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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> Memo No. 07-47 <br /> March 28, 2007 <br /> TO: Honorable Mayor Paul Osborne and City Council Members <br /> FROM: Steve Garm ity Manager <br /> Greg Crow irectar of Economic&Urban Developme�J <br /> SUBJECT: Agreement with Heritage Place at Lakeshore, LP <br /> SUMMARY RECOMMENDATION: Staff recommends approval of the attached resolution <br />, authorizing an agreement with Heritage Place at Lakeshore, LP. <br /> BACKGROITND: On November 21, 2005, the Crty Council agreed to loan Sterlmg <br /> Development $250,000 as part of the construction of an 80-unit senior housing development at <br /> 1035 South Main Street. The agreement for the development is with Heritage Place at <br /> Lakeshore, LP which was incorporated by Sterling Development in order to apply for tax credits <br /> through the Illinois Housing Development Authority. T'he attached resolution will rescind the <br /> original resolution authorizing an agreement with Sterling Development and correctly authorize <br /> the City to enter into an agreement with Heritage Place at Lakeshore, LP. <br /> T'he project will have 36 single bedroom units and 44 two bedmom units. Heritage Place at <br /> Lakeshore, LP has been approved for ta�c credit allocation. Construction is expected to begin this <br /> spring and commence next summer. <br /> POTENTIAL OBJECTIONS: N/A <br /> INPUT FROM OTHER SOURCES: N/A <br /> STAFF REFERENCES: If Council members ha.ve questions they may contact Greg Crowe, <br /> Director of Economic and Urban Development,424-2727, or at gccrowe@decaturnet.org <br /> BUDGETfI'IlVIE IlVIPLICATIONS: N/A <br />