Authorizing the Mayor and City Clerk to execute a development agreement and authorizing: 1) a budget amendment to the EDD 2025 Capital Budget (TID 46) to fund a $930,000 Tax Incremental Finance Loan to EC Residential LLC, or its assigns to construct approximately 197 units of affordable housing and 151 underground parking stalls located at 5546 Element Way in the University Research Park in Tax Incremental District (TID) 46,; and 2) a budget amendment to the EDD 2025 Capital Budget (TID 46) granting $4,365,000 of tax increments from TID 46 to the Community Development Authority for the purpose of preserving affordability in the Project (District 19).

Resolution Passed Introduced November 19, 2024

Committee: Economic Development Division
Introduced: November 19, 2024
On agenda: December 10, 2024
Passed: December 10, 2024
Enacted: December 13, 2024
Enactment no.: RES-24-00730

Where it was heard

COMMON COUNCIL Dec 10, 2024 Adopt - 15 Votes Required Pass FINANCE COMMITTEE Dec 2, 2024 RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER Pass COMMON COUNCIL Nov 26, 2024 Refer Pass

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