Laserfiche WebLink
REQUEST FOR COUNCIL CONSIDERATION <br />ITEM DESCRIPTION: Consider a Resolution approving the first amendment to the Contract for Private <br />Redevelopment with Dominium dated July 19, 2019. <br />DEPARTMENT HEAD’S APPROVAL:Craig Schlichting <br />CITY MANAGER’S APPROVAL: <br />No comments to supplement this report ___ Comments attached ___ <br />15.99 Deadline: none <br />Recommendations: Approval of the resolution to amend deadlines within the Dominium <br />Developer’s agreement <br />Legislative History: Developer’s Agreement with Dominium for the affordable family and <br />senior buildings finalized on July 19, 2019. <br />LIHTC received for the family building in late 2019, and final plat approved <br />for the family building on November 19, 2019 <br />LIHTC for the senior building in 2019 was extremely competitive resulting <br />in a lottery draw of projects, and the NB building was put on-hold for <br />funding. <br />Financial Impact: None <br />Summary: Low Income Housing Tax Credits (LIHTC) for the Dominium senior building are <br />not anticipated to be secured until later this year, so deadlines drawn up in <br />the original developer’s agreement with Dominium must be extended out to <br />accommodate the new targeted project initiation date of early 2021. <br />Attachments: Resolution Approving the first Amendment to the Contract for Private <br />Redevelopment with Dominium Dated July 19, 2019. <br />________________________ <br />Ben Gozola, AICP <br />Assistant Director of Community Assets and Development <br />Agenda Section: VII <br />Item: 5 <br />Report Date: 6/18/20 <br /> Council Meeting Date: 6/23/20