My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
R2004-188 REGARDING FUTURE DEVELOPMENT
COD
>
City Clerk
>
RESOLUTIONS
>
2004
>
R2004-188 REGARDING FUTURE DEVELOPMENT
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/29/2015 3:40:42 PM
Creation date
12/29/2015 3:40:42 PM
Metadata
Fields
Template:
Resolution/Ordinance
Res Ord Num
R2004-188
Res Ord Title
REGARDING FUTURE DEVELOPMENT OF THE WABASH CROSSING REDEVELOPMENT PROJECT
Approved Date
12/20/2004
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
3
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br /> DECATUR, ILLINOIS; <br /> Section 1. That it is the intent of the Council to support the direction and scope of the <br /> Wabash Crossing redevelopment project, including the payment of a three percent (3%) developer <br /> fee to the Decatur Housing Authority, subject to the conditions of Section 2 and Section 3 herein. <br /> Section 2. That the Decatur Housing Authority makes the following assurances to the <br /> City in support of receiving the proposed developer fee: <br /> A. The combined three percent (3%) developer fees shall not exceed one <br /> million dollars ($1,000,000) for Phases II and III. The fee shall be paid directly to <br /> DHA and not to an affiliate or designee of the Authority. <br /> B. The developer fee earned by DHA shall be committed first to the <br /> completion of the Wabash Crossing project, in accordance with the terms of the <br /> Revitalization Plan. <br /> C. The total housing units, unit mix and type of units (by affordability group) <br /> shall not be modified or amended from the approved Revitalization Plan without <br /> prior consent of the City Council to amend the three-party agreement. <br /> D. The overall quality of the development, including construction, <br /> infrastructure and architectural design, shall meet or exceed the quality of the <br /> Phase I development. Necessary cost reductions, if any, shall be made to result in <br /> a net reduction in the total number of housing units to be constructed and as <br /> approved by HUD. DHA will use the developer fee to leverage the proceeds of <br /> the fee and other public housing funds to develop housing units in a future Phase <br /> of Wabash Crossing that would have otherwise been constructed as a part of <br /> Phases II and III. <br /> E. In the event of a shortage of funds available to complete the redevelopment <br /> project, DHA will not request the City to make additional financial contributions <br /> to the proj ect. <br /> F. The usage of the development fee shall be construed, treated and governed <br /> by HUD 24 CFR Part 84 regulations and policies promulgated by the Department <br /> of Housing and Urban Development pertauung to the use of mixed finance <br /> program income. I <br /> Section 3. That the award of a developer fee to DHA is subject to the successful <br /> achievement of the following tasks: <br />
The URL can be used to link to this page
Your browser does not support the video tag.