Victoria Housing Reserve Fund Application for the Fairfield Hotel at 1601-1609 Douglas Street (Downtown) --J. Tinney, Director of Sustainable Planning & Community Development A report providing information and recommendations regarding an application for an affordable housing project located at 1601-1609 Douglas Street. Late Item: Presentation Recommendation:That Council approve a Victoria Housing Reserve Fund grant to Pacifica Housing Advisory Association in the amount of $500,000 ($250,000 now and $250,000 in five years) to assist in the retention of 62 units of no/low income housing at the Fairfield Hotel, located at 1601-1609 Douglas Street, subject to the following conditions: 1. The grant will be eligible for payment to the applicant, Pacifica Housing Advisory Association, upon approval by Council and once the Housing Reserve Fund Housing and Grant Agreements have been executed with the City of Victoria, and would be dispersed in two parts: $250,000 upon grant signing, and the remaining $250,000 in five years (60 months). 2. Should Pacifica Housing Advisory Association cease operations of the Fairfield, any remaining portion of the grant is to be repaid to the City of Victoria at a pro-rated amount reflective of the months remaining in the lease, to be outlined in the housing agreement. 3. Pacifica Housing Advisory Association will ensure that the City of Victoria is identified as a contributor on publications, documents, and public events related to the project. 4. Upon project completion, Pacifica Housing Advisory Association will submit a final report to the Sustainable Planning and Community Development Department, which will include tenant relocation plans. 1_Report_Victoria Housing Reserve Fund Application_1601-1609 Douglas Street 2_Attachment 1_June 15 Staff ReportVHRF Updates 3_Attachment 2_Updated VHRF Guidelines 4_Attachment 3_Application to the Victoria Housing Reserve Fund 5_Attachment 4_Completed VHRF Application Form 6_Attachment 5_Letter to Mayor and Council 7_Attachment 6_Project Eligibilty Evaluation Form 8_Attachment 7_Proposed 10 Year Operating Budget 9_LATE_Presentation |