Agenda - Council - 07/14/2026 - Laserfiche WebLink

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Economic Development Manager Sullivan stated that he believes that this is a good use of a challenging site and fits the vision of The COR. He commented that this is a nonprofit, so likely a majority of the property would not generate taxes. He stated that this would provide affordable housing options in The COR and would be an eligible use of LAHA funds. He recognized the discussion of the Council and believed that decision was made on a broader scale, not to support large apartment complexes. He stated that the developer has experience in single-family projects, and this would be a new venture, but Lennar is a national company with experience that is a partner of the applicant. He noted that if the necessary funds are not raised, the project would not move forward, but the site would be off the market for the remainder of the ye hile that is determined. He commented that while there would be jobs created, it would be a mInTh441 number. He stated that, from his perspective, he believes that there is room to support this request and accomplish the goals of the Council using LAHA, and recommended approva Member Hills thanked the applicant and her team for t itp entatioo1 the work they do, noting a well -thought-out approach and plan. She rec ized hat LAHA is new, and so there are still discussions and uncertainty. She asked if ther ould be demand for the funds4o be used for the home improvement items discussed by thty Council. the fundraising goals exceeded the goal and whether the LA repaid. Economic Development Manager Sullivan stated that the City month ago, so the programs and applications have not yet been de those could be developed and ready to go bye the end year beginning of 2027. He stated that the deman .. . yet ement. in older areas of the co also need to qualify b stated that it will b has typically not engage at need imp eetin_ I requirem- s in order to be eligible for the program. He It to d_ , mine the viait of demand. He commented that the City claw -back provisions is type of funding. He stated that the first e asked what would happen if s could then not be used or cil ust discussed LAHA one ed. He stated that perhaps make those available at the ut there are a number of homes stated that the homeowners would allocation of $5 100 would come in at closing, a a the $195,000 would likely come in as work is done throu eim.ursement/work contracts. e believed that a framework of a contract would be deve ed at the time of the pur ' se of the land. He commented that if desired, they could nego expecta n whether the LAHA fun uld be paid back or not used, if fundraising exceeded Member Hills .-ciated th sire to under promise and over deliver, but was concerned that the two units could b ant fo period of time, and the property would not be used to its full extent. She asked if a specified timeline could be included to ensure the development of the other two units, suggesting perh7within 24 months, to ensure the vision/mission would be fulfilled. Economic Development Manager Sullivan stated that at this time, the developer is willing to commit to one unit. He stated that if desired, benchmarks could be included in the Development Agreement related to the other two units, but at that point, the City would have lost the ability to claw back on the land itself. He stated that a $50,000 penalty could be incurred if the other units were not developed within that timeline, but was unsure how that would feel to exercise that remedy against a nonprofit. Economic Development Authority/ June 11, 2026 Page 5 of 7