Title:
Title
Allocation of Sewer Credits to ACEF- Martin Folsom, LLC for the 65 East Student Housing Project at 6620 Folsom Boulevard
End
FileID
File ID: 2019-01712
Location
Location: 6620 Folsom Boulevard, District 3
Recommendation:
Recommendation
Adopt a Resolution allocating 127 Economic Development Treatment Capacity Bank Credits to ACEF- Martin Folsom, LLC for the 65 East Student Housing Project at 6620 Folsom Boulevard.
Contact: Leslie Fritzsche, Economic Investment Manager, 916 808-5450, Office of Innovation and Economic Development
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: ACEF- Martin Folsom, LLC (a corporation formed by Symphony Development and the Martin Group) has applied for 127 Economic Development Treatment Capacity Bank Credits ("Credits") for the 65 East Student Housing Project at 6620 Folsom Boulevard ("Project"). The Project will bring 223 units of needed student housing in two buildings, a six-story mixed-use building and a parking garage to the 65th Street area. Currently the site contains both a parking area and a vacant commercial building.
Policy Considerations: The City's Office of Innovation and Economic Development Strategy goals include supporting physical development and investment in the city with efforts to create jobs, improve quality of life and provide the necessary infrastructure to attract development and businesses. With the City's 2035 General Plan as part of the economic development goals, one of the commitments is to promote and support such projects to make Sacramento the most livable city in America as well as to support and encourage effort to implement key development projects that meet the City's revitalization and redevelopment goals.
Economic Impacts: This residential new construction project is expected to create approximately 338 total jobs (195 jobs directly and 143 jobs through indirect and induced activities) and result...
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