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BOARD OF COUNTY COMMISSIONERS <br />1840 25th Street, Yarn Beech, F7oriwa 32960 <br />Talephone; 1561) 567.8000 <br />April 13. 1999 <br />Mr. Rick Stauts, Planning Manager <br />Bureau of Community Development <br />Department of Community Affairs <br />2555 Shumard Oak Boulevard <br />Tallahassee, Florida 32399-2100 <br />Re: ITEM A. LOCAL GOVERNMENT COMMITMENTS <br />As required by Form CDBG-E-14, item "A" of the Community Development Block Grant - <br />Economic Development Category Application, Indian River County provides the following <br />explanations and commitments for its proposed CDBG-ED project. <br />ITEM A. LOCAL GOVERNMENT COMMITMENTS <br />1. Provide from each local government involved in the application, <br />a. A clear statement of the scope and nature of the project as it relates to its <br />commitment; <br />Project Description <br />The Indian River County Board of County Commissioners (the grant applicant) is applying <br />for a $750,000 CDBG 'grant that will fund a low-interest loan that will be provided to CRA <br />Care Centers, Inc. The loan will he used as partial funding of an Assisted Living Facility <br />(ALF) to be owned and operated by CRA Care Centers, Inc. Other project finding sources <br />include owner equity and a loan from a commercial lending institution. According to CRA <br />Care Centers, Inc., obtaining financing for the full project cost was not possible, and <br />sufficient owner equity was not available to cover the balance of the project costs. Thus, the <br />CDBG-ED loan will be used as gap financing. Also, in order to be financially feasible, the <br />CDBG-ED loan will need to be at an interest rate of 4% with a 20 year repayment period for <br />the building; and 7 years for the furnishings and equipment. The commercial and CDBG-ED <br />loans will fund construction of a 42,500 square foot ALF building with associated parking;, <br />landscaping and waterlsewerconnections, and the purchase of ALF furnishings, fixtures and <br />equipment, <br />The project site is located in unincorporated Indian River County, north of CR 510, cast of <br />666 Avenue, west of W Avenue, and south of the city limits of Sebastian. The site is zoned <br />for residential use with an assisted care facility spi-cihically allowed as a Special Exception <br />We. The ALF will be located on two adjoining; parcels of land that total approximately 22 <br />acres. The site is Currently not served by seg%er facilities. The uawr line servins* tate site is <br />