Fiscal Note
The proposed resolution amends the CDA Redevelopment 2016 Adopted Capital Budget to appropriate $800,000 to support the purchase of 7941 Tree Lane. Funding for the appropriation will be split between General Land Acquisition ($250,000) and CDA reserves ($550,000). Upon acquiring the property the City will identify a developer to execute a project that will include senior housing, mixed-income housing, and transit oriented development. The current balance of the General Land Acquisition fund is $1.1 million.
Title
SUBSTITUTE - Direct The Community Development Authority of the City of Madison (“CDA”) to purchase 7941 Tree Lane and issue a request for qualifications (“RFQ”) for development and property management services relating to the development and operation of mixed income senior housing and amending the 2016 Adopted Capital Budget to appropriate $250,000 from General Land Acquisition and $550,000 from CDA reserves to support development efforts.
Body
WHEREAS, on December 2, 2014 the Common Council passed resolution number 14-00906 directing Housing Strategy Committee to develop recommendations for a housing policy that promotes transit oriented housing for seniors. The policy should support safe and affordable housing with access to transit and amenities for older adults; and
WHEREAS, in November of 2015 staff submitted the Senior Housing Chapter of the Biennial Housing Report which was referred to the Housing Strategy Committee, the Committee on Aging, and the CDBG Committee, the Council accepted the Senior Housing Chapter in February of 2016; and
WHEREAS, on February 23, 2016 the Common Council accepted the Senior Housing Chapter of the Biennial Housing Report which recommended “For seniors that can no longer stay in their homes due to affordability, work to ensure the creation of affordable senior housing throughout the city to allow them to continue to age in place” and “create a city-led pilot project combining senior housing, mixe...
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