Kensington Affordable Apartments
Development Impact Fee Deferral
Loan Agreement
C i t y o f M u r r i e t a a n d P a c i f i c W e s t C o m m u n i t i e s Development Services Department
Presentation by
City Planner, Carl Stiehl
Public Hearing Item # 17 City Council August 14, 2023
Received After Agenda Printed
Regular City Council Meeting 08-15-23
Item No. 17 - Staff Presentation
2 Project Site
Project: 126 Workforce Housing Units
Approved by Development Services
Director December 30, 2022
Land Use and Zoning:
• Washingon Avenue, 4.7 acres
• General Plan – Multi-Family
• Housing Element – Pipeline Project
• Zoning – Residential - Multi Family 1
3 Site
Plan
4 Elevations
5 Deferral Overview
Applicant Pacific West Communities
Approached the City for DIF Deferral to
improve tax credit application score
• Structure as $1.77 million loan agreement
• Should make project viable to receive
state tax credit funding in the next round
• If the project receives state funding,
would be a 55 year loan to be paid back
to the City with residual receipts
(depends on project cash flow)
6 Project Benefits
• Applicant willing to assist City with
forming CFD for Public Services
• Is a site for housing outside the
Housing Element sites inventory
• Allows the City to get Extremely-
Low, Very-Low and Low-Income
Units towards RHNA
• County of Riverside is investing
upwards of $2.5 million in the
project
7 1) Adopt Resolution No. 23-4700 entitled: A Resolution of the City Council of the City of Murrieta to Prepare a Development Impact Fee (DIF) Deferral Loan Agreement in Support of Pacific West Communities Project to Develop 126 Unit Multi-Family Affordable Apartments at Washington Avenue (APN 906-750-004); and
2) Find that the approval of a DIF Deferal Loan Agreement is consistent with the Categorical Exemption approved for this project on December 30, 2022, which contemplated the construction of 126 units.
Recommendation:
Kensington Affordable Apartments
Development Impact Fee Deferral
Loan Agreement
C i t y o f M u r r i e t a a n d P a c i f i c W e s t C o m m u n i t i e s Development Services Department
Presentation by
City Planner, Carl Stiehl
Public Hearing Item # 17 City Council August 14, 2023