Crystal River City Council at their Monday evening meeting will consider to commit $354,000 towards a proposed development in the city of affordable housing for seniors and veterans.
HTG Hidden Lake, LLC, is asking the city for the loan commitment and city support in order to complete its application for financing from the Florida Housing Corp. to build a 96-unit, $19 million community on 15.83 acres of the Hidden Lake Preserve off Turkey Oak Drive.
Rent would restricted to seniors earning up to 60% of the area’s median income.
If approved by council, crystal River would start funding its loan to Hidden Lake once it constructed the project and paid roughly $981,000 in construction-related fees to the city.
As a balloon loan, with an interest rate of between 1% and 3%, Hidden Lake would have to repay Crystal River back in three years with the balance, including its principal and unpaid interest.
Crystal River staff anticipates the development will provide employment opportunities, around $490,000 in permit and impact fees, $491,000 in water and sewer meter fees, $40,000 in tax revenues and roughly $70,000 in annual water and sewer services.
Also on council’s agenda for Monday:
- A motion to allow staff to move forward with leasing out boat slips at Kings Bay Park.
- City Manager Ken Frink will share the latest news about the pending approval of the revised management agreement and plan for Three Sisters Springs.
- Council will vote on whether to re-contract with its lobbyist firm, the Southern Strategy Group, for a one-year costs of $50,000.
- Council will vote on whether to approve a new three-year contact with its staff’s labor union.
- As board members of the city’s Community Redevelopment Agency (CRA), council will also get updates during a 6 p.m. meeting about plans for the city’s Riverwalk boardwalk and its town square.