ADOPTED BUDGET RESOURCE ALLOCATION PLAN - City of ...

Project Information Sheet
Project: 827590 Develop Affordable Senior Housing - Fair Oaks/Garland Site
Origination Year: 2007-08
Planned Completion Year: 2010-11
Department: Community Development
Project Description / Scope / Purpose
Type: Housing
Category: Special
Project Manager: Suzanne Ise
Fund: 70 Housing
Sub-Fund: 100 Housing Mitigation
Project Coordinator: Hanson Hom
Since 1991, Sunnyvale has been working with County of Santa Clara staff to pursue the development of a portion of the County land located at 660 S. Fair Oaks Ave. for senior affordable housing.
The City and County have each obtained appraisals to determine the value of the land that could be developed for senior affordable housing. Currently, both are negotiating in good faith to finalize
terms to obtain a ground lease at 660 S. Fair Oaks Ave. (County Clinic site). The County would use the funds to construct a parking structure for the clinic. This would allow the County to lease
approximately 58,675 square feet to the City for the development of affordable senior housing by a non-profit housing developer.
Project Evaluation and Analysis
The purpose of this project is to develop an affordable senior housing project and provide housing support services for the elderly. Affordable housing for the senior population has been identified
as a specific gap in existing service within the adopted human service priorities in the Consolidated Plan. This project will provide the City a large number of affordable housing units while
addressing the need to house the City's growing senior population.
Fiscal Impact
This project is funded entirely by the Housing Mitigation Sub-fund which receives revenues from housing mitigation fees paid by developers and housing loan repayments.
Project Financial Summary
Financial Data Prior
Actual
Project Costs
Revenues
Total
Transfers-In
Total
Operating Costs
Current 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Y11-Y20
2009-10
Total
Project
Life Total
97,972 5,402,028 0 0 0 0 0 0 0 0 0 0
0 5,500,000
Housing Loan Repayments Other Fees 0 500,000 0 0 0 0 0 0 0 0
0
0 0 0 500,000 0 0 0 0 0 0 0 0
0 500,000
0 0 0 0 0 0 0 0 0 0 0 0
0 0
0 0 0 0 0 0 0 0 0 0 0 0
0 0
Develop Affordable Senior Housing - Fair Oaks/Garland Site 827590