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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 6. <br /> 11117)6 <br /> STAFF REPORT Report Number: 92-391WS <br /> Report Date: 10-1-92 <br /> AGENDA SESSION DATE October 5, 1992 <br /> DISPOSITION <br /> Item Description: Update on Senior Housing Project at Highway 10 and Silver Lake Road <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets as necessary.) <br /> SUMMARY; <br /> Several months ago, Dale Jones and Ed Dropps approached staff with a <br /> proposal to construct 80 units of senior housing on the property Mr. Jones <br /> owns at Silver Lake Road (behind the insurance company) and Highway 10. <br /> Their request to the City was for some form of financial assistance to <br /> enable the project to be built and provide for reasonable rents for the <br /> senior residents. <br /> The developers have built senior housing projects in the northern part of <br /> the state, but nothing local. They are in the process of applying for loan <br /> funds and credit enhancements through Fannie Mae in order to begin to <br /> finalize the project proposal. <br /> Although the project is in a very preliminary stage, staff would like to <br /> present the schematic design provided by the developers and receive Council <br /> direction on this project in terms of any use of tax increment financing. <br /> Sarna ha Orduno, Cit Administrator <br /> RECOMMENDATION: <br />