City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 4, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Request for City Loan of Up to $5.5 Million to the Alexandria Housing Development Corporation (AHDC) for Development of Affordable Housing Within the Gateway at King and Beauregard and a Resolution Designating the Building Site as a Revitalization Area. [ROLL-CALL VOTE]
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ISSUE: Request for City loan of up to $5,500,000 to AHDC for development of 74 affordable rental units within the proposed The Gateway at King and Beauregard ("Gateway") mixed-use development and passage of a resolution to designate the project site as a Revitalization Area.
RECOMMENDATION: That City Council docket for consideration on November 14:
(a) Approval of a permanent loan to AHDC of up to $5,500,000 (including $350,000 of previously approved predevelopment funds) to facilitate a proposed 74-unit affordable building within the Gateway project;
(b) Approval of the attached resolution designating the project site as a Revitalization Area pursuant to Section 36-55.30:2.A of the Virginia Code; and
(c) Authorization for the City Manager to execute all appropriate documents.
BACKGROUND: AHDC has requested a permanent loan of up to $5.5 million from the Housing Opportunities Fund (HOF) to acquire development rights to construct an affordable housing building containing 74 apartments in a mixed-use development proposed at the intersection of King and Beauregard Streets. In this case, acquisition of the development rights includes the associated entitlements, the underground parking required for the affordable units and delivery of a finished podium (above retail space) on which the affordable units can be constructed. Like the affordable housing in The Station at Potomac Yard, ...
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