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Committee forwards $6M stabilization loan for 52 senior units and approves Tool Design contract tied to federal safety grant
Summary
The committee forwarded a $6,000,000 loan for stabilization of a 52-unit affordable senior housing project and approved a contract with Tool Design Group to support a Safe Streets and Roads for All grant to develop a citywide safety action plan.
The City Council GA committee voted to forward a $6,000,000 loan-disbursement agreement to the full council to stabilize a property at 2621 General Meyer and enable the creation of 52 affordable senior units.
Tony Thompson of the city’s real-estate division said the ground lease will secure the loan and that the funds will pay for stabilization…
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