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272 <br /> <br /> Mr. Caravati asked if the issue of the possibility of mixed use on the site was <br />addressed, but Mr. Kirtley said that the focus up to this point has been on the tax credit <br />application and on maintaining affordable housing. <br /> Mr. Cox asked what is different in the structure of this application over the one <br />that was not approved, and Mr. Michael Bodaken of the National Housing Trust said that <br />there are now joint venture partners for the projects, the purchase price ha been reduced <br />over $1 million; the property is now required to be donated to PHA after 15 years; and <br />the rehabilitation costs have increased to $18,000 per unit. Mr. Bodaken said the <br />application will be much more competitive if the City donates $500,000. <br /> Mr. John Morland of the National Housing Trust said the application will score a <br /> lot better this year. <br /> <br /> Responding to a question from Ms. Richards, Mr. Morland said that PHA's <br /> resolution regarding no net loss of affordable housing units is not part of the tax credit <br /> application. <br /> <br /> Responding to questions from Mr. Toscano, Mr. Bodaken said that the managing <br /> general partners will own the facility for 15 years and after that it will be donated to <br /> PHA, and Edgewood Property Management will manage the facility. Mr. Bodaken said <br /> they are felt to be the best property manager for this site and are a very reputable <br /> company. He noted that an advisory board will be created to advise on day to day <br /> operations. <br /> <br /> Mr. Cox asked about sending a delegation to visit sites that Edgewood manages, <br /> and Mr. Bodaken said he would encourage such a delegation. <br /> Mr. Caravati asked about the process is the tax credits are achieved, and Mr. <br /> Bodaken said that they should hear by the end of May or early June and will have a <br /> deadline to close by November of 2002. Rehabilitation is expected to take a year from <br /> closing. <br /> <br /> Ms. Richards said it is most important to improve the quality of life at Garrett <br /> Square, with both the renovations and management. <br /> <br /> Mr. Toscano said that in thinking about the long term vision of the City, he <br /> wonders if it be possible to put market rate housing or other uses on the site. He also <br /> asked what kind of commitments, if any, the partners have to redevelopment of that site. <br /> Mr. Kirtley said that the footprint of Garrett Square apartments will stay as is, but <br /> the land could be subdivided or could he tied to the building and not dividable. Mr. <br /> Kirtley said that the issue of open space needs to be discussed, but in theory everything is <br /> on the table. <br /> Responding to a question from Mr. Cox, Mr. Stu Armstrong of PHA, said that as <br /> long as the value of the property is enhanced, VHDA will likely look favorably on it. Mr. <br /> Armstrong said that use of the land in the futuxe will require a real community discussion. <br /> Mr. Cox said them is a high poverty level in that area and it is important to create <br /> a different balance. <br /> Mr. Lynch said that one concern he has about the funding request is that is half of <br /> what the City has available for housing in the next few years, and the project is in <br /> competition for projects including the one on 10th and Page Street. <br /> Mr. Kirtley said he does not think allocating $500,000 for this project will slow <br /> down other efforts. <br /> Ms. Richards asked if the company that will manage Garrett Square has agreed to <br /> be advised by an advisory board, and Mr. Morland said it has not been discussed, but <br /> they will agree. <br /> <br /> <br />