Council looks at partnership with Northstar, Placer on affordable housing
Town Council meets tonight and will discuss partnering with Placer County in an employee and workforce housing project at Northstar-at-Tahoe.
The proposal, brought forward by Northstar, East West Partners and the Corum Real Estate Group, was originally presented to Placer County.
Placer County subsequently declined to sponsor the project, but has indicated they would be willing to contribute financially.
The groups have suggested using federal “63-20” financing.
“The basic concept (of 63-20 financing) is you form a nonprofit corporation the nonprofit corporation is controlled by the government agency. The nonprofit then issues bonds,” said Town Attorney Dennis Crabb.
Revenue from the sale of bonds goes towards construction of the project. Upon completion of the project, rent is used to pay off the bonds.
A letter from Placer County CEO Richard E. Colwell to Truckee Community Development Director Tony Lashbrook states that the town’s assistance could be instrumental in making the project happen.
“If Northstar supplies the land at a below market rate and if the Redevelopment Agency supplies subsidy funding in the $300,000 to $400,000 range, Truckee’s willingness to adopt the finding of benefit and sponsor the 63-20 Bond could be the key to the success of the effort.”
According to Colwell, the town wouldn’t have to contribute financially, aside from providing staff oversight of the nonprofit agency.
“(The oversight) would be easier for the town to provide than for (Placer County). We are a hundred miles away, the town is only 10 or so,” Colwell said.
Lashbrook said he wasn’t familar with the financing option, but did say he felt “it would be more appropriate for Placer County to do this than for the town of Truckee.”
In other business, Council will consider raising the amount of rebates offered by the town to homeowners replacing non-certified woodstoves with cleaner-burning stoves.
According to Town Planner Duane Hall, the program, approved in November 1999, has assisted in the removal over 200 non-certified stoves and reduced particulate matter in the Truckee basin by over 16 tons annually.
Mayor Don McCormack is also expected to present a certificate of appreciation to the Nevada County Sheriff’s Office for law enforcement services up to Sept. 1, when the Truckee Police Department assumed the responsibilty.
Alex Terrazas will also be introduced as the new assistant to the town manager.
Council will meet at Town Hall on Airport Road at 6 p.m. Call 582-7700 for more information.
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