ACTION REQUESTED:
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Communication from the City Manager and Director of Community Development requesting the following:
A. ADOPT an ORDINANCE Amending the City of Peoria CAPITAL FUND Budget for the Fiscal Year 2014 to PROVIDE A LOAN to the SOUTH SIDE OFFICE OF CONCERN for Project Gap Financing in Conjunction with the GLENDALE COMMONS PROJECT.
B. APPROVE a LOAN AGREEMENT with SOUTH SIDE OFFICE OF CONCERN (SSOC), in the Amount not to Exceed $26,000.00, for Project Gap Financing in Conjunction with the GLENDALE COMMONS PROJECT.
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BACKGROUND:
Glendale Commons is a 28-unit supportive housing project focusing on low-income households and on those at-risk for homelessness or suffering from serious and persistent mental illness and/or developmental disabilities. The project will be located at the corner of the 700 block of Wayne, 800 block of NE Glendale and the 700 block of Morgan (the existing Glen Perry/Glen Mor Development Site; previously operated by the YWCA of Peoria) - see attached map for site location.
The project includes the acquisition of the sites, demolition of the existing units, and the construction of 16 new units, in an apartment building (14 units) and a 2-unit duplex. There are six existing duplexes that will be renovated as well as one new duplex and a 14-unit three-story elevator building that will be newly constructed. Six of the units will be set aside for IHDA's State Referral Network Program. The apartment building will include one, two and three bedroom units, a community room and laundry facilities, as well as offices for on-site supportive services administered by SSOC. The Glendale Commons project was approved by the Planning/Zoning Commission on June 5, 2014 and will be sent to City Council in August 2014.
SSOC took over the property management of the existing buildings in October 2012, when the YWCA of Peoria had financial difficulties and ceased operations. Since that time, the existing properties hav...
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