Title
Adoption of Resolution Clarifying the Definition of Below Market Rate Units in Connection with Proceedings to Alter the Rate and Method of Apportionment of Special Taxes for Community Facilities District No. 17-1 (Alameda Point Public Services District).(Community Development 271)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The recommended action will clarify the intent of the definition of Below Market Rate Units (BMR Units) in connection with the proceedings to alter the Rate and Method of Apportionment of Special Taxes (RMA) for Community Facilities District (CFD) No. 17-1.
BACKGROUND
On February 2, 2021, the City Council adopted a Resolution of Consideration to Alter the Rate and Method of Apportionment of Special Taxes (RMA) for Community Facilities District No. 17-1 (Exhibit 1) and set a public hearing for February 16, 2021. On February 16, the City Council held a public hearing regarding the proposed alteration and considered the adoption of a Resolution calling for a Special Election regarding alteration of the RMA. At the public hearing the changes to the RMA were discussed, including clarification of definitions and conformity with other existing Alameda CFD. Following the public hearing the City Council adopted the Resolution Calling for a Special Election of the registered voters in the CFD on the proposed alteration of the RMA to be held on April 8, 2021. Final City Council action is scheduled for May 18.
DISCUSSION
Recently, the City of Alameda (City) received correspondence from Eden Housing, Inc., the non-profit developer of the Site A Senior and Family Affordable Apartments at Alameda Point, stating their concern that the changes to a definition of "Below Market Rate Units" or "BMR Units" as reflected in the Amended RMA may be misinterpreted and has requested that the City Council clarify the intent of the definition of BMR Units so that it will continue to apply to units rented to low and very l...
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