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8 <br /> <br />8. Action Items: <br /> <br />a. Consider Request for Funding from Central Community Housing Trust for the <br />Renovation of Har Mar Apartments a nd Recommendation for a Housing Tax <br />Increment District for the Project (HF0039) <br /> <br />Chair Majerus asked for a summary of the in formation collected on the project. Executive <br />Director Bennett summarized the project and review completed by HRA Attorney Jim Casserly <br />along with the HRA subcommittee. <br /> <br />Executive Director Bennett noted a modification to the staff report clarifying the percentage of <br />public support. The original calculation included the amount that CCHT is requesting for tax <br />credits which is considered equity in the project . The percentage of HRA/City assistance to total <br />project cost and total HRA/City assistance to other project assistance is outlined below. <br /> <br />The City’s financial participation is 33% (reha b) and 47% (new) of the total assistance being <br />requested through other public entities, non-profit s, foundations and private corporations. <br />However, the city assistance requested is only 2.8% (rehab) and 5.7% (new) of the total sources <br />of financing on the project. This is a clear partnership between public, nonprofit and private <br />entities. <br /> <br />Costs: Rehab New <br />Acquisition $4,374,000 $1,102,000 <br />Construction $5,193,071 $6,978,425 <br />Contingency (5%) $411,046 $277,137 <br />Environmental $63,000 $6,000 <br />Soft Costs $2,501,407 $2,201,471 <br />Total $12,542,524 $10,565,033 <br />Per Unit Cost $121,772 $211,301 <br /> <br />Revenues: <br />Mortgage $4,498,855 $2,108,309 <br />Equity – including tax credits $6,989,909 $7,181,916 <br /> <br />Public Sources $1,053,760 $1,274,808 <br />Total $12,542,524 $10,565,033 <br /> <br />% HRA/TIF assistance to <br />total sources <br />2.8% 5.7% <br />% of HRA/TIF assistance to <br />public/foundation/corporation <br />assistance <br />33% 47% <br /> <br /> <br />Executive Bennett noted that the project clearly needs public assistance to proceed as planned. <br />Currently, CCHT is just providing cosmetic impr ovements but that the property needs to be <br />completely renovated to be successful and provide a quality living environment. To do that and <br />keep the rents affordable will require partnershi p with many public funding agencies. The HRA <br />assistance and City support for tax increment will provide the needed local support to make the <br />project move forward and assist in securing other outside funding.