Moore, Tania
From: Fikes, Cathy
Sent: Monday, July 17, 2023 3:41 PM
To: Agenda Alerts
Subject: FW: 7 18 2023 Agenda Item # 20 Middle Income Housing Update From: Paula Schaefer <[email protected]>
Sent: Monday, July 17, 2023 3:21 PM
To: CITY COUNCIL (INCL. CMO STAFF) < [email protected]> Subject: 7 18 2023 Agenda Item # 20 Middle Income Housing Update Mayor Strickland and Council Members:
I encourage you to have a staff member review and explain this agenda item during the 7 18 2023 meeting. I urge you to do this to counteract the incorrect information that has been publicized about these properties recently.
The staff report reflects, accurately, that the City did not purchase Elan and Breakwater as was extensively and inaccurately reported during the past council seat elections.
The staff reports the progress made in converting market rate apartments to rates that are affordable to those earning in the 80-120 median income ranges. Although more conversions would be better, progress has been made quite well.
The staff report also shows that while the City is foregoing property tax revenue, it is providing affordable housing to middle income residents at a significantly lower cost than if the City purchased buildings or worked with a developer.
Finally, the City's sole discretion option to purchase the two properties after 2036 shows that it could be a valuable asset in the future.
Paula Schaefer
SUPPLEMENTAL
COMMUNICATION
Meeting Date: 7/18/2003
Agendaltem No: 20 (23.584)
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