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Baker Street Village mixed use project

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the Redevelopment Agency has assembled nearly two blocks of land for the Baker Street Village mixed use project. The Agency acquired fifteen properties, relocated ten businesses and two residential occupants and then demolished the buildings in preparation for this project. The project site is now vacant with the exception of the former Coronet Building which will be renovated and incorporated into the project.The commercial component of the project will consist of five (5) new commercial buildings containing a total of approximately 54,000 square feet that will provide various retail space configuration options for potential tenants. The two story Coronet Building contains 20,000 square feet and includes a basement.

The residential component of the project will consist of 84 residential units. Fifty-three (53) will be affordable units at 60%, 80%, 100%, and 120% of medium income. Thirty-one (31) units will be sold at market rate. The Council and Agency intends to provide down payment assistance to qualified buyers. All homes reserved as affordable will contain various covenants and restrictions to assure continuing affordable opportunities dependent on income levels.

Another requirement of the total project is to generate 106 full-time equivalent jobs, 51% of which are to be provided to low and moderate income persons and the future project residents. The goal is to create these jobs within three years following project completion.

Estimated total project value is about $30 million. The City has utilized multiple funding sources for land acquisition, relocation and demolition including a $1,000,000 Section 108 loan, $250,000 Brownfields Economic Development Initiative (BEDI), $741,102 tax increment funds, and $1,166,514 CDBG funds.

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