Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Development Projects topic
No spam. Unsubscribe anytime.
Board hears updates on Live Oak, Greenlawn and West Side Phase 2 projects; funding gaps noted
Summary
The board was updated on Live Oak financing (including a reported $3.6M CDBG request and a near‑$20.1M financing total), an eThrive partnership for an 8,000‑sq.ft. community center, and West Side Phase 2 developers' acceptance of a county counteroffer of $60,000 per unit for 92 units — funding shortfalls remain.
Board members received project updates Nov. 11 on Live Oak (Landings at Live Oak), Greenlawn Manor and West Side Phase 2 developments and discussed funding commitments and outstanding gaps.
Teresa said Live Oak received a 4% tax credit allocation and applied for $3,600,000 in CDBG disaster recovery funds, bringing total financing close to $20,100,000. She described a planned mixed‑use arrangement with 60 family units and an 8,000‑square‑foot Live Oak Community Center that would be owned by eThrive with a land lease from the housing authority. "So now their contribution is $1,800,000, Boys and Girls Club is $250,000 and the county's is $2,100,000," Teresa said when describing project commitments; she added that exact land selection was still under developer review.
On West Side Phase 2, Teresa said developers initially requested $100,000 per unit for 92 family units; the county countered at $60,000 per unit and the developers accepted that figure "on the contingency that the county realizes that now they're gonna have to go for other gap funding," Teresa said. Board members noted construction costs per unit estimated near $90,000 and stressed the need to identify additional funding sources.
Separately, Teresa reported conversion of Greenlawn Manor construction loans to a permanent loan with a lower interest rate is nearly complete; the authority expects to finish conversion by Jan. 1. The board discussed partnership roles, MOUs, and that county staff will lead certain presentations for county funding panels.
