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The original item was published from 8/8/2023 6:37:26 AM to 8/16/2023 12:00:01 AM.

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City Clerk

Posted on: August 4, 2023

[ARCHIVED] PH Notice - Kensington Affordable Apartments Development Impact Fee

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NOTICE IS HEREBY GIVEN that on August 15, 2023, a public hearing will be held with respect to Kensington Affordable Apartments Development Impact Fee (DIF) Deferral Loan Agreement between the City of Murrieta and Pacific West Communities (The Applicant).  The draft Agreement proposes to defer the payment of the City-imposed DIF as a loan of $1,772,123.00 to be paid back to the City over the 55-year funding term of the project.

The Applicant submitted a project to the City to develop 126-unit affordable apartments for rental to very-low and low-income families.  The City completed processing and the project was entitled with a Director’s decision in December 2022. Subsequently, the Applicant submitted an application for Tax Credits, but that application was not approved.  The Applicant proposes to defer payment of the City DIF as a loan to the project to be paid back over the life of the project in order, in part, to improve the application for Tax Credits.

Proposing the DIF Deferral Loan is consistent with the City’s Housing Element policies and program actions.  Specifically, Policy Action 1-1 Affordable Housing Opportunities and Policy Action 3-3 Development of Housing for Extremely Low and Lower-income housing as the Loan provides support and assistance with funding for affordable housing in the City.  Staff recommends that the City Council authorize staff to prepare and execute the necessary loan agreements with the agreement from the Applicant to join a future City Community Facilities District to pay for public safety improvements over time, once the project is fully funded and able to be developed.

The hearing will commence at 6:00 p.m. or as soon thereafter as the matter can be heard, and will be held in the City Hall Council Chambers, 1 Town Square, Murrieta, California. Interested persons wishing to express their views on the DIF Deferral Loan or on the nature and location of the facilities proposed to be financed may attend the public hearing or, prior to the time of the hearing, submit written comments. Written comments may be submitted to the City Clerk at 1 Town Square, Murrieta, CA 92562 and by email at [email protected]. Written comments may also be submitted at the public hearing. If you challenge the City’s action on this amendment in court you may be limited to raising only those issues you or someone else raised at the public hearing described in this notice, or in written correspondence delivered to the City Council prior to the public hearing.

Cristal McDonald, City Clerk

 Dated: August 4, 2023
Published: August 4, 2023

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