On June 8, 2017, Neighborhood Programs Manager Kerri Wiman presented an update on the Bristol Place Redevelopment to the Board of Commissioners of the Housing Authority of Champaign County. This update followed the Council Study Session on June 6, where Council directed staff to proceed with preparing the necessary documents for financing to build the first phase of redevelopment: 90 units of family housing and a clubhouse. The first financial application (due June 16) is with the Federal Home Loan Bank of Chicago (FHLB-C) for a grant and the second financial application (due June 23) is with the Illinois Housing Development Authority (IHDA) for the low income housing tax credits.
The Board presentation included the history of Bristol Place redevelopment and an outline of the next steps that will be required. The City will prepare an amendment to the current Master Development Agreement in July with the approved planned development, site plan and financial package as submitted to IHDA and FHLB-C. Once financing is awarded, the City will transfer the land to Oak Grove Development Corporation (nonprofit agency of the Housing Authority) and prepare a final amendment to the Master Development Agreement. This agreement will incorporate all financial terms between the City, Housing Authority and the developer, AHDVS, LLC.
Finally, the presentation included a brief overview of the intergovernmental agreement between the City and Housing Authority. The first agreement was adopted in 2012 for Phase I (acquisition, relocation and clearance) and outlined the Housing Authority’s commitment to contribute $1,092,000 in cash and/or vouchers to Phase I. Based on the Phase I investment and the anticipated Phase II contribution of cash and vouchers, the current profit sharing is projected at 50/50 between the City and the Housing Authority. This 50/50 split comes from the 30/70 split between the Housing Authority and AHDVS once the development is underway. The 50/50 split will be captured in an updated intergovernmental agreement between the City and the Housing Authority with the sharing of developer fees, equity and any annual profit. This agreement will be a part of the final package when the land is transferred and the financing is secured.
Ms. Wiman also thanked the Board for their continued support of Bristol Place in making this a neighborhood redevelopment a reality and the City looks forward to working with the next Executive Director as Ed Bland transitions to his new job next month.