 ayes, 0 noes.
This report recommended approval of an action item to give the Redevelopment Agency authority to receive two properties owned by the Housing Authority of the County of Sacrament and proceed with issuing a Request for Proposals (RFP) for 4758 15th Avenue. The property on 15th Avenue is a small single family vacant lot. The property at 14th Avenue is also a vacant lot, approximately one acre, zoned for multifamily use and is adjacent to residential and commercial land uses. These two properties, owned by the Housing Authority, have been identified as excess because of their size and various obstacles to development for new Housing Authority units. Because of these constraints the Housing Authority is working on declaring these properties "surplus" which would enable the transfer of the sites to the Redevelopment Agency. The 15th Avenue lot will be part of a RFP including other single family lots in other areas. The 14th Avenue lot, zoned RD 20 for multi-family development, will also be included in a RFP but because it is likely to be higher density single family homes, staff requested input to include in the RFP.
The merits of rental versus homeownership, affordability options and types of units to be developed in the area was discussed. It was agreed that adequate rental housing was available in the redevelopment area. It was mentioned that homeownership boosts the area by generating pride and care and will help the area prosper. It was agreed upon that less density than RD 20 such as medium density 8-15 units be part of the proposal and that a portion of the units are to be affordable to low-and-moderate income owner occupants.
Motion to approve staff recommendations was made by Byrd, seconded by Brown, vote: 6 ayes, 0 noes.
A. Replacement Financing for Lemon Hill Townhomes – Chris Pahule, SHRA
In 2002 the Housing Authority of the City of Sacramento committed to providing project based Housing Choice Vouchers to this74 unit project developed by Sacramento Mutual Housing. Due to federal regulatory changes and funding cuts to the Housing Choice Voucher program, the Housing Authority is no longer able to meet this commitment which negatively impacts the project‘s ability to make required debt payments. Therefore staff was recommending use of funds from City HOME and the City Housing Trust Fund for permanent financing of the project.
B. Stockton Boulevard Redevelopment Project Area Update – Eve Silverman, SHRA
The property listed for sale at 5716 Stockton Boulevard is in escrow with a private party. As a result, the staff report presented to the RAC last month requesting allocation of funds to purchase this property is not going forward. Staff will explore what the new owner’s plans will be to develop the property. The Fortune Festival will be held on Saturday April 16th at the Boys and Girls Club. A pancake Breakfast sponsored by the Colonial Heights Affiliate Friends of the Sacramento Public Library will take place on Saturday, April 23rd. The Dream Street project in the Fruitridge Pocket neighborhood will take place on Saturday April 30th. Redevelopment Advisory Committee Recruitment reopened April 14th and there are four vacancies (1 business, 2 renter, 1 homeowner). We are hoping RAC members will identify interested applicants and help spread the word. The Exterior Rebate program will be reinstated as a grant program after Council and Board approval in April.
Ms. Lee passed out additional flyers for the Saturday April 16, 2005 (10am to 5pm) for the First Annual Fortune Festival to be held at Lemon Hills Boys and Girls Club inviting RAC and guests.
Reverend Byrd indicated there were 800 volunteers signed up for the Dream Street event and that lunch would be provided.