R2002-42 AMENDING RESOLUTION 4 2002-03

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Economic & Urban Development Department Memorandum # 02-28 March 21, 2002 TO: Honorable M r Terry M. Howley and City Council Members FROM: Steve G ity Manager A.J. Kriege , ssistant City Manage SUBJECT: Phase 1 Near North Property Conveyance Resolution RECOMMENDATION: Council approval of the attached resolution will authorize the City Manager to convey City owned property within the Near North/Hope VI redevelopment area to East Lake Management and Development Corporation. Ai�ordable and market rate housing units built upon this ground would represent Phase 1 of the Near North/Hope VI redevelopment project. City staff recommends approval. BACKGROUND: As Council members will recall, Resolution R2002-03 was approved for the purpose of allowing East Lake to demonstrate site control as part of its Illinois Housing Development Authority (IHDA) Low Income Housing Tax Credit application. That application was submitted to IDHA in January, and East Lake and the City are awaiting IHDA notification. The intent of this resolution is to allow East Lake to demonstrate its ability to obtain site control for the purpose of applying for additional funding sources; Federal Home Loan Bank funds, IHDA Trust Fund, and State of Illinois Tax Credits. Combined, these three additional sources represent the potential for significant contribution of needed funds toward Phase 1 housing construction. These various applications are competitive processes whereby credits are awarded based on the strength of each application. One important criteria is the developer's ability to demonstrate site control. As East Lake, the Decatur Housing Authority, and the City are jointly exploring additional project funding sources, these three have been identified as important, viable opportunities. The applications have April 1 and April 8 deadlines. POTENTIAL OBJECTION: City staff is not aware of any opposition to this resolution or eventual property conveyance. INPUT FROM OTHER SOURCES: Attached to this memorandum is a resolution and map showing the subject property. STAFF REFERENCE: If Council members have questions they may contact A.J. Krieger, 424-2727, atkrie e�r(�a,decaturnet.org .