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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 work during a feasibility period. Josh Collin, president of HRI Communities, told the committee construction on $6 million of stabilization work is expected to begin in December and that the project will seek additional financing, including a $5,000,000 CDBG disaster-recovery loan through a state program to complete the rehabilitation and build the apartments.
"With this approval and the amended lease approval, we'll be ready to start construction in December on this $6,000,000 of stabilization work," Collin said.
Separately, Dan Jautress of the Office of Resilience and Sustainability presented a contract with Tool Design Group tied to the city’s receipt of a Safe Streets and Roads for All grant from the U.S. Department of Transportation. The contract will support a comprehensive safety action plan aimed at identifying projects and policy changes to reduce serious crashes and fatalities.
Committee members voted to forward the loan to the full council and approved the Tool Design Group contract by machine vote during the meeting.
