The City of Turlock will look to approve a loan for $4 million at Tuesday’s City Council meeting for EAH Housing, Inc. to begin the development of an affordable multi-family housing complex located at 500 Linwood Ave. If approved at Tuesday’s meeting, the loan will be taken from the city’s Redevelopment Agency funds.
The multi-family housing complex will consist of six buildings containing 144 units of affordable rental housing. There will be 24 one-bedroom/one bath units at about 675 square feet, 77 two bedroom/one bath units ranging from 885 square feet to 910 square feet, 43 three bedroom/two bath units at about 1,155 square feet, a one-story community center, a barbecue area and a swimming pool. There will be 252 parking stalls including 144 covered stalls and eight handicapped stalls.
The total project will cost $28.85 million, including the total city/redevelopment agency loan of $4 million, if approved at Tuesday’s meeting.
The $4 million loan will carry a three percent interest rate for 55 years to be repayable through residual receipts. Up to $1 million of the loan will be made available for pre-development purposes on an expended draw basis. The $1 million portion of the loan would carry a zero percent interest rate for two years from the date of execution or when the construction loan closes.
Council to look at money for Morgan Ranch
On Tuesday, the City Council will look at setting aside $260,000 to complete the environmental review process, prepare a fee nexus study, and cover the staff time to support the efforts of Morgan Ranch, a proposed master planned community to be located in the south side of Turlock.
The money will come from a non-General Fund source — the Capital Facility Fee Contingency Reserve account — if approved Tuesday. The loan would be repaid through the collection of master plan fees as development occurs in the area. Interest would be paid to the Capital Facility Fee Contingency Reserve account. The loan is needed to begin the master planning process.
The council will also look at approving the Special Services Contract for Quad Knopf, Inc. to prepare the master plan and environmental impact report for the Morgan Ranch Plan, not to exceed $147,670, and provide engineering support services for the Master Plan, not to exceed $4,480.