LAKEPORT — The Lakeport City Council this Tuesday will discuss a proposal to develop a 60-unit affordable housing development near the county fairgrounds.
The site, however, poses numerous challenges for development that will have to be addressed, including asking the city for financial support.
Terra Partners, a development company with offices in Sebastopol and Irvine that focuses on “infill” development ? developing existing lots within residential areas with multifamily units to prevent urban sprawl ? and compact development in Northern California, is proposing to construct the affordable rental multifamily project, according to a memo from the firm to the Lakeport City Council.
“To produce rental opportunities affordable to households earning 30 to 60-percent of [Lake] County”s median income,” the memo to the council states, “Terra Partners will need to secure a commitment of tax credits through the California housing Tax Credit Committee … [and] we will need a contribution of local funds.”
They are requesting that Lakeport commit $600,000 in local housing funds for the project.
The project is proposed for a parcel of land at 1075 Martin St., which Terra already has an option to purchase and on which the company has begun due diligence work.
The site itself poses numerous challenges, including: “setting aside property for possible wetland designation, access/circulation, serpentine soils and major street frontage improvements,” Terra”s memo states.
If the planning stages go as they plan, construction should begin late next year.
Lakeport”s redevelopment agency is recommending that the city council approve the project, commit the $600,000 and, “as there are no other projects or requests for financial assistance pending at the present time,” and Lakeport is obligated to “encourage the development of affordable housing,” they should identify this project as “the top project on the city”s ?waiting list” for housing project financing.”
The item will be discussed at the Lakeport City Council meeting, which begins at 6 p.m., after the General Plan workshop, which begins at 5 p.m.
Contact Terre Logsdon at tlogsdon@record-bee.com
