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If the City works with Douglas Development on this project, they may be more likely to work with the City on future projects in the Carver area or elsewhere that the City is interested. No commitments have been made, but this would keep the door open. This project would provide another option for spending down HOME funds. While the City intends to use HOME funds in partnership with CCM's Teaching Housing program, opportunities to acquire properties in the Carver area are often limited, which causes the City to run up against spending deadlines. Other opportunities for using HOME funds to implement the Carver Strategic Redevelopment Plan will take some time to work out, due to the need. to find partners and acquire properties. Funding the Forest Park Crossing project would give the City some time for the housing market to recover and for the City to determine the best approach for implementation of the Carver plan. CONS: • The project would divert funding (although not permanently) from the Carver azea. These funds could also be used for home owner rehabilitation in the area, until the housing market recovers and other options become more attractive. ^ The Kannapolis Police Department has concerns about the crime associated with existing low- income apartment communities in the City and that these would also occur at Forest Park Crossing. F. Leal Issues None G. Alternative Courses of Action and Recommendation Staff presents this project to City Council as an alternative to existing options for using HOME funds. 1. Motion to approve a loan for $224,450 for the Forest Park Crossing apartment community. 2. Do not approve the loan for the Forest Park Crossing apartment community. H. Attachments Forest Park Crossing Rendering and Site Plan I. Issue Reviewed City Manager, Chief of Police G-3 Attachment number 6 Paee 794