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Home My WebLink AboutF.3 GMD History & Support Letter to City Commission - K Thane M1I Kevin Thane <kpthane@gmail.com> CAHAB letter of support for GMD Project 1 message hu, Mar 14,2019 at 3:44 P Kevin Thane<kpthane@gmail.com> '"� To:Agenda<agenda@bozeman.net> / Cc: "Bartz,Jody"<jody.bartz@montana.edu>, Brian Guyer<bguyer@thehrdc.org>, Dulaney Co i �-- - - --` <dncollins09@gmail.com>, Greg Stratton <greg@kildaystratton.com>, "J. David Magistrelli"<jdavid@habitatbozeman.org>, Kevin & Pam Thane<kpthane@gmail.com>, Martin Matsen <mmatsen@bozeman.net>, Noel Seeburg <nseeburg@gmail.com>, Steve Wheeler<wheelersteve6@gmail.com>, Terry Cunningham <tunningham@bozeman.net>, Steve Dymoke<steve@gmddevelopment.com> Commissioneers, Please find attached a letter of support from CAHAB for the GMD Development project located on Tschache Lane that will be coming before you. Please let me know if you have any questions or need any further information. Respectfully, Kevin Thane GMD letter of support 3-13-19.pdf 814K March 13, 2019 Commissioners: At the December 12, 2018, January 9, 2019, and February 13, 2019 CAHAB meetings GMD Development brought before CAHAB a proposal for discussion and input to build approximately 250-270 affordable housing units on land located behind Lowes on Tschache Lane. Discussions led to the potential of including as part of the development an Early Learning Center for up to 96 children and a Community Health Clinic. The project would consist of roughly 100 senior independent living units and approximately 150 units of Family Housing consisting of two and three story walkup flats and three-bedroom townhomes. Half of the units in each project will target households at less than 50% AMI and the remaining half would have rents of from 60% to 70% of AMI. Additionally, the developer has voluntarily agreed to put a rent increase cap on the senior units with rents at 50% of the AMI. In the view of CAHAB, this project is in direct support of Bozeman Strategic Plan Section 4.5.b.1 which speaks to the creation of an action plan that mandates the creation of affordable housing across all dwelling unit types and 4.5.b.2 which supports the creation of an action plan which provides for flexibility in the manner in which the mandate in 4.5.b.1 can be accomplished. Additionally, CAHAB received public comment in support of this project from Family Promise, HRDC, and Community Health Partners. We did not receive any public comment that was not in support of the project. The synergy possible from a project that could include senior housing, family housing, an early learning center serving infants to kindergarten aged children, and a health clinic, makes this a project with great potential to enhance the Bozeman Community. It is in line with CAHAB's mandate, as provided in Resolution 4948, to advance the City of Bozeman's Strategic Plan and to serve as an advisory board to the Affordable Housing Program, Community Development Department, and City Commission. At the February 12, 2019 CAHAB meeting, the Board unanimously voted to recommend to the City Commission that $500,000.00 from the City's affordable housing fund be provided to GMD Development in support of this project over the course of 1 to 3 fiscal years, as needed, and that the relaxation of City code be allowed to further the development of this project in the most economic and efficient way possible. Kevin Thane, Chair City of Bozeman Community Affordable Housing Advisory Board FY20 Budget Department Budget by Fund Department Fund I FY18 Actual I FY19 Budget FY20 Approved %Change WORKFORCE HOUSING 120-Workforce Housing Fund 127,062 371,858 934,458 151.3% Department Budget by Category Department Category FY18 Actual FY19 Budget FY20 Approved %Change WORKFORCE HOUSING Salaries&Benefits 27,052 78,708 81,708 100.0% WORKFORCE HOUSING Operating 100,010 293,150 852,750 190.9% WORKFORCE HOUSING Capital - - - 0.0% WORKFORCE HOUSING Debt Service - - 0.0% WORKFORCE HOUSING Transfers - - - 0.0% TOTALS 127,062 371,859 934,458 Department Budget by Division Department Division FY 8 Actual FY19 Budget FY20 Approved %Change WORKFORCE HOUSING Workforcehousing 127,062 371,858 934,458 151.3% P F"-s r i Y?rz c.{ No changes Increased funding to projects based on approvals from CAHAB None Debt Service Transfers Capital 0% °' 0% ides i 3 148 12.2.19 S1 A FUND BALANCE I N A N C I REPORT The fund receiv's three miMpf the general mill levy as well as cash-in-lieu ofaff rable housing for projects. The Commission approved an additional 2 mills for FY20 to continue to build the reserve. % 11 /o EXPENDITURES TO DATE Budgeted for FY20 is $934k of which $102k has been spent to date. Some funding has been granted but not reimbursed yet. S641 K REVENUE The largest single source of revenue is tax dollars and first- half payments of over 50% of budget will be received from Gallatin County in December Actual FY18 Actual FYI Budget FY20 FY20 YTD Beginning Balance 568,698 757,236 1,194,513 1,194,513 Revenues: General Fund Transfer - 166,188 - - Dedication of Tax Revenue 302,781 314,064 627,115 889 Interest Earnings - 23,572 5,000 - Loan Principal Repayments 398 299 9,500 96 Gash-in lieu - 117„465 - - Other Revenue 20,500 30,660 - - Total Estimated Revenues: 323,679 652,248 641,615 985 Expenditures: Road to Home-Administration 40,000 40,000 40,000 - HRDC Administration of Revolving Loan Fund 14,400 14,400 14,400 - Administrative Costs 35,040 48,409 76,958 33,066 Affordable Housing Action Plan Update 24,550 33,100 69,200 Willow Springs 240,000 - Summit Housing: Timber Ridge Senior Living 25,000 GMD:Tschanche Lane Project 250,000 - :)own Payment Assistance/impact fee Reimbursement 41,728 87,611 200,000 - Housing Grants(HAVEN 30k and HRDG 25k) 55,000 _ Total Proposed Expenditures: 131,168 214,970 934,458 102,266 Ending Fund Balance 761,209 1,194,513 901,670 1,093,232