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Water Well Pact Due With Developer
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Riverbank Redevelopment Agency was due Monday to ratify an agreement with Riverbank Pacific Associates that will bring the developer $3.2 million in apartment complex construction funds but impose an impact fee assessment and cost reimbursement to have it construct a water well.

According to the consent item, the developer proposes to construct a 65-unit multi-family apartment complex on the southwest corner of Claus Road and Patterson Road.

To that end, Riverbank Pacific Associates has sought funding from the Agency of $3.2 million under state rules that require agencies set aside up to 20 percent of their tax increment profits to fund low and medium income housing.

The developer has met its obligations to the state and the terms of the loan are in a participation agreement with the city.

The proposed development will consist of two, three- and four-bedroom rental units for families. All units will be income restricted to households earning between 30 percent and 60 percent of the area median income. There will be 24 two-bedroom units, 33 three-bedroom units and eight four-bedroom units. Thirty-two of the units will be ground floor and accessible to persons with disabilities.

As currently proposed, the project will consist of eight two-story residential buildings, a two-story community center, a swimming pool, tot lot and outdoor seating area as well as 133 parking stalls.

The city has determined its current water supply has insufficient water to serve the project given its size and therefore requires the developer build a well.

For well construction, the Agency will loan the developer $800,000 out of its total project contribution of $3.2 million, with payments to be made to the city, and establish a connection fee schedule on other future developments in the area that will eventually reimburse the developer.