HomeMy WebLinkAboutRES 09-276 RESOLUTION NO. 09-276
WHEREAS, the City Council has conducted a public hearing concerning the
allocation of $300,000 from the 2008 HOME Program for the construction of affordable
housing located in a neighborhood targeted for revitalization;
NOW, THEREFORE, BE IT RESOLVED BY
THE CITY COUNCIL OF THE CITY OF BEAUMONT:
THAT the City Manager be and he is hereby authorized to allocate$300,000 from the 2008
HOME Program for the construction of affordable housing located in a neighborhood
targeted for revitalization.
BE IT FURTHER RESOLVED THAT the City Manager is authorized to issue a
conditional letter of commitment to ITEX Property Management, LLC, for the construction
of Gracelake Townhomes, a proposed 128-unit apartment complex that will provide
affordable rental housing to low-to-moderate income families in an area targeted for
revitalization at 4060 Cardinal Drive. The commitment is contingent upon ITEX Property
Management, LLC, receiving a final allocation of tax credits, satisfactory Phase 1
environmental review and clearance from all other related environmental authorities, and
compliance with applicable HOME Program regulations.
PASSED BY THE CITY COUNCIL of the City of Beaumont this the 15th day of
September, 2009.
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`X -eayor Becky Ames -
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