ITEM TITLE:
#24-50 - Awarding a Housing Land Development Grant to the Evergreen Vista Addition #1 Planned Unit Development for the Purpose of Developing Residential Dwelling Units and Further Committing to Standards Set Forth in a Development Agreement Between the City of Valdez and the Alaska Corporation for Affordable Housing (Developer) for the Development of the Evergreen Vista Addition #1 Planned Unit Development
SUBMITTED BY: John Douglas, City Manager
FISCAL NOTES:
Expenditure Required: $125,000
Unencumbered Balance: $2,763,914.67
Funding Source: 350-8000-55000
RECOMMENDATION:
Approve Resolution 24-50.
SUMMARY STATEMENT:
The attached resolution awards $125,000 in Housing Land Development Grant Funds to Alaska Corporation for Affordable Housing (ACAH) contingent on completion of required development work on the Evergreen Vista Addition #1.
The resolution also outlines a baseline for expected standards and authorizes the City Manager to enter into a Developer’s Agreement with ACAH stipulating specific terms of the grant award and required work. ACAH has gone through the Planning & Zoning process of developing Planned Unit Development for the Evergreen Vista Addition #1 and meets the qualifications of the Land Development Policy through the scoring criteria.
Additional reference documents attached are:
1. Grant Application from ACAH
2. Land Development Grant Policy Developer’s Agreement
3. Land Development Grant Policy