Resolution 11858CITY OF ALAMEDA RESOLUTION NO. 11858
AUTHORIZING WAIVER OF CITY FEES FOR
INDEPENDENCE PLAZA
WHEREAS, the 186 unit Independence Plaza complex has been in
development since 1987 and at the July 5, 1989, meeting of the City
Council sitting as the Housing Authority Board of Commissioners a
budget of $13,497,000 was approved for said project; and
WHEREAS, the bonds have been sold; the mortgage is closed; and
the construction started the week of October 2, 1989; and
WHEREAS, at said meeting two scenarios were presented
regarding the number of affordable units in the project: A) showing
the current costs and B) allowing the goals of the Housing Element
to be met by showing the economics of the project if the City were
to waive Alameda fees and charges of $426,518; and
WHEREAS, if City fees were waived the Housing Authority would
not have to make construction payments up front from reserves which
could be used to subsidize more units over the life of the project
causing 69% instead of 53% of the units to be affordable for the
first 10 years of said project; and
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
Alameda that said Council hereby authorizes waiver of City fees in
the amount of $426,518 to make 69% of the units at Independence
Plaza affordable to Alameda seniors.
CITY ATTORNEY
I, the undersigned, hereby certify that the foregoing Resolution
was duly and regularly adopted and passed by the Council of the
City of Alameda in regular meeting assembled on the 17th day of
October, 1989, by the following vote to wit:
AYES: Councilrnembers Arneri.ch, Cardcia, Thomas, Withrund, and
President Corica - 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the
official seal of said City this 18th day of October, 1989.
• f r
City C erk of the City of Alameda
2