TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: David Chantarangsu, AICP - Development Services Director
PREPARED BY: Carl Stiehl, City Planner
SUBJECT: Kensington Affordable Apartments Development Impact Fee
Deferral Loan Agreement between the City of Murrieta and Pacific
West Communities
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RECOMMENDATION
recommendation
Adopt Resolution No. 23-4700 entitled: A Resolution of the City Council of the City of Murrieta
to Prepare A Development Impact Fee (DIF) Deferral Loan Agreement in Support of Pacific
West Communities Project to Develop A 126 Unit Multi-Family Affordable Apartments at
Washington Avenue (APN 906-780-004; and
Find that the approval of a DIF Deferral Loan Agreement is consistent with the Categorical
Exemption approved for this project on December 30, 2022, which contemplated the
construction of 126 units.
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PRIOR ACTION/VOTE
None.
CITY COUNCIL GOAL
Plan, program and create infrastructure development.
BACKGROUND
Pacific West Communities, Inc. (Applicant) has approached the City of Murrieta (City) requesting financial assistance to support the development of the Kensington Affordable Apartments Project. The Applicant is seeking a 55-year loan with the City in order to finance the City's Development Impact Fees (DIF) applicable to the Project. The requested loan amount is approximately $1.77 million. Exhibit A to Resolution No. 23-4700 includes a breakdown of DIF fees required to be paid. Staff notes impact fees from outside agencies are not included in the request.
The Applicant submitted the Project to the City on June 24, 2022, to develop a 126-unit affordable, for-rent, workforce housing development for families that qualify under the "Extremely Low", "Very-Low" and "Low Income" household limits published by the state. As of June, Riverside County income limits for an Extremely Low Income household (of one to four people) varies ...
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