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synchronized timing of both projects, the potential of e~ploring options offers the potential for <br />assistance with this issue. <br />Because the City's resources are limited, i.t is necessary' for the C!ty ~o be creative and selective <br />with its involvement with affordable housing developm rots. Whde m many ways, the City has <br />recently had success attracting affordable housing usin limited financial resources, these have <br />been mixed income developments with a markel component. However, because this <br />development is proposed to be 100% affordable, staff anticipates the City's financial <br />contribution may need to be significant which is of con :em in view of recently approved mixed <br />income projects. Further, as indicated previously, ther ~ are significant projects in the planning <br />or concept phase that staff anticipates may require City financial involvement. A~ such, any <br />significant financial involvement in one project will mo: ;t likely impact other projects. <br /> <br />Staff Recommendation <br /> <br />As a means of addressing this matter, staff is rccomm, .~ding it mcct with EAH to explore the <br />development potential of this site. At this stage of the process, stafPs focus will be cvaluatin8 <br />the development potential of the site, rent levels, the C esirability of senior housing rather than <br />family housing, thc potential development schedule m it relates to the work of thc Kottlngcr <br />Place Redevelopment Task Force and the financial inw ~lvement required of the City. Staff will <br />provide the Council with an update of these activities as the project progresses. <br /> <br />FISCAL IMPACT <br />There is no direct financial impact related to carryinS out thc recommendation in this <br />However, should the City become more involved with ~he project, it is anticipated that financial <br />con~butious will be ~.quired. No financial commitm, ~ts will be made until further review of <br />the City Council. <br /> <br />Respoctfully Submitted, <br /> <br /> Steven Bocian <br />Deputy City Manager <br />Attachment A - Site Map / <br />Attachment B - Housing Commission Staff .Re.port date~! 12/18/03 and Minutes from Meeting <br />Attachment C - Letter from Housing Conumsmon to EAH dated 1/12/04 <br /> <br />SR:04:021 <br />Page 5 <br /> <br /> <br />