Fiscal Note
The project provides for total expenditures of $39,578. $20,000 in Federal CDBG funds is available within the Futures Fund and is included in the 2010 CDBG Adopted Operating budget. An additional $19,578 will come from the City's Affordable Housing Trust Fund; the 2010 adopted operating budget provides for authorized distributions from the Affordable Housing Trust Fund totaling $23,456 in 2010.
Title
Authorizing the provision of $39,578 in CDBG and Housing Trust Funds to Independent Living to support a portion of the pre-development costs to determine the feasibility of constructing 148 units of affordable senior housing in the Cherokee area.
Body
WHEREAS, Independent Living, Inc. has developed and manages over 200 units of affordable senior housing at three locations in Dane County, and
WHEREAS, Population forecasts estimate the number of older adults will nearly double by 2020.
WHEREAS, Independent Living is preparing to meet this demand by exploring the possibility of developing 148 units of affordable senior housing consisting of 100 Residential Care Apartments, 24 Assisted Living units and 24 Memory Care units, and
WHEREAS, the property is located north of Wheeler Road adjacent to the Cherokee development in the Town of Burke. The property will be annexed prior to development and consistent with the Cherokee Plan and the intergovernmental agreement with Deforest, Sun Prairie and the Town of Burke, and
WHERREAS, Predevelopment activities and associated professional service costs are eligible costs per the CDBG and Housing Trust Fund guidelines, and
WHEREAS, the CDBG staff and the CDBG Committee have reviewed this proposal and find that it furthers the goals expressed in the 2010-2014 Five-Year Community and Neighborhood Development Plan and the 2010 Community Action Plan.
NOW, THEREFORE, BE IT RESOLVED that the Common Council approve the request of Independent Living to explore the feasibility of developing 148 units of senior hous...
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