HomeMy WebLinkAboutResolution 2008-183 N.C.S. 09/15/2008 Resolution No. 2008-183 N.C.S.
of the City of Petaluma, California
MODIFYING THE FY 2008-09 HOUSING BUDGET FOR THE PURPOSE OF
FINANCING SITE ACQUISITION FOR A PROPOSED SENIOR HOUSING
COMMUNITY, VINTAGE CHATEAU, PHASE II
WHEREAS, the City of Petaluma adopted the FY 2008-2009 Housing Budget on June
16, 2008 which included funding for a variety of housing projects and programs to address the
needs of a wide spectrum of housing needs; and,
WHEREAS, following the adoption of that budget, a site acquisition opportunity was
presented to the City which would produce 67 additional affordable units for low-income
seniors; and,
WHEREAS, the senior population is one of the largest growing demographics in the
County and a sizeable portion of those seniors will require subsidized and supportive housing;
and,
WHEREAS, the City Council has a commitment to address the housing needs of our
low-income senior and disabled community and has stated that goal in various City housing
policy documents; and,
WHEREAS, USA Properties is a state-wide owner and manager of senior housing and
has a long history of providing safe, decent, and affordable senior housing at Vintage Chateau 1;
and,
WHEREAS, the high cost of housing development has made it necessary for the City to
assist the developer in the cost of acquisition of the housing site: and,
WHEREAS, the City's funding allocation will be in the form of a promissory note
secured by a deed of trust and option agreement,
NOW, THEREFORE, BE IT RESOLVED that the FY 2008-2009 housing budget is
modified to include the allocation of not-to-exceed $2,500,000 for the site acquisition of the
property to be known as Vintage Chateau II.
Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certily the foregoing Resolution was introduced and adopted by the A r ve as to
Council of the City of Petaluma al a Regular meeting on the 15'~ day of September, fair
2008, by the following vote:
3
Cit ttorney
AYES: Barrett, Freitas, Flarris, Nau, O'Brien, Vice Maya-Rabbitt, Mayor "forliatt
NOES: Nape
ABSENT: None
ABSTAIN: None
ATTEST:
City Clerk May r
Resolution No. 2008-d 83 N.C.S. Page I