SUBJECT:
Title
A Resolution of the Town Council of the Town of Erie Approving the Pre-Development Agreement with HousePAD Erie, LLC for the Cheesman Street Residences
Body
DEPARTMENT: Planning and Development
Department
PRESENTER(S): MJ Adams, AICP, Affordable Housing Manager
First Name Last Name, Title
TIME ESTIMATE: 30 minutes
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: $3,200,000
Balance Available: $3,200,000
Budget Line Item Number: 205-30-430-560100-130430
100-30-430-604000-131430 (pending receipt of DOLA funding)
New Appropriation Required: No
POLICY ISSUES:
The proposed resolution supports a specific affordable housing development implementing the Council's previous policy decisions to encourage development of a variety of housing types and levels of affordability throughout the Town. Acquiring land for affordable housing and partnering with private developers, a public-private partnership (P3) will help the Town efficiently promote more diverse living opportunities for households in a broad range of incomes and types-families, households without children, and individuals-and enable them to call Erie home. This will in turn make it easier for local businesses and organizations to hire employees who live in Erie, enable more people who have grown up in Erie afford to move back home, make it possible for more elders to afford to "age in community" when they downsize in Erie, and help reduce traffic associated with commuting to jobs in Erie.
STAFF RECOMMENDATION:
Recommendation
Approve the Pre-Development Agreement with HousePad Erie, LLC (the ownership entity for Vertikal Development for this site).
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The proposed Pre-Development Agreement sets the affordable housing and financial terms for the Cheesman Street Residences Development. This provides the basis for investment by both the Town and developer prior to the forthcoming approval of the Site Plan...
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