CIC Resolution 89-39COMMUNITY IMPROVEMENT COMMISSION
RESOLUTION NO. 89-39
AUTHORIZING EXECUTION OF THE AFFORDABLE
HOUSING AGREEMENT WITH THE ALAMEDA
HOUSING AUTHORITY
WHEREAS, the Community Improvement Commission and the
Alameda Housing Authority are interested in the development of
housing in the City of Alameda which will be affordable to very
low, low and moderate income persons; and
WHEREAS, the Housing Authority desires to develop a
mixed-use 186 unit senior citizen rental housing and office space
complex within the Community Improvement Commission's West End
Community Improvement Project Area; and
WHEREAS, the Housing Authority will provide a minimum of
65 affordable rental units, of which 29 will be provided to very
low income households; and
WHEREAS, the agreement with Marina Village to provide
affordable housing units in the project area will be partially
terminated, excluding the seven residential units provided to
qualified households, to provide financing for the agreement
between the CIC and the Housing Authority; and
WHEREAS, the agreement between the Community Improvement
Commission and the Housing Authority will allow the remaining Tax
Allocation Bond proceeds, interest earned thereon, and the Tax
Increment Set-Aside funds, not required for debt service, to be
used by the Housing Authority; and
WHEREAS, the Tax Increment Bonds will be used by the
Housing Authority to write down the amount of the mortgage needed
to fund the Independence Plaza Project and to pay other costs in
order to provide affordable housing.
NOW, THEREFORE, BE IT RESOLVED that the Community
Improvement Commission of the City of Alameda hereby approves of
the Affordable Housing Agreement between the Alameda Housing
Authority and the Community Improvement Commission.
BE IT FURTHER RESOLVED that the Chairman and Secretary of
the Commission are hereby authorized and directed to execute said
agreement on behalf of the Commission.
* * * * * *
I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by
the Community Improvement Commission of the City of Alameda
in regular meeting assembled on the 17th of January, 1989,
by the following vote, to wit:
AYES:
"---,
ABSENT:
Commissioners Arnerich, Camicia, Monsef and
Acting Chairman Thomas - 4.
None.
Mayor Corica - 1.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said Commission this 18th day of
January, 1989.
a,1,4,e
Diane'UsFelsch, Secretary
Community Improvement Commission
Rarbara Thomas, Acting Chairman
Community Improvement Commission