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2:00pm | Well, this week we have the General Election, but on the lighter side - no council meeting. However, the Redevelopment Agency met today. So, before we turn our attention to counting votes tomorrow, let's take a look at what the RDA did for the citizens of our fair city this week.First, the agency board heard presentations from the RDA Housing Services and Economic Development bureaus.

Housing Updates

The RDA board heard that the Housing Services bureau, which has the mission of developing affordable housing for very low-, low-, and moderate-income residents, has projected available resources for the 2011 fiscal year of just over $70 million.

The bureau also updated the RDA board on current projects. These included one newly-completed housing project, three under-construction projects, one rehabilitation project under way, and four projects in pre-development.

The newly completed project is a seniors-only rental property that offers 65 of the 66 one-bedroom apartments to very low-income seniors (the manager's apartment is not restricted to seniors). The RDA spent $4.5 million on the project.
 
The three under construction projects include: Lyon West Gateway at 421 W. Broadway; the Coronado project at Atlantic and 20th; and, the META Housing project at 2355 Long Beach Blvd. The three projects, when completed, will provide a total of 110 very low-, low-, or moderate-income housing units out of the 385 total units being constructed. The rest will be sold or rented at market value. The RDA will spend $5.6 million on the Lyon gateway project, $15.5 million on the Coronado project, and $9.9 million on the META project.
The RDA is also providing $2.3 million for the rehabilitation of four properties into studio apartments that will provide 26 rental units for very low-income residents and 20 rental units for low-income residents.        

In pre-development by the agency are four projects that will eventually cost the RDA just over $30 million and provide 184 units for very low-, low- and moderate income housing,

The Housing Service bureau also reported that it had assisted 60 home buyers with second mortgage assistance, at a cost to the agency of $10.4 million.

Business Tax Credits

For fiscal year 2009, the Economic Development bureau reported that 3,755 hiring vouchers were issued and 2,764 vouchers had been issued through June of FY 2010.

Each hiring voucher issued represents a potential five-year tax credit to the applying firm of up to $37,400 per qualified employee.

During FY 2009, these hiring tax credits represented a tax savings to Long Beach businesses of just over $70 million, while costing the RDA only $200,000 of investment--a 351-1 ratio.

For the FY 2010 to date, tax savings for Long Beach businesses due to the hiring vouchers have amounted to just under $52 million at a similar cost of $200,000 to the RDA--a 571-1 ratio.

Acres of Books, Public Arts

During the regular agenda portion of the RDA meeting, the board took up six additonal items.

The major items voted on were motions to sell inventory left behind by the owners of Acres of Books, three contracts for ongoing or underdevelopment projects, and approval for an agreement covering the public arts participation of the Lyon West Gateway project.

When the city took possession of the Acres of Books property, the previous owners left behind more than 30,000 books and 1,500 fruit crates, which became city inventory. The city plans to transfer these items to the non-profit Art Exchange Visual Arts Center and sell the items during fund raising events or exchange them for a charitable contribution to support the Art Exchange cultural arts facility proposed for the Acres of Books location.

The board also moved that the agency enter into a six-month exclusive negotiating agreement with developer City Ventures, LLC for the development of a housing project at Broadway and Elm Avenue. The project, if completed, will see the construction of 50 housing units in a new four-story building. In addition, the project calls for the preservation of the "potentially historic buildings" along 3rd Street, between Elm Avenue and Alamo Court (the alley that ran behind Acres of Books).

In addition, the board recommended a six-month exclusive negotiating agreement with developer Wilmac Enterprises for the development of a site at the northwest corner of Atlantic Avenue and 61st Street (bounded by Linden Avenue on the west) in the 9th District. The plan calls for the development of a "regionally focused retail" development on the now-vacant 61,000 square foot site that sits adjacent to the North Village Center.

Lastly, the board moved to "memorialize their agreement" regarding the prior commitment of the developer of the Lyon West Gateway project to build and art galley on site and install a nearly five-story-tall outdoor mural. The stipulated contribution for the public arts by the developer was originally calculated at just over $600,000, but because the developer chose to install the art gallery and mural, they were only required to pay the city 15 percent of the calculated amount as a public arts tithe.

The RDA notes that the 291-unit housing project is nearing completion and the gallery and mural are not yet completed. It recommends that a new agreement be signed with the developer that essentially cements the original promise of the gallery and mural as well as covers how exactly the developer will pay the remaining 15 percent public arts contribution.
 
And that, for those that were interested, is the RDA meeting in a nut shell.  

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