Transportation Development Fund Agreement with Resources for Community Development for Affordable Housing and Sustainable Communities Grant Funding.

The memorandum discusses a Transportation Development Fund Agreement with Resources for Community Development (RCD) for Affordable Housing and Sustainable Communities grant funding. It recommends that the City of San José accept and expend grant funding to implement transportation improvements related to a 99-unit affordable housing development. The agreement will allow RCD to enter into funding agreements with state agencies to receive up to $9,000,000 for transportation system improvements along Monterey Road. The memorandum outlines the background, analysis, and implications of the funding, including ongoing costs and budget processes.

Key points

• The memorandum is addressed to the Mayor and City Council regarding a Transportation Development Fund Agreement.
• It recommends adopting a resolution to accept and expend grant funding for transportation improvements.
• The funding is part of the Cycle 7 Affordable Housing and Sustainable Communities grant awarded to RCD.
• The total grant funding available is up to $9,000,000.
• The transportation improvements will be implemented along Monterey Road.
• The project aligns with Climate Smart San José goals and aims to reduce greenhouse gas emissions.
• The memorandum includes a cost summary with projected expenditures and revenues for fiscal years 2025-2028.
• No commission recommendation or input is associated with this action.

Limitations

• The text includes unresolved placeholders such as specific dates and dollar amounts in some sections.
• The ongoing operating and maintenance costs for bollards are mentioned as unknown due to the project being in the conceptual design phase.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

The source text indicates this attachment appears to be a draft document.

This resolution authorizes the City of San Jose to accept and expend Cycle 7 Affordable Housing and Sustainable Communities grant funding awarded to Resources for Community Development for transportation improvements. It also allows the City Manager or their designee to negotiate and execute a Transportation Development Fund Agreement with Resources for Community Development for up to $9,000,000 in grant funding.

Key points

• The resolution is from the City Council of San Jose.
• It pertains to Cycle 7 Affordable Housing and Sustainable Communities grant funding.
• The funding is awarded to Resources for Community Development.
• The resolution includes authorization for the City Manager to negotiate and execute agreements related to the funding.

Limitations

• The document appears to be a draft.
• The resolution includes placeholders for dates and voting outcomes that are not filled in.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.