Eureka Councilmember Marian Brady sets the record straight on the renovation of the former Downtowner location.

I called Eureka Councilmember Marian Brady regarding some of the comments made by the Save Our Seniors contingent yesterday.

I asked her to send me some information and clarify questions raised by the seniors' public comment.

This is her response via email.

"There are 49 Senior units being renovated, plus one which will be the Manager’s unit (that one won’t be restricted to low income). Regarding funding, The total project cost is $8,088,410 financed by private investors, money from the City of Eureka Home Program and grant funding. The HOME Grant Award is $3,700,000, a private bank loan of $710,000, City loan of $800,000, private investor of $2,802,617, and a note for $75,793. These apartments will be for low income seniors, with studio, one and two bedroom units. Rents will range from $349 to $769 including utilities. This is a wonderful reuse of a blighted property that hasn’t been utilized as the original motel/hotel for many years. Close to downtown, walkable and with plenty of parking, Eureka is welcoming this new affordable Senior housing.

There is also a CMFA Tax exempt bond for up to $5.5 million to be issued after construction is completed to refinance the whole project, paid back from the rents collected.

Hope this helps to clarify the Lodge project. Still awaiting the State to complete its paperwork which we hope will be by September before construction can begin."

Related post:

http://johnchiv.blogspot.com/2015/07/county-supervisors-respond-to-seniors.html