Title
Modification of Scope for the Gateway Mixed-Income Housing Project
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FileID
File ID: 2024-01246
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Location
Location: 3400-3401 Stockton Boulevard, District 5, Represented by Vice Mayor Maple and District 6, Represented by Councilmember Guerra
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Recommendation
Recommendation: Adopt a Resolution: 1) approving a revised Exhibit B of Resolution No. 2022- 0327, modifying the scope for the Gateway Mixed-Income Housing Project at 3400-3401 Stockton Boulevard from 230 to 196 mixed income housing units; and 2) allowing the City Manager or the City Manager's designee to negotiate and execute a $15 million loan agreement with CT Gateway LLC with the revised scope for the Gateway Mixed-Income Housing Project at 3400-3401 Stockton Boulevard, subject to City Attorney approval as to form.
Contact
Contact: Leslie Fritzsche, Economic Investment Manager, (916) 808-5450, lfritzsche@cityofsacramento.org; Ya-yin Isle, Housing Policy Manager, (916) 808-1869, yisle@cityofsacramento.org; City Manager's Office of Innovation and Economic Development
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Presenter
Presenter: None
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Attachments
Attachments:
1-Description/Analysis
2- Resolution
3- Attachment A to the Resolution
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Additional Description/Analysis
IssueDetail
Issue Detail: On October 25, 2022, Council adopted Resolution No. 2022-0327, which allocated $15 million for the development of a 230-unit mixed-income housing project at 3400-3401 Stockton Boulevard at 9th and 10th Street. Since that time, College Town International (CTI), the owner and developer of the project, has been hard at work finalizing the planning entitlements and building permit applications. Due to significant increases in construction costs and higher interest rates, CTI has revised their plans. The changes include a reduction in the number of total units in the project from 230 to 196. This reduction will take place on the eastern parcel which is now proposed to contain 65 units from the original 99 along wit...
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