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City authorizes KHRC grant agreement for moderate-income housing conversion at 124 S. Main
Summary
The City authorized the manager to sign a Kansas Housing Resources Corporation moderate-income housing grant for a Frontier Development Group project to convert the upper 3½ stories of 124 South Main into 13 income-restricted units; the developer anticipates approximately $3.2 million total project cost and has pursued multiple funding sources.
The El Dorado City Commission authorized the city manager on July 7 to execute a moderate-income housing (MIH) grant agreement with the Kansas Housing Resources Corporation (KHRC) for redevelopment of 124 South Main Street.
City staff described the proposal from Frontier Development Group to renovate the building’s upper three and a half stories into 13 income-restricted residential units for households at or below the program’s income thresholds. Staff said the developer has been awarded Kansas Housing Investment Tax Credits and a state revolving loan and is actively bidding the project.
Staff stated the developer anticipates a total project cost near $3,200,000. The small commercial spaces at street level are expected to be white-walled to attract new tenants; those commercial improvements are not eligible for the KHRC MIH funding. An elevator to access upper-floor units from Main Street is included in the developer concept.
The action authorized the city manager to execute the KHRC MIH grant agreement; staff told the commission additional future agenda items will address reinvestment district (RHID) and tax-exempt financing (IRB) considerations that could accompany the project.
Commission discussion included clarification that the $3.2 million figure was the developer’s anticipated total cost and that the $650,000 MIH program funds (referenced in staff remarks) would not apply to the ground-floor commercial fit-out. The motion to authorize signature carried after a motion and second.
