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File #: 20-170    Version: 1
Type: Action Item Status: Agenda Ready
File created: 5/5/2020 In control: Urban Renewal Agency
On agenda: 5/26/2020 Final action: 5/26/2020
Title: Riverfront-Downtown Urban Renewal Grant Program Exception for 990 Broadway LLC Ward(s): 1 Board Member(s): Kaser Neighborhood(s): CANDO Result Area(s): Strong and Diverse Economy.
Attachments: 1. 990 Broadway LLC Letter, 2. Capital Improvement Program Grant Exception Criteria
Related files:

TO:                      Urban Renewal Agency Board   

THROUGH:                      Steve Powers, Executive Director  

FROM:                      Kristin Retherford, Urban Development Director 

 

SUBJECT:

title

 

Riverfront-Downtown Urban Renewal Grant Program Exception for 990 Broadway LLC

 

Ward(s): 1

Board Member(s): Kaser

Neighborhood(s):  CANDO

Result Area(s):  Strong and Diverse Economy.

end

 

ISSUE:

 

Shall the Agency Board approve an exception to the maximum grant amount from the Riverfront-Downtown Urban Renewal Area Capital Improvement Grant Program for a mixed-use housing project at 990 Broadway Street NE? 

 

RECOMMENDATION:

recommendation

 

Approve an exception to the maximum grant amount from the Riverfront-Downtown Urban Renewal Area Capital Improvement Grant Program for a mixed-use housing project at 990 Broadway Street NE?

 

body

SUMMARY:

 

Agency Board action is needed to approve an exception to the maximum grant amount to partially fund the costs to construct a mixed-use project, including rental housing. The 990 Broadway project meets the Capital Improvement Grant Program Exception Criteria for projects requesting more than the $300,000 maximum grant allowed within the program guidelines.

 

FACTS AND FINDINGS:

 

The proposed project by 990 LLC is new construction of a three-story mixed-use building, including 23 rental housing units - 16 studios, five one-bedroom and two two-bedroom units. Of the 23 units, 40% will be leased at or below market rents of 80% of area median income.

The project includes 2,500 square feet of ground-level commercial space. The horseshoe design of the building wraps the housing units around an interior, gated courtyard with 26 on-site parking spaces.

 

The project meets the Capital Improvement Grant Program Exception criteria.

 

1)                     Project must meet a minimum of two Capital Improvement Grant Program Objectives

 

990 Broadway satisfies this requirement:

 

                     New Construction

                     Mixed-use, including housing

 

2)                     4:1 Leverage of Private/Public Funds

 

990 Broadway LLC satisfies the 4:1 Leverage of Private/Public Funds:

 

Estimated Total Project Cost:                                          $3,351,267

City Funding Request:                                                               $   572,689

Leverage:                                                                                                         $4.85:1

 

3)                     Project must meet one of the following “Other Criteria”

 

990                      Broadway LLC satisfies the “Other” criteria:

 

Project site is characterized as blight due to its undeveloped status.  The site is a gravel lot vacant since the mid 1980’s. 

 

 

BACKGROUND:

Broadway LLC submitted a letter dated April 8, 2020, (Attachment 1) requesting an exception to the Capital Improvement Grant Program maximum grant amount. 990 Broadway LLC members include Charles Weathers and Luke Glaze.

 

If the exception is approved, $585,600 will remain in the FY 2019-20 Capital Improvement Grant Program

 

                     Sheri Wahrgren

                     Downtown Revitalization Manager

 

Attachments:

1.990 Broadway LLC Letter

2. Capital Improvement Program Grant Exception Criteria