86170
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).
- 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