ARA-2007-010RESOLUTION NO. ARA-2007-01 0
RESOLUTION OF THE GOVERNING BOARD OF THE ANAHEIM
REDEVELOPMENT AGENCY APPROVING THE UPDATED 2005-
2009 IMPLEMENTATION PLAN FOR THE ANAHEIM MERGED
PROJECT AREA AFTER MID-CYCLE REVIEW OF SUCH PLAN
CONDUCTED PURSUANT TO SECTION 33490 OF THE
COMMUNITY REDEVELOPMENT LAW AND MAHING CERTAIN
FINDINGS IN CONNECTION THEREWITH
WHEREAS, the Anaheim Redevelopment Agency ("Agency") is a community
redevelopment agency duly organized and existing under the California Community Redevelopment
Law, Health and Safety Code Section 33000, et seq., ("CRL") and has been authorized to transact
business and exercise the power of a redevelopment agency pursuant to action of the City Council
("City Council") of the City of Anaheim; and
and
WHEREAS, pursuant to the CRL, the City Council is the legislative body of the Agency;
WHEREAS, the Amended and Restated Redevelopment Plan ("Redevelopment Plan") for
the Anaheim Merged Project Area ("Merged Project Area") exists and was adopted by and through a
series of ordinances of the City Council, specifically Ordinance Nos. 5913, 5914, 5915, 5916, 5917,
5915, 5973, and 6034; and
WHEREAS, the California Legislature amended the CRL by Assembly Bill 1290,
Statutes 1993, chapter 842 ("AB 1290") and by Senate Bill 732, Statues 1994, chapter 936,
as supplemental legislation to AB 1290 which made minor modifications thereto, and added Section
33490 which provides in part that prior to the end of 1994 every agency was required to prepare,
consider, and adopt an Implementation Plan for each project area; and
WHEREAS, CRL Section 33490 requires preparation of an Implementation Plan each
five years during the term of the redevelopment plan and requires mid-cycle review of such
Implementation Plan; and
WHEREAS, the Agency's Implementation Plan. is a "blueprin*" of the specific goals and
objectives of the Agency for the Merged Project Area in irriplernentation of the Redevelopment Plan
for both housing and non-housing programs, including potential projects and estimated expenditures
proposed to be made during the five (5) year term of the plan; and
WHEREAS, in December 2004, the Ageizcy adopted its third Implementation Plan for the
period 2005-2009 for the Merged Project Area the "2005-2009 Implementation Plan"); and
WHEREAS, in 2006 in connection wifh the amendment of the Redevelopment Plan for the
Merged Project Area pursuant to CRL Section 33333.10, et seq. and related CRL- requirements, the
2005-2009 Implementation Plan was amended and updated for those amendment proceedings by
action of the Agency and by action of the City Council in its adoption of Ordinance No. 6034; and
WHEREAS, pursuant to the provisions of CRL Section 33490(c), the Agency has caused to
be conducted further review of the 2005-2009 Implementation Plan for its mid-term review and has
updated and supplemented such plan as of October 2007; and
WHEREAS, by this Resolution, the Agency desires to confirm its consideration of, and to
complete and take action on, its evaluation and review of the progress of the
2005-2009 Implementation Plan, and to approve the updated 2005-2009 Implementation Plan for the
Merged Project Area; and
WHEREAS, California Health and Safety Code, subsection 33490(d) provides as follows:
"Notice of public hearings conducted pursuant to this section shall be
published pursuant to Section 6063 of the Government Code and posted in at
least four permanent places within the project area for a period of three
weeks. Publication and posting shall be completed not less than ten days
prior to the date set for hearing.";
and
WHEREAS, in conformity with CRL Section 33490(d) notice of public hearing was
published pursuant to Government Code Section 6063 in the Anaheim Bulletin on three (3)
successive Fridays, to wit: September 21, September 28, and October 5, 2007, and such public
notice was posted for three weeks in four (4) permanent places within the Merged Project Area, to
wit, at: (i) La Palma Park; (ii) Downtown Community Center; (iii) West Anaheim Police Substation,
and (iv) Fire Station No. 5, with such publication and posting having been completed not less than
ten (10) days prior to the public hearing; and
WHEREAS, after review and evaluation of the proposed updated
2005-2009 Implementation Plan and after making the plan available to the public and providing to
the public the opportunity to review and comment the plan, on Tuesday, October 23, 2007 the
Agency held a public hearing and provided to all interested parties the opportunity to be heard
concerning the proposed updated 2005-2009 Implementation Plan; and
WHEREAS, all legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, THE GOVERNING BOARD OF THE ANAHEIM
REDEVELOPMENT AGENCY DOES HEREBY FIND, DETERMINE AND RESOLVE AS
FOLLOWS:
Section 1 The Recitals stated above are true and correct and are a substantive part of
this Resolution.
Section 2: Agency has duly undertaken the review, evaluation, and update of the
2005-2009 Implementation Plan to the Redevelopment Plan for the Merged Project Area in
conformity with the CRL, in particular Section 33490, subsections (c) and (d).
Section 3: The updated 2005-2009 Implementation Plan is approved. A true and correct
copy of the updated 2005-2009 Implementation Plan is attached hereto and marked Exhibit "A" and
incorporated herein by this reference and is deemed the current implementation plan for the
Merged Project Area.
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2
Section 4: The Secretary of the Agency shall certify as to the approval of this Resolution
and a copy of the updated 2005-2009 Implementation Plan shall remain in the City Clerk's/Agency
Secretary's records and in the office of the Community Development Department.
THE FOREGOING RESOLUTION IS PASSED, APPROVED AND ADOPTED BY THE
GOVERNING BOARD OF THE ANAHEIM REDEVELOPMENT AGENCY THIS
TWENTYTHIRD (23rd) DAY OF OCTOBER, 2007 BY THE FOLLOWING ROLL CALL
VOTE:
AYES: Chairman Pringle, Agency Members Hernandez, Sidhu, Galloway
Kring
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
CHAI AN
ATTES
LI DA NGUYEN, CIT C
Date:
APPROVED AS TO FORM:
JACK~I,. WHITE, CITY ATTORNEY
JOIN, E: WOODHEAD, IV
,~,
AssistA~t City Attorney
.,
=l
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3
EXHIBIT A
COPY OF
UPDATED 2005-2009 IMPLEMENTATION PLAN
FOR THE ANAHEIM MERGED PROJECT AREA
Including Updated Spreadsheet of Financial Projections
(Attached)
EXHIBIT A
EXHIBIT A
COPY OF
UPDATED 2005-2009 IMPLEMENTATION PLAN
FOR THE ANAHEIM MERGED PROJECT AREA
Including Updated Spreadsheet of Financial Projections
(Attached)
EXHIBIT A
MID-CYCLE REVIEW OF THE 2005-2009 FIVE-
YEAR IMPLEMENTATION PLAN FOR THE
ANAHEIM MERGED PROJECT AREA
Anaheim Redevelopment Agency
October 2007
F9DOCS`.DEVSVCS\OTHERREP\SR0792061mplementation Plan Update Cover.DOC
MID-CYCLE REVIEW OF THE 2005-2009
FIVE-YEAR IMPLEMENTATION PLAN
FOR THE ANAHEIM MERGED PROJECT AREA
Executive Summary
The California Community Redevelopment Law, Health & Safety Code Section 33000,
et seq. ("California Redevelopment Law"), in particular Section 33490, requires all
redevelopment agencies to prepare and adopt an Implementation Plan on a five-year
schedule for all project areas. Each five-year Implementation Plan represents a blueprint
for the redevelopment project and program planning. Although the redevelopment
agency is not obligated to implement all programs or projects included within the
Implementation Plan, any program or project which might be considered for
implementation during the applicable planning cycle should be listed. Naturally, if
unanticipated projects or programs do arise, an implementation plan maybe amended at a
later date subject to certain notice and hearing requirements. Section 33490 also requires
that every redevelopment agency, at least once within the five-year term of the
Implementation Plan, conduct amid-cycle review of the plan through a noticed public
hearing process. At the hearing the redevelopment agency receives testimony of all
interested parties for the purpose of reviewing the redevelopment plan and corresponding
Implementation Plan for each project area within the jurisdiction and evaluating the
progress of implementation of the redevelopment plan and project area.
The adopted implementation plan must contain specific goals and objectives of the
agency for each project area, including the specific programs, potential projects, and
estimated expenditures proposed to be made during the five year cycle for each project
area. Moreover, the Implementation Plan must provide an explanation of how these
goals and objectives, projects and expenditures will eliminate blight within the applicable
project area and how the requirements to increase and improve the supply of housing to
very low, low, and moderate income households will be implemented. In addition to the
preparation of the Implementation Plan, the California Redevelopment Law requires that
redevelopment agencies hold a public hearing to conduct amid-cycle review of the
adopted Implementation Plan no earlier than two years and no later than three years after
the plan was approved.
Pursuant to the requirements of the California Community Redevelopment Law, the
attached Implementation Plan Update presents the mid-cycle review and update of the
2005-2009 Implementation Plan. Overall, the Anaheim Redevelopment Agency
("Agency") has actively pursued the programs and projects set forth in the current,
adopted Five-Year AB 1290 Implementation Plan for the Anaheim Merged
Redevelopment Project Area 2005-2009. Major highlights of the Agency's
accomplishments are as follows:
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• Pursuant to Senate Bi11211, the Agency adopted a Plan Amendment that extended
the time limit of effectiveness of certain plans adopted on or before December 31,
1993 for 10 additional years in August 2006.
• Construction of the mixed-use development by the CIM Group that will add 500
new residential units and over 65,000 square feet of retail space to the downtown.
• Over 1,682 affordable housing units have been established.
The most significant accomplishment of the Agency during the first three years of the
five year implementation plan was completion of the .proceedings and adoption of a
Plan Amendment (SB 211) establishing aten-year extension of the effectiveness of
constituent redevelopment plans that are a part of the Anaheim Merged Project Area and
that were originally adopted on or before December 31, 1993. As the Agency enters the
remaining two years of the 2005-2009 Implementation Plan, major initiatives may
include the following:
• Development of "Colony Park" which will consist of approximately 750 for-sale
residential units and 250 rental residential units at the former Kwikset
Manufacturing Site;
• Commercial development of a 250,000 square foot retail center at Beach and
Lincoln;
• Implementation of an urban design plan for the Downtown that will incorporate
construction of traffic calming and pedestrian-friendly measures, including
landscaped medians, diagonal parking, crosswalks, etc.
• Development of an estimated 1,328 affordable housing units throughout the City.
The preparation of the next Five-Year Implementation Plan will begin in 2009 for the
Agency's review and adoption.
MID-CYCLE REVIEW
The Third Five Year Assembly Bill 1290 (AB 1290) Implementation Plan for the
Anaheim Merged Redevelopment Project Area 2005-2009 offers an overview of how the
Agency intends to utilize its financial resources over the five year period and how these
expenditures will serve to eliminate physical and economic blighting conditions in the
Agency's Merged Redevelopment Project Area ("Merged Project Area"). The
preparation of an Implementation Plan became a requirement following the passage of
AB 1290 in 1993. Pursuant to AB 1290, every redevelopment agency must adopt an
Implementation Plan prior to December 31, 1994, and each five years thereafter.
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Summary of Implementation Plan Requirements
Section 33490 requires that the Agency, after completing specific publication and posting
of notice of and holding a public hearing, adopt an Implementation Plan, and since 1994
the Agency has prepared the following documents:
• AB 1290 Implementation Plan, December 1994
• Update of Implementation Plan for all Project Areas, December 1997
• The Second Five Year AB 1290 Implementation Plan for all Project Areas
1999-2004, December 1999
• The Third Five Year AB 1290 Implementation Plan for the Merged
Redevelopment Project Area 2005-2009, December 2004
The purpose of this report is to provide a basis for the mid-cycle review and required
public hearing. This report is divided into two major sections, the Redevelopment
(non-housing) and the Affordable Housing Component.
Description of Merged Redevelopment Project Area
The City of Anaheim and Anaheim Redevelopment Agency have one merged
redevelopment project area, the Anaheim Merged Project Area ("Project Area").
The Merged Project Area contains approximately 5,150 acres and comprises
approximately seventeen percent (17%) of the total acreage located in the City.
The Merged Project Area is comprised of six (6) constituent (originally separate before
merger) redevelopment project areas adopted over the past 30 years. The six constituent
project areas that make up the Merged Project Area include; 1) Alpha; 2) River Valley; 3)
Commercial/Industrial; 4) Plaza; 5) West Anaheim Commercial Corridors; and 6) the
Anaheim Stadium Redevelopment Projects. On May 25, 2004 all separate projects were
merged into the Merged Project Area. The following is a brief description of each
constituent project area:
1) Alpha Project Area is comprised of two non-contiguous areas - a 200 acre
Downtown Area within central Anaheim, and the 2,169 acre Northeast Area
in the City's primary industrial area three miles east of Downtown. Land uses
within the project area are designated general commercial, general industrial,
and residential. Project Alpha was adopted in 1973.
2) River Valley Project Area contains 160 acres of land and is located near
Anaheim's eastern city limit. Major roadways traversing the project area
include the 91 Freeway, Weir Canyon Road, and La Palma Avenue. Land
uses within the project area are designated general commercial, general
industrial, residential, and open space under the redevelopment plan.
The River Valley Project Area was established in 1983.
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3) Plaza Project Area encompasses approximately 350 acres and was adopted
in June 1990. Primary uses in the area include general commercial, retail,
office and industrial land uses. The boundaries generally include properties
adjacent to Euclid Street and Lincoln Avenue and are bisected by Interstate-5
Freeway.
4) Commercial/Industrial Project Area contains 882 acres of land in two non-
contiguous areas of the City referred to as the North Central Industrial Area
and the South Anaheim Boulevard Commercial/Industrial Corridor.
The North Central Industrial Area is generally bounded by La Palma Avenue
on the south, Harbor Boulevard and Anaheim Boulevard on the west,
Orangethorpe Avenue on the north, and East Street on the east. The South
Anaheim Boulevard Commercial/Industrial Corridor includes the business
fronting along the length of Anaheim Boulevard from Broadway on the north
to Orangewood Avenue on the south, as well as a heavy industrial zone
generally bounded by Santa Ana Street on the north, Olive Street on the west,
Vermont Street on the South, and East Street on the east. Land uses within
the project area are designated residential, general commercial, commercial
professional, general industrial, and business office/service/industrial.
The project area was established in 1993.
5) West Anaheim Commercial Corridors Project Area consists of the original
Brookhurst Commercial Corridor Redevelopment Project Area (Brookhurst
Project Area) established in 1993, containing 316 acres of land centrally
located along Brookhurst Street generally between La Palma and Ball Road,
and the West Anaheim Amended Areas that was added in 1998. The West
Anaheim Amended Area consists of 731 acres generally fronting the
commercial corridors located in the area south of the Santa Ana Freeway
between Magnolia Avenue and Knott Avenue. Land uses within the project
area are designated residential, general commercial, general industrial and
public under the redevelopment plan.
6) Stadium Project Area contains 159 acres of land including the Anaheim
Stadium facility and surrounding parking areas owned by the City of
Anaheim. A recovery plan was adopted for the project in August 1994, in
response to damage the Stadium suffered as result of the "Northridge"
earthquake in January 1994.
Merged Project Area Programs and Projects
The redevelopment program for the Merged Project Area includes four (4) primary
programs, as follows: 1) Commercial and Industrial Upgrade and Expansion;
2) Public Facilities and Infrastructure Improvements; 3) Residential Rehabilitation,
Development and Affordability Preservation Programs; and 4) Other Redevelopment
Program Activities.
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1). Commercial and Industrial Upgrade and Expansion
Site Assembly Program -The Agency may assist in business expansion and
attraction through site acquisition and assembly. This may include demolition of
existing improvements and resale of commercial and industrial properties for
business expansion and new development. In some instances, the Agency may
purchase only the improvements to clear the site for new development while the
property owner retains ownership of the site. This program will help to alleviate
conditions of parcels of inadequate shape, size and form in multiple ownerships.
Rehabilitation Program -The Agency may provide low interest loans for minor
and major structural repair and improvements. This could include activities
ranging from facade improvements to building expansion. These loans may be
available to both tenants and property owners. This program will address serious
code violations. Also this program will increase lease rate potential and property
values, thereby elevating conditions of depreciated or stagnant property values,
impaired investment and abnormally low lease rates.
Tenant Assistance Program -The Agency may provide incentives for business
tenants to remain in the Merged Project Area. This may include marketing
assistance in building improvements through low-income loans, or possible
relocation to an alternative site within the Merged Project Area that better meet
business needs. This program will assist business in improving performance by
increasing retail sales and motel Transient Occupancy Tax thereby reducing
conditions of impaired investments.
Development Planning and Implementation Assistance Program -The Agency
may assist developers and owners by providing technical assistance in assessing
site development potential, site planning, project implementation, and in obtaining
entitlements. This program will assist in business attraction and retention thereby
reducing conditions of impaired investments.
Financial Planning Program -The Agency may assist owners in obtaining project
financing through identification of available grants and preparation of the grant
application. For example, the Agency may identify available grants from the
Environmental Protection Agency ("EPA") for hazardous waste clean up and
assist in writing the grant application. This program will provide further incentive
for business retention reducing conditions of impaired investments.
Historic Preservation Program -The Agency may preserve historic structures
(including homes) that are deteriorated or are in danger of demolition. The
Agency may purchase the structure; rehabilitate the structure in conjunction with
the owner, or developer who then offered it for resale. As mentioned above, the
Agency will enter into an Owner Participation Agreement ("OPA"} or Disposition
and Development Agreement ("DDA") to insure that the historic integrity of the
structure is maintained.
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2) Residential Rehabilitation, Development and Affordability Preservation Programs
Site Assembly Program -Similar to the Commercial and Industrial Site Assembly
Program, the Agency may assist in the construction of market rate or affordable
housing through site acquisition and demolition of existing improvements. The
property would then be offered for resale to an owner or developer. In some
instances, the Agency may purchase only the improvements to clear the site for
new development while the property owner retains ownership of the site.
Development Assistance - To promote housing development the Agency may
offer incentives and concessions to developers to offset increased costs associated
with an affordable housing programs' requirements or to cause development of
certain desired market rate housing which would not otherwise occur. The
specific incentives and concessions may include the following: fund development
fees, write-down land costs to developers, lease to developers Agency-owned
property, provide pre-development loans/grants, provide off-site improvements,
subsidize interest rates, allow transfer of housing "credits" (affordable housing
projects only), streamline development process, provide density bonus, bond
financing, tax credits (affordable housing only), and implementation of the
Community Reinvestment Act in order to provide favorable financing for
developers.
Homeownership Program -Through this program the Agency can assist first time
homebuyers make the purchase of their first home financially feasible. The intent
is to provide affordable homeownership opportunities to assist low and moderate
income households' transition into the home buying market through some
financial assistance and homebuyer education. As part of this effort, the Agency
cooperates with the Anaheim Housing Authority to provide guidance through its
housing counselors.
Rental Assistance Program -The Agency may offer rent subsides to qualified
households to obtain and retain decent, safe and sanitary affordable housing. The
intent is to reach both owner-occupant and renter households throughout the City
in order to stabilize transitional neighborhoods through improvement of existing
residential structures and preservation of existing stock, which is usually more
affordable to low and moderate income households. The Agency will leverage its
Housing Funds to implement its Neighborhood Improvement Plans and eliminate
blighting conditions in targeted neighborhoods by increasing on-site management,
relocating tenants from overcrowded apartment units, rehabilitation of housing
units, and infrastructure improvements. The Agency will also offer rehabilitation
loans to homeowners for improvements, including plumbing and electrical
repairs, roof repair/replacement, floor coverings and correction of health and
safety code violations.
Housing Counseling Program -The Agency, in conjunction with the Anaheim
Housing Authority, will continue to provide rental assistance to meet the needs of
very low-income households who are either homeless or "at risk" of
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homelessness. The City and the Agency believe that the most efficient and cost
effective means of reaching individuals and families who are homeless or at risk
of homelessness is through the provision of financial and technical assistance to
support facilities and programs which are designed and equipped with trained
staff to meet the needs of this population.
Reuse and Resale Program - In some instances non-residential buildings maybe
suitable for reuse as residential or mixed residential and commercial use. The
Agency may acquire these properties, make the necessary improvements for
rehabilitation and reuse in conjunction with a developer or owner for-sale and
management. In most instances these projects are collaboration between the
Agency and private sector.
3) Public Facilities and Infrastructure Improvements
Infrastructure Improvement Program -The Agency may assist any number of
infrastructure improvements (drainage, sewer, water upgrading, under-grounding
utilities, providing road extensions, widening, reconstructions and public parking)
to reduce project costs thereby attracting new development or reinvestment to the
Merged Project Area. In some instances, the improvement will be specific to a
site to assist in a proposed development and in other instances; it will be
undertaken on neighborhood or district wide basis to improve the overall
aesthetics of an area and to eliminate a general deficiency that is inhibiting new
construction or reinvestment.
Signage Program - As a subset of the Agency's infrastructure program, the
Agency may fund various signage programs including a "Way Finding Program"
to direct patrons to attractions and shopping districts or through the construction
of entry monuments to signify the identify and location of special area. The
signage program is aimed at attracting patrons and establishing recognized
business areas. This should in turn improve retail sales and ultimately increase
property values.
Public Facilities Program -The Agency may fund separately or in concert with
the City, park improvements, development of cultural facilities, and development
of new open space. This can involve both site acquisition and construction costs.
These improvements will assist in improving the overall characteristics of the
Merged Project Area thereby attracting businesses, development and patronage.
4) Other Redevelopment Program Activities
Planning and Implementation Program -The Agency may undertake a number of
planning activities to determine needs in the Merged Project Area and assist in
refinancing the Agency's redevelopment program. Examples include a sign
survey, preparing an overlay zone, drafting urban design guidelines, organizing
community stakeholders meetings, preparing revitalization and implementation
planning strategies, and participating in freeway landscape planning.
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Opportunity Site Acquisition Program -The Agency may purchase available sites
that are envisioned, as potential sites for future development, but due to existing
conditions or location are not desirable to the private sector, or not for a use that is
consistent with the goals and objectives of the Redevelopment Plan. The Agency
may then clear these sites and make them available for purchase and development
by the private sector. As an example, the Agency in the past has been active in
acquiring and assembling remnant parcels along the I-15 Freeway resulting from
the Cal Trans freeway widening for private sector development.
The programs and projects are designed to address the most significant blighting
conditions in the Merged Project Area and provide additional development opportunities.
As the most significant blighting conditions are reduced, further private sector investment
will occur in the Merged Project Area leading to the maximum removal of blight.
The Agency's continued program of redevelopment will therefore serve as a catalyst to
remove blighting conditions and spur the preservation, improvement, creation, and
maintenance of affordable housing, market rate rental and for-sale housing, retail
development, and quality industrial properties.
Current Projects
Listed below are a few of the current projects the Agency is currently working on during
the remaining term of the 2005-2009 Implementation Plan:
Affordable Rental Housing
Hermosa Village Phase IV (Acquisitions/Rehabilitation -Rental) -The Agency is
working with The Related Companies on the fourth (4th) phase of a comprehensive
neighborhood revitalization and will add 36 units for low to moderate income families.
Monarch Point Apartments -new construction of a 63 -unit multi-family project, 100%
of which is covenanted long-term as affordable housing for low and very low households
by Jamboree Housing.
Vine Street Apartments -new construction of a 60 -unit multi-family project, 100% of
which is covenanted long-term as affordable housing for low and very low households
located on a former industrial facility in the downtown.
Elm Street Commons -new construction of a 52-unit multi-family project, 100% of
which is covenanted long-term as affordable housing for low and very low households.
This project is a new four story apartment building over subterranean parking.
Mixed Use Housing/Retail
CIM Parcel Al -The 58-unit loft style multi-family apartment development with
approximately 11,000 square feet of retail space is currently under construction by the
CIM Group.
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CIM Parcel A2 -The CIM Group is finalizing construction of a 60-unit loft style multi-
family apartments with approximately 6,000 square feet of retail on the ground floor.
CIM Parcel D -The project will consist of 20 townhomes, 109 loft style condominiums,
and approximately 14,000 square feet of retail.
For-Sale Residential
Harmony and Legacy at Colony Park -The project consists of the development of a
former manufacturing site into a new residential community that will accommodate
339 new residential units with lushly landscaped grounds.
Lemon and Water Homes - 6 historically significant homes have been preserved and
relocated to the Lemon and Water Neighborhood where they will be refurbished and sold.
CommerciaURetail
Westgate -anew 275,000 square foot neighborhood shopping center will be developed
on a 25-acre site that was formerly a landfill site.
Target -Target will be relocating from its current location at 1881 W. Lincoln to a new
location at Lincoln and Euclid. Anew larger store providing up to date convenience will
be built at the new location.
Limitation on Use of Eminent Domain
The power of eminent domain has expired as to all of the constituent parts of the Merged
Project Area, except for the West Anaheim Amended Area. Under the Amended and
Restated Redevelopment Plan for the Merged Project Area, as to the West Anaheim
Redevelopment Amended Area, the means for acquiring property by eminent domain will
expire on June 23, ZO10. Pursuant to Senate Bill 53 this year and pursuant the policy of
the Anaheim City Council adopted in November 2006, the City Council and Agency have
confirmed that City Charter No. 2006R-164 applies prohibiting the use of eminent
domain by the City or any City-affiliated entity or agency to acquire property from a
private owner for private reuse.
Accomplishments
Listed below are some of the accomplishments achieved by the Agency during the first
three years of the Implementation Plan Period:
1) Residential Development
• Completed the environmental remediation of the Cantada Square site and assisted
Brookfield Homes with the development of 102 single family residences at the
site.
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• Completed Phases II and III and closed escrow for Phase IV of Hermosa Village
(formerly Jeffrey Lynn) Rehabilitation Project.
• Completed rehabilitation of an existing 65-unit apartment complex (Westchester}
for 100% affordable low income families.
• Obtained approval of an Exclusive Negotiation Agreement with
Arnel Development for Hampton Pointe II multiple family rental housing project.
• Obtained entitlements and implementation agreement for Brookfield/CalTrans
remnant parcels.
• Entered escrow on $36 million purchase of 18-acre 510 South Olive Street site
adjacent to the Kwikset residential site.
• Conveyed remaining portion of Cantada Square housing site to Brookfield
Homes.
• Kwikset Site -Obtained approval of the Tentative Tract Map to develop 135
for-sale units.
• Kwikset Site -Initiated the design of surrounding infrastructure improvements for
the Kwikset site.
• The Boulevard -Completed final phase of The Boulevard, consisting of
36 affordable for-sale townhomes.
• Cantada Lane - Completed construction of 28 for-sale townhomes (8 affordable
units) on the former President's Tract property along Lincoln Avenue.
• Cantada Lane (Ventura/Picadilly) - Completed construction of 17 market rate
single family detached homes on former CalTrans remnant parcels.
• Olive Street - Completed zoning reclassification for the Kwikset and Olive Street
properties.
• Olive Street: -Entered into Disposition and Development Agreement (DDA} with
Brookfield Homes for the development of 339 for-sale townhomes (34 affordable
units) on the Olive Street site.
• Habitat for Humanity of Orange County -Completed design development
drawings and the disposition of the development site for construction of a four-
unit for-sale affordable housing project.
• Mercy Housing of California - Started construction of the Vine Street 60-unit
affordable rental housing development.
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• Hampton Pointe II -Continued to negotiate with Arnel Development for the
construction of 40 new rental units, a portion of which would be affordable.
• Issued Request for Proposals (RFP) to select developer of three vacant former
CalTrans remnant sites, and thereafter City Council approved the selection of
Jamboree Housing.
• Entered into Exclusive Negotiation Agreement (ENA) with Jamboree Housing to
develop affordable rental housing on vacant remnant sites.
• Obtained all necessary entitlements for multi-family remnant sites.
• Crescent Street - Entered into Affordable Housing Agreement with Jamboree
Housing for the Crescent Street remnant parcel, which will be developed with
63 units of affordable rental housing.
• Broadway Village - Review design development drawings for the construction of
a 46-unit affordable rental housing project; assisted the developer in their
successful tax credit application.
• Elm Street Commons -Entered into Exclusive Negotiation Agreement (ENA) and
thereafter an Affordable Housing Agreement with Elm Street Commons LP, of
which SADI, Inc. is the partner for the development of a 152-unit affordable
rental housing project.
• Lincoln Inn - Acquired a 117-unit motel for the future rehabilitation and
conversion into an affordable rental housing project.
• CHOC Site -Acquired 1.70-acre site adjacent to the former Children's Hospital
of Orange County site (CHOC); combined site will be developed for affordable
rental housing.
2) CommerciaUIndustrial Development
• Completed Westgate Center Remedial Action Plan and obtained Water Board
Approval.
• Completed negotiations with Weir Canyon Honda for expansion.
• Acquired the former Willdan building for Downtown redevelopment
(290 S. Anaheim Blvd.)
• Grand opening of Boomerang Sports Bar and Grill in Downtown.
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3) Redevelopment, Public Improvements, Other
• Completed West Anaheim Presidential Tract Street Improvements -constructed
CDBG funded street lighting, landscaping, and handicap access ramps on
Grand Avenue and Western Avenue.
• Negotiated sub-sublease of Southern California Edison (SCE) Easement along
Claudina Way.
• Completed four track panels and other roadway improvements along Santa Ana
Blvd.
• Completed negotiations to purchase one of two remaining parcels needed to
expand Ross Park.
• Assisted 29 households with property rehabilitation loans.
• Established 29 Mills Act Contracts.
• Amended the constituent redevelopment plans of the Merged Project Area
pursuant to Senate Bill 1096 based on the Agency's ERAF payments, which
extended the time limit of the effectiveness of the constituent redevelopment
plans for the Alpha, River Valley and Stadium projects and increasing the time
limit for receipt of property taxes for one year.
• Kraemer Building Penthouse rehabilitation underway.
• Negotiating with Watt Commercial regarding redevelopment of Anaheim Towne
Center.
• Coordinated development of Downtown streetscape and urban design plan via the
Mayor's Charrette with Public Works and the community and extended its
boundaries to include streets surrounding the Kwikset Site.
• Grand opening of Quizno's and Lindo Michoacan#2 in Downtown
(Commercial Rehabilitation).
• Continued negotiations with Kenwood Investments to restore the Packing House
and develop adjacent residential sites.
• Initiated discussions with property owner of former La Habra Stucco site for
redevelopment into new commercial center.
• Canyon Identity Program -Completed the monument sign bid specifications and
plans and submitted to the Public Works Department for plan check.
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• Completed implementation of DDA for restoration and re-use of historic building
with West Coast National Development LLC for commercial /retail use.
• Continued to negotiate DDA for relocation of Anaheim Chevrolet dealership.
• Negotiating DDA with CIM regarding Center Street Promenade retail space and
the Willdan building.
• Continued economic analysis of development costs as part of DDA negotiation
for Westgate Center.
Anticipated Projects for 2008-2009
As the Agency enters the remaining two years of the Implementation Plan, major
anticipated projects for 2008-2009 may include the following:
• Development of "Colony Park" which will consist of approximately 750 for-sale
residential units and 250 rental residential units at the former Kwikset
Manufacturing Site;
• Commercial Development of a 250,000 square foot retail center at Beach and
Lincoln;
• Implementation of the Urban Design Plan for the Downtown that will incorporate
construction of traffic calming and pedestrian friendly measures including
landscaped medians, diagonal parking, crosswalks, etc.
• Development of an estimated 1,328 affordable housing units throughout the City.
Redevelopment Budget
The table below illustrates actual gross tax increment received during fiscal year
2004-2005, 2005-2006, and 2006-2007, and projected tax increment revenue for
2007-2008 and 2008-2009 for the Merged Project Area. Prior to 2006-2007, revenue
eligible for capital projects is gross tax increment revenue less twenty percent (20%) for
the housing set aside. In 2006-2007, pass-through requirements per SB 211 Plan
Amendment triggered thirty percent (30%) for housing set aside. Pass-through payments
to affected taxing entities, county administrative expenses, fees and bond debt are also
deducted from the gross tax increment amounts that the Agency receives.
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AFFORDABLE HOUSING COMPONENT UPDATE1
Since the adoption of the Agency's first Redevelopment Plan Alpha in 1973, the Agency
has caused to be constructed, rehabilitated and/or covenanted 787 affordable housing
units inside the Merged Project Area while 1,682 affordable units that have been added to
the City's inventory outside of the Merged Project Area but within the City of Anaheim.
The Agency currently has a 123-unit replacement housing surplus and an 891.5-unit
inclusionary housing surplus. Thus, the Agency has exceeded the California
Redevelopment Law Section 33413 affordable housing requirements.
Goals and Objectives
As outlined in the 2005-2009 Implementation Plan, the housing goals and objectives for
the terms of the Affordable Housing Component are:
• To increase, improve and preserve the Community's supply of low and moderate
income housing citywide;
• To comply with the inclusionary housing production requirements as mandated by
California Redevelopment Law;
• To leverage the Agency's Housing Funds with other resources in order to promote
affordable housing;
• To insure that the dollars spent for general administrative activities are not
disproportionate to the amount actually spent to produce, increase and preserve
housing;
• To give priority to housing proposals that will eliminate or prevent the spread of
blight Citywide and decrease public services, such as police, code enforcement,
and building and safety within the Merged Project Area; and
• To enhance the City's economic development program activities through the
provisions of quality, affordable housing in support of the local labor pool.
The primary goal of the Agency is to comply with the affordable housing requirement
imposed by California Redevelopment Law in a responsible manner. The affordable
housing activities identified in this Implementation Plan Update have and will continue to be
undertaken over the duration of the Redevelopment Plan for the Merged Project Area, and
will explicitly assist in accomplishing the intent of the California Redevelopment Law in
regards to the provisions of low to moderate income housing available at an affordable
housing cost.
Housing production figures are consistent
Implementation Plan for the Anaheim Merged
the SB 211 Plan Amendment proceedings.
with the amendment to the 2005-2009
Project Area adopted August 2006 as part of
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California Redevelopment Law establishes that certain housing requirements be attained
during five and ten year increments; and over the remaining Merged Project Area life.
Specifically, the inclusionary housing production requirements must be planned in
five-year cycles concurrent with the Implementation Plan and satisfied every ten years,
and over the life of the Merged Project Area life. Comparatively, the proportionality test
must be achieved between January 1, 2002 and December 31, 2014, and thereafter in
ten-year cycles throughout the term of Merged Project Area life. Due to adoption of the
SB 211 10-year extension, the law now requires the Agency to meet the 15% limitation
on moderate income expenditures every five years. The Agency's goal and objectives
include carrying out affordable housing programs and projects sufficient to comply with
the applicable requirements.
Implementation Plan Requirements
The Housing Component of the Implementation Plan for the Merged Project Area is the
complement to the Redevelopment Component. Together, the two components constitute
the implementation plan required by Section 33490 of the California Redevelopment
Law.
This Housing Component of the 2005-2009 Implementation Plan presents those
components of the Agency's intended program for the Merged Project Area that deal with
the expenditure of funds and activities relating to the production of housing affordable to
persons and families of low and moderate ("low-mod") income. Low-mod income is
defined in Health & Safety Code Sections 50093, 50079.5 and 50105 and area median
income figures upon which affordable housing cost is calculated are set and issued annually
by HCD, and include:
Moderate income: 81 % to 120% of area median income for the applicable
household size;
• Low income: 51 % to 80% of area median income for the applicable household size;
and;
Very-low income: Less than 50% of area median income for the applicable
household size.
California Redevelopment Law provides that, in addition to the removal of blight,
a fundamental purpose of redevelopment is to increase, improve, preserve, and expand the
supply oflow-moderate housing available at an affordable housing cost. To accomplish this
purpose, California Redevelopment Law contains numerous provisions to guide
redevelopment agency activities with regard to low-moderate housing. These provisions
divide a redevelopment agency's housing responsibilities into three major categories:
• Inclusionary/production housing and replacement housing for low-mod income;
The set-aside and expenditure of specified amounts of tax increment revenue for the
express and exclusive purpose of increasing, preserving and improving a
Fi~DOCS\DEVSVCS\OTHERREPLSRO7A 15AMid cycle Report.DOC
community's supply of low and moderate housing available at an affordable housing
cost;
• Monitor and prepare reports on how the Agency has met, or on how the Agency will
meet its responsibility with regard to the first two items.
This Housing Component is part of the Agency's responsibilities under the third major
category. Its content addresses how the Agency's plans for the Merged Project Area will
achieve many of the housing responsibilities contained in the first and second major
categories of Agency housing activities. The California Redevelopment Law requires that
the Housing Component of the Implementation Plan address the applicable items presented
in the list below.
Production of Housing Based on Activities in the Merged Project Area
At least thirty percent (30%) of all new and substantially rehabilitated dwelling units
developed by an agency shall be available at affordable housing cost to persons and families
of low and moderate income and shall be occupied by these persons and families;
At least fifteen percent (15%} of all new residential units developed within a project area
under the jurisdiction of an agency by public or private entities or persons other than the
Agency shall be available at affordable housing costs to persons and families of low or
moderate income and shall be occupied by these persons or families;
At least fifteen percent (15%) of all substantially rehabilitated units that have received
agency assistance shall be available at affordable housing costs to persons and families of
low and moderate income and shall be occupied by these persons or families; and
Suitable locations must be identified for replacement housing units rehabilitated, developed
or constructed pursuant to Section 33413(a), if the destruction or removal of low-mod units
will result from a project contained in the Implementation Plan.
Set-Aside and Expenditure of Tax Increment for Housing Purposes
• The "Set-Aside" of thirty percent (30%) of tax increment in the Merged Project Area
beginning fiscal year 2006/07 as an outcome of the SB 211 extension of
effectiveness for certain constituent project areas;
• The proportional expenditure of housing funds on low and very-low income
housing;
• Transfer of housing funds to other public entities in the community.
Other affordable housing requirements under California Redevelopment Law include:
• Estimates of the balances and deposits into the Housing Fund created to hold the
Set-Aside of tax increment;
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• A housing program identifying anticipated expenditures from the Housing Fund;
• An indication of housing activity that has occurred in the Merged Project Area; and
• Estimates of housing units that will be produced for each of the various income
categories.
Inclusionary Requirements
The Agency is required to comply with the affordable housing unit production requirements
imposed by Section 33413(b):
Subparagraph (1) of the Section requires that thirty percent (30%) of all housing units
developed by the Agency be to low-mod housing subject to long-term income and
affordability covenants. Of these low-mod units, fifty percent (50%) must be affordable to
persons and families of very-low income.
Subparagraph (2) of Section 33413(b) requires that fifteen percent (15%) of all housing
developed in the Merged Project Area be low-mod housing subject to long-term income and
affordability covenants. Of these low-mod units, 40 percent must be affordable to persons
and families of very-low income.
To determine the number of units that must be developed in order to comply with this
requirement, and to identify how much of this requirement will be satisfied by the activities
included in the Agency's Implementation Plan, a brief review of past and anticipated
housing development activity in the Merged Project Area is presented below.
Past Development of Housing in the Merged Project Area (1973-2004)
An estimated 1,581 housing units have been substantially rehabilitated or developed within
the Merged Project Area since the first Project Area was adopted in 1973. Of this total, 909
units were either developed or substantially rehabilitated within the former Alpha Project
Area, which was not subject to the Inclusionary housing requirement prior to the SB 211
extension of effectiveness. The remaining balance of 672 units was developed or
substantially rehabilitated within the Merged Project Area are subject to the Inclusionary
requirements outlined above. None of the 672 units were developed by the Agency.
Current and Future Housing Construction Activity in Project Area
Approximately 573 units are in the process of being developed within the Merged Project
Area, which will be subject to the Inclusionary requirement. Also, there are 299 additional
units that are expected to be developed in the Merged Project Area over the next ten (10)
years. Therefore, during the Implementation Plan period, a total of 827 units are estimated
to be added to the project area. It is anticipated that the Merged Project Area will be built
out once 1,621 units are developed. It is expected that the remaining 749 units to build-out
will be constructed between 2015-2029. The total 1,621 projected units to be developed
between now and 2029 will all be subject to the Inclusionary housing requirement.
F:\DOCS\DEV S V CS\OTFfERREP\5 R07A 15 A Mid cycle Report.DOC
Replacement Housing Obligation
Pursuant to Section 33413(a), whenever dwelling units housing persons and families of low
or moderate-income are destroyed or removed from the low and moderate-income housing
market as part of a redevelopment project that is subject to a written agreement with the
agency or where financial assistance has been provided by the agency, the agency shall,
within four years of the destruction or removal, rehabilitate, develop, or construct, or cause
to be rehabilitated, developed, or constructed, for rental or sale to persons and families of
low ormoderate-income, an equal number of replacement dwelling units that have an equal
or greater number of bedrooms as those destroyed or removed units at affordable housing
costs within territorial jurisdiction of the agency.
Set-Aside of Tax Increment
Due to the SB 211 Plan Amendment for the Extension of Effectiveness for an additional
10-year period, the Merged Project Area is subject to the requirement to allocate
thirty percent (30%) of the gross tax increment (Set-Aside) to affordable housing activities.
The Set-Aside is required to be deposited into a Housing Fund created to hold monies until
expended.
Proportional Expenditures of Housing Fund Monies
The Merged Project Area is subject to Section 33334.4 requirement that the Agency expend
Housing Fund monies in accordance with an income proportionality test and an age
restriction proportionality test. These proportionality tests must be met between January 1,
2002 and December 31, 2014, and then again at 10-year intervals throughout the remaining
life of the Merged Project Area. These tests do not have to be met on an annual basis.
The income proportionality test requires that the Agency expend Set-Aside funds in
proportion to the housing needs that have been determined for the community pursuant to
Section 65584 of the Government Code. The proportionality test used in this
Implementation Plan update is based on information contained within the City's General
Plan. Based on the City's General Plan, the City's minimum required allocation for very-
low and low income expenditures, and maximum moderate income housing expenditures
are:
Very Low Income: At least 39%
Low Income: At Least 23%
Moderate Income: No more than 38%
It should be noted that the Agency is entitled to expend a disproportionate amount of funds
for very-low income households, and to subtract a commensurate amount from low and/or
moderate income thresholds. Similarly, the Agency can provide a disproportionate amount
of funding for low income housing by reducing the amount of funds allocated to moderate
income households. In no event can the expenditures targeted to moderate income
households exceed the established threshold amount.
F~,\DOCS`~.DEV S V CS\OTHERREP\S R07A I S A Mid cycle Report. DOC
Due to completion and adoption of the SB 211 Plan Amendment in 2006, the following are
the limitations on expenditures in moderate income projects or programs:
Very Low Income: At least 53%
Low Income: At least 32%
Moderate Income: No more than 15%
In addition, from adoption of the SB 211 Plan Amendment, as to Alpha Project Area the 10-
year extension begins in fiscal year 2011-2012. As such, the Set-Aside derived from the
Alpha Project Area from July 1, 2011 to December 31, 2014 must meet the following
proportionality requirements:
Extremely-Low Income: At least 15%
Very-Low Income: At least 48%
Low Income: At least 32%
Moderate Income: No more than 15%
Housing Program and Housing Fund Expenditures
It is anticipated that the Agency will have expenditures that total $129,374,000 over the
Implementation Plan period. The expenditures can be broken down into four (4) categories
as described below: projects, programs, administration, and debt service.
Project Expenditures $90,529,000
Program Expenditures $19,650,000
Administrative Expenses $ 7,231,000
Bond Debt Service $11,964,000
Total Projected Expenditures $129,374,000
Projects
The Agency over the remaining terms of the five-year 2005-2009 Implementation Plan will
continue to implement projects, which will provide affordable housing opportunities within
the City of Anaheim. The following summarizes how the Agency will assist projects during
the Implementation Plan period:
1. The Agency will continue to focus on producing deed-restricted housing units in
order to increase the permanent stock of affordable housing. Such units can be
produced through new construction, substantial rehabilitation, or in the case of
multi-family rental housing, acquisition and deed-restriction.
2. The Agency can make loans and grants from the Low and Moderate Income
Housing Fund to non-profit or for-profit developers for the new construction or
rehabilitation of affordable housing. Loans can be made on a deferred payment
and/or below market interest rate basis.
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3. The Agency can also participate by assisting in the acquisition of land, land costs
write-down, developer recruitment, credit enhancement, or in other ways to make
development of affordable housing feasible. This is usually done after identification
of a housing site, development of a housing concept, and issuance of a Request for
Proposals for development of the project.
Such affordable housing can be rental or ownership housing. In order for such units to
count as inclusionary units in fulfillment of a project area's inclusionary obligation, they
must be deed-restricted to be affordable to the applicable income level for a term no
shorter than 45 years for ownership housing, and 55 years for rental housing. The
Agency will primarily assist private developers in the development of housing within the
Merged Project Area, and restricting these housing units for very low, low and moderate
income households. However, as of July 1, 201 1, the Agency will be required to match
the amount spent on moderate income households using Set-Aside funds attributed to the
project area constituent area of the Merged Project Area with the same amount of
extremely-low income households.
The following summarizes the Agency's involvement in housing development:
• The Agency will assist private developers in the development of over 1,000 units
over the next 10 years.
• The Agency will also be in the process of acquiring property over the next five
years for future housing sites. Sites proposed to be acquired for future housing
include Orange County Transportation Authority and Cal Trans remnant parcels,
properties along Lincoln Avenue in West Anaheim, and certain parcels along
Anaheim Boulevard.
• Also, although only a small portion of the 10-year expenditures, the Agency has
allocated funds during the five (5) year implementation period for public
improvements to facilitate the development of affordable housing within the
Merged Project Area.
Programs
The following summarizes the programs that the Agency implements:
Mortgage Assistance Program -Second Mortgage Assistance Program (SMAP)/EPAL
Homebuyer Assistance Program provides a loan pool for down payment assistance for
households up to 120% of area median income. The SMAP program offers deferred
payment second mortgage loans, which bridge the gap between the first mortgage a buyer
can qualify for and the purchase price of a home. The loans are available for 15% of the
purchase price of the home, not to exceed $35,000. The SMAP loan is secured by a deed
of trust and promissory note and accrues simple interest at five percent per annum. The
SMAP down payment assistance loan is deferred for up to 30 years and due earlier when
any of the following occur: at the time the property is resold; when the house is no longer
F:`~UOCS\DEVSVCS\OTHERREP15R07A15AMid cycle Report.DOC
owner-occupied; when refinancing for more than the first mortgage balance; prepayment
of the loan; or transfer of ownership.
EPAL Homebuyer Assistance Program -While similar to the SMAP, the EPAL
Homebuyer Assistance Program requires affordability covenants of 45 years.
Rental Assistance Program -The Agency may offer rent subsidies to qualified
households to obtain and retain decent, safe, and sanitary affordable housing as part of its
Rental Assistance Program. The intent is to reach both owner-occupant and renter
households throughout the City in order to stabilize transitional neighborhoods through
the improvement of existing residential structures and preservation of existing stock,
which is usually more affordable to low and moderate income households.
Housing Counseling Program -The Agency, in conjunction with the Anaheim Housing
Authority, will continue to provide rental assistance to meet the needs of very low-
income households who are either homeless or "at risk" of homelessness. The City and
the Agency believe that the most efficient and cost effective means of reaching
individuals or families who are homeless or at risk of homelessness is through the
provisions of financial and technical assistance to support facilities and programs which
are designed and equipped with trained staff to meet the needs of this population.
Neighborhood Improvement Plan -The Agency will leverage its Housing Funds to
implement its Neighborhood Improvement Plan and eliminate blighting conditions in
targeted neighborhoods by increasing on-site management, relocating tenants from
overcrowded apartment units, rehabilitation of housing units, and infrastructure
improvements. The Agency will also offer rehabilitation loans to homeowners for
improvements, including plumbing and electrical repairs, roof repair and replacement,
floor coverings and correction of health and safety code violations.
Fund Development Fees -Under this program the Agency may pay some or all fees
related to the development of housing units, including plan check, utility hook up, park and
recreation, school, fire and other development related fees.
Land Write-Down -The Agency may purchase property and then resell it to a developer
at a price less than market value based upon highest and best use, but constituting "reuse.
value" based upon affordable requirements". The write-down of land costs makes it
possible to establish sales prices or rental rates that are affordable to low-income groups.
This approach can be used for single family, condominium, and multifamily
development.
Lease of Agency/Authority Owned Property - The Agency may lease
Agency/Authority owned properties to developers (or other individuals) interested in
creating single and multifamily housing. Lease rate would be low in order to allow
affordable purchase prices or rental rates.
Provide Off-site Improvements -Under this scenario, a private developer would
receive Agency assistance in funding off-site improvements on affordable housing
projects in accordance with Section 33334.2(e)(2). The developer would construct the
F:\DOCS\DEV S V CS\OTHERREP\S R07A 1 S AMid cycle Report. DOC
housing development, and the agency would subsidize part or all costs associated with
street, utility systems, and drainage improvements. The subsidy could take the form or
defraying all or a portion of assessments where an improvement district is established to
fund the improvements. For these techniques to be utilized there must be a direct
connection between public improvements and the provisions of affordable deed
restriction housing.
Subsidize Interest Rates -The Agency may assist in the provision of loans at interest
rates that are less than market rates. This can be accomplished through community
lenders who are willing to offer lower mortgage interest rates through Agency financial
subsidy of the interest differential between market and affordable rates. The Agency may
additionally issue tax-exempt mortgage bonds for first-time buyers at lower than market
interest rates.
Development Review Process -Review, evaluate, and revise the development review
process to minimize delays or unnecessary requirements that can lead to higher
development costs. Development streamlined process for housing projects.
Density Bonus -Densities above the level permitted by the municipal code where a
developer or owner will produce higher percentage of affordable units, particular at the
very low-income level.
Bond Financing -Where appropriate, the Agency should support bond financing of
projects where: (a) the financing is a "conduit", with no payment obligation or guarantee
by the Agency or the City; (b) the developer obtains credit support; (c) an investment-
quality rating is obtained for the bonds or the bonds are otherwise determined by the
Agency's financial advisors to be of a high quality (d) acost-saving for the project is
effected; and (c) the projects would substantially further the achievement of the goals of
this Affordable Housing Component, and particularly would provide affordable units.
Tax Credits -Where appropriate, the Agency should support the use of Tax Credits.
This technique, as well as tax exempt bond financing, can create a financial incentive for
long-term developer compliance with housing affordability restrictions.
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