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Report to Agency Board Replacement Housing Plan Page 3 of 4 at Valley Boulevard in Colton, move north along Ninth Street then east on G Street and connect to the abandoned railroad corridor on the west side of Colton Avenue. It will then extend northeast to the city limits and Inland Center Drive in San Bernardino. Plans for the Bike Path have also been modified to complement the proposed housing complex to provide seating and a five foot sidewalk to be installed next to the landscaped bike path to provide pedestrian linkages to the nearby Hutton Center. Social services to families and senior citizens are available at the Hutton Center with classes, activities, visiting nurse program, nutrition, health and medicare assistance. While the terms of the an agreement between Housing Partners I, Inc. and the Agency are still being negotiated, it is contemplated that the Agency will contribute land and make a financial contribution from its low -moderate income housing fund. Housing Partners I, Inc. will take the lead in securing additional funding, which may include HOME Funds and funds from the federal government To the extent that the appropriate number of comparable replacement units is available on the private market to the households being displaced at the time the Colton Palm units may be removed from the market or destroyed, the replacement units will be available for occupancy before a date that is four years after commencement of demolition. The proposed agreement between the Agency and Housing Partners I, Inc. is being negotiated and is anticipated to be finalized by the end of February, 2006. Acquisition of the property is anticipated to be finalized by June, 2006 with construction of units within 24 months. Affordability Covenants The Agency's agreement with the Housing Partners I, Inc. for the replacement units will require the recordation of a covenant against the site requiring at least 55 years of income affordability reflective of the tenant mix located at Colton Palms. The exact breakdown of the Colton Palms' tenant mix and income categories will be delivered to the Agency upon execution of the contemplated Settlement Agreement. Public Review and Comment On Tuesday, December 13, 2005, a notice appeared in The Sun notifying the public that the Replacement Housing Plan was available for review and comment. The Replacement Housing Plan was available in the Office of the City Clerk and Redevelopment Agency. FINANCIAL IMPACT Adoption of a Replacement Housing Plan does not have a financial impact on the Agency. Construction of the replacement housing units will be funded and budgeted in the low - moderate income housing fund at such time as funds become available. It is anticipated that funding will be available from the Settlement Funds should a Settlement Agreement be approved. ENVIRONMENTAL IMPACT Phase I and Phase II Environmental Assessments have previously been conducted by the United States Corps of Engineers on parcels 0161-221-03, 04, 05, 06, 37, and 67. All six parcels are clear for housing development. CEQA review of the proposed housing project will occur if and when the project is defined. CONFLICT OF INTEREST — Gift Disclosure Requirements None R:\Administration\Meetings\2005 MEETTNGS0ecember 20, 2005\Replacement Housing Plan Staff Report Delmar rev 121505.doc