12 - Laserfiche WebLink

BACKGROUND History of the Civic Square Apartments On February 12, 1985, the City Council adopted Ordinance 1179 approving the 262 -unit Civic Square Apartment development on an approximately 13.49 -acre site on the southwest corner of Bernal Avenue and Case Avenue. Copies of the January 22, 1985 City Council and January 9, 1985 Planning Commission staff reports are provided in the City Council's packet as Attachment 8. The approved project density is 19.4 dwelling units per acre. Since it was opened in 1987, the Civic Square Apartments have been continuously owned and operated by Braddock and Logan Services, Inc., operating as Civic Square, L.L.C. The Civic Square Apartment development originally entered into an agreement with the City designating 66 units for low- income households, defined as 80 percent or less of the Area Median Income. The agreement originally had a 15 -year term through 2001. In 1994, the City extended the term to 2010 when Braddock and Logan Services refinanced its bonds for this development. The revised agreement included a clause for earlier termination if Braddock and Logan Services paid off the bonds. Civic Square Apartment's below- market rental program operated successfully for 20 years until the bonds were paid off in 2007, fulfilling the terms of the agreement. All of the Civic Square Apartment units are now market rate units. Site and Surrounding Area The aerial photograph below shows the Civic Square Apartment site and the surrounding streets and land uses. Civic', Square Apartments On New Residential Building Building Three wo New Residential Buildings Building One and Building Two and Remodeled Office and Weight Room Page 2 of 6