2008/07/23 Council Agenda Packet

• b e �F ��d f, �IIk� ( n a a s x ® Pe • < . .a .... a�•.. ,...• .., c _ .. ... _ .... PROJECT TITLE: E i Approve 2060 Affordable Consent COUNCIL BILL## Housing Funds contract with Senior Services of x Action Originating Department Planning Snohomish County for First Reading Contact Person David Koenig purchase of the Silver Second Reading Phone Number 425-257-8736 Lake Cottages and authorize the Mayor to Third Reading FOR AGENDA OF July 23, 2008 sign additional Public Hearing documents, as approved by the City Attorney, Initialed by: � necessary to implement Department Head Dr_r_ v- the contract. CAA Council President .�//( Location Preceding Action Attachments Department(s) Approval 10801, 10803, 10805, Citizen's Advisory Contract Planning and Community 10807, 10811 16th Committee Meeting: Development Avenue SE (south of February 28, 2007 Costco and north of 112th Street) Public Hearing: March 14, 2007 City Council Resolution #5899 Approval: May 9, 2007 Amount Budgeted -$200, 000.00- Expenditure $200, 000.00- Expenditure Required -$200, 000.00- Account Number(s): 197 Budget Remaining -0- Additional 0- Additional Required -0- DETAILED SUMMARY STATEMENT: To preserve low-income housing, Senior Services will use 2060 Affordable Housing Trust Funds and funds from other sources to purchase "The Silver Lake Cottages", a 20-unit apartment project. The Cottages is currently being leased by Senior Services, as Evergreen Cottages, LLC, and operates as a low-income senior housing project. RECOMMENDATION: Approve Mayor to sign the 2060 Housing Trust Funds contract with Senior Services of Snohomish County for purchase of the Cottages and to authorize the Mayor to sign additional documents, as approved by the City Attorney, necessary to implement the contract. qp f, 1 :t