SR 05:219 - Laserfiche WebLink

BRIDGE/Lytton Partnership with exclusive rights to develop the project for the purpose of negotiating a ground lease, regulatory agreement and financial plan. In March 2003, the Planning Commission approved the project PUD. On May 6, 2003, the City Council approved the project PUD, a financing plan including a loan commitment of $2.49 million, a predevelopment loan of $949,000 and a draft Ground Lease establishing project affordability and an operating structure. All of the major project parameters approved by the City Council at this meeting are included in the current documents. ASSISTED LIVING FACILITY: VIEW OF ENTRYWAY The Predevelopment Loan was used by BRIDGE to finalize project drawings and to develop the information needed to pursue project financing. The City has approved all required drawings and permits have been issued. BRIDGE has assembled a financing team and the project is moving toward the delivery of certificates of participation for project financing. In addition to these financing efforts, the City has secured a $1.S million HELP loan from the California Housing Finance Agency. Since the May 2003 meeting, BRIDGE has also made some ownership and operational changes to the project. Due to a decision by Lytton Gardens, they are no longer involved with the project as a part owner or operator. Project ownership will remain with BLP Partnership, Inc., but Lytton Gardens will no longer be a partner. Eskaton Properties Incorporated will enter into an agreement with BLP to provide on-site project management. Staff and the Assisted Living Subcommittee met with Eskaton and toured a number of its projects and are in agreement that they have an excellent reputation and will provide quality services. The development will consist of 10S units. Nineteen of the units will be provided for residents that are memory impaired e.g. Alzheimer's disease. Thirty units and one bed provided for the memory impaired will be affordable to residents at 2S% and SO% of the Area Median Income. One Alzheimer bed will be affordable. Total size of the development footprint is S9,S8l square feet resulting in 38% floor area (FAR) for the site. Total size of the development is approximately 93,000 square feet. Services at the project will generally include three meals per day, housekeeping services, linen services, assistance with daily living such as dressing, bathing and grooming, medication management, 24-hour staffing, emergency call system, health monitoring, coordinated activities to encourage socialization and transportation services or those SR:05:219 Page 3