By DENNIS WYATT
Managing editor of the
Manteca (Calif.) Bulletin
Some $59 million in Manteca property taxes collected by the redevelopment agency could be officially committed Monday to interchange work and a 153-unit low- to, moderate-income apartment complex.
All of the projects were well underway and had RDA funds budgeted and committed prior to Governor Jerry Brown outlining his plan earlier this year to commandeer redevelopment agency funds in a bid to avoid massive cuts in the ranks of state workers and state programs.
The City Council sitting as the RDA commission will meet Monday at 3:30 p.m. at the Civic Center, 1001 Center St., just days before a planned California Legislature’s vote on Brown’s plan.
Monday’s action is designed to officially transfer $58.5 million from the RDA to the city’s Subsidized Street Project Fund.
The money could be spent on four different projects that have been moving forward in the planning and design process long before Brown came up with his proposal to pull the plug on RDAs up and down California and to transfer whatever he legally could in existing tax receipts and future taxes to the state.
The projects are all along the 120 Bypass. The projects and their price tags are $32.5 million for the Union Road interchange, $29.5 million for McKinley Avenue, $25 million for Airport Way interchange, and $3 million to extend Daniels Street to McKinley Avenue.
City Manager Steve Pinkerton noted that two to three of the projects could be completed with the funds when combined with other money collected for road improvements from growth.
He added that all of the projects have a clear “paper trail” of actual work being done long in advance of this year. Brown’s plan - if he succeeds - calls for negating any project that was started after he made his proposal.
Another $500,000 would be committee to Belagio Apartments. It will bring the RDA loan amount committed to the project to $12.75 million.
The complex for low- and moderate-income renters is being planned along Atherton Drive near the Union Pacific Railroad tracks south of the Highway 120 Bypass.
The financing plan for the 7.86-acre project include tax-exempt bonds, deferral of part of the development fees, and 4 percent low income housing credits. The $12.75 million RDA loan will be payable with residual cash receipts after the developer pays whatever development fees are deferred.
The complex, under terms of the loan, would have to be low- and moderate-income affordable housing for 55 years. As the loan is paid off with interest the RDA will be able to use the receipts for other affordable housing projects down the road.
Such projects - subsidized indirectly with financing and not upfront help to pay rent - requires tenants to still qualify based on a steady income source. The rents are not at market but are set at a percentage below market to make them affordable to the income median of community’s workforce.
The complex would be built on East Atherton Drive just east of Sereno Drive and north of the Tesoro neighborhood.
The Manteca City Council in November approved the issuance of $17 million in tax-exempt bonds through the California Statewide Communities Development Authority (CSCDA) to allow Manteca Atherton Associates to build the project on a part of the parcel they have approved for 300 apartment units east of Van Ryn Avenue and the 295-unit Paseo Villas apartments.
The development firm would still have authorization to construct 150 at-market apartment units between the proposed income restricted complex and Van Ryn Avenue. It was originally approved as a 300-unit complex known as Tesoro Apartments.
Belagio Apartments will consist of a tot lot, BBQ area, and community room with kitchen, fitness room, computer room, and laundry facilities. Each unit would have blinds, carpeting, patios, and appliances.
Tax-exempt bonds allow for the building of affordable housing.
The (CSCDA) is a joint powers authority sponsored by the California State Association of Counties and the League of California Cities.
The mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California.
More than $46.6 billion in tax-exempt debt issued since the organization’s inception in 1988.
Also on Monday’s agenda is the transferring of land purchased by the RDA to the city for the purpose of building a transit station.
Managing editor of the
Manteca (Calif.) Bulletin
Some $59 million in Manteca property taxes collected by the redevelopment agency could be officially committed Monday to interchange work and a 153-unit low- to, moderate-income apartment complex.
All of the projects were well underway and had RDA funds budgeted and committed prior to Governor Jerry Brown outlining his plan earlier this year to commandeer redevelopment agency funds in a bid to avoid massive cuts in the ranks of state workers and state programs.
The City Council sitting as the RDA commission will meet Monday at 3:30 p.m. at the Civic Center, 1001 Center St., just days before a planned California Legislature’s vote on Brown’s plan.
Monday’s action is designed to officially transfer $58.5 million from the RDA to the city’s Subsidized Street Project Fund.
The money could be spent on four different projects that have been moving forward in the planning and design process long before Brown came up with his proposal to pull the plug on RDAs up and down California and to transfer whatever he legally could in existing tax receipts and future taxes to the state.
The projects are all along the 120 Bypass. The projects and their price tags are $32.5 million for the Union Road interchange, $29.5 million for McKinley Avenue, $25 million for Airport Way interchange, and $3 million to extend Daniels Street to McKinley Avenue.
City Manager Steve Pinkerton noted that two to three of the projects could be completed with the funds when combined with other money collected for road improvements from growth.
He added that all of the projects have a clear “paper trail” of actual work being done long in advance of this year. Brown’s plan - if he succeeds - calls for negating any project that was started after he made his proposal.
Another $500,000 would be committee to Belagio Apartments. It will bring the RDA loan amount committed to the project to $12.75 million.
The complex for low- and moderate-income renters is being planned along Atherton Drive near the Union Pacific Railroad tracks south of the Highway 120 Bypass.
The financing plan for the 7.86-acre project include tax-exempt bonds, deferral of part of the development fees, and 4 percent low income housing credits. The $12.75 million RDA loan will be payable with residual cash receipts after the developer pays whatever development fees are deferred.
The complex, under terms of the loan, would have to be low- and moderate-income affordable housing for 55 years. As the loan is paid off with interest the RDA will be able to use the receipts for other affordable housing projects down the road.
Such projects - subsidized indirectly with financing and not upfront help to pay rent - requires tenants to still qualify based on a steady income source. The rents are not at market but are set at a percentage below market to make them affordable to the income median of community’s workforce.
The complex would be built on East Atherton Drive just east of Sereno Drive and north of the Tesoro neighborhood.
The Manteca City Council in November approved the issuance of $17 million in tax-exempt bonds through the California Statewide Communities Development Authority (CSCDA) to allow Manteca Atherton Associates to build the project on a part of the parcel they have approved for 300 apartment units east of Van Ryn Avenue and the 295-unit Paseo Villas apartments.
The development firm would still have authorization to construct 150 at-market apartment units between the proposed income restricted complex and Van Ryn Avenue. It was originally approved as a 300-unit complex known as Tesoro Apartments.
Belagio Apartments will consist of a tot lot, BBQ area, and community room with kitchen, fitness room, computer room, and laundry facilities. Each unit would have blinds, carpeting, patios, and appliances.
Tax-exempt bonds allow for the building of affordable housing.
The (CSCDA) is a joint powers authority sponsored by the California State Association of Counties and the League of California Cities.
The mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California.
More than $46.6 billion in tax-exempt debt issued since the organization’s inception in 1988.
Also on Monday’s agenda is the transferring of land purchased by the RDA to the city for the purpose of building a transit station.
