FEE DEAL STRUCK ON SENIOR HOUSING.Byline: Heather MacDonald Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - The City Council on Tuesday agreed to reduce the development fees for a 200-unit apartment complex designed for low-income senior citizens and defer the rest of the fees to help get the project off the ground. Although Jules Swimmer, the developer of the apartments east of Sierra Highway Sierra Highway is a road in Southern California, United States. It runs from Tunnel Station near the north limit of the City of Los Angeles, where it intersects with San Fernando Road and Foothill Boulevard, as well as Interstate 5, and continues north to Mojave, mostly paralleling in Canyon Country, had asked the council members to waive To intentionally or voluntarily relinquish a known right or engage in conduct warranting an inference that a right has been surrendered. For example, an individual is said to waive the right to bring a tort action when he or she renounces the remedy provided by law for such the $1.9 million in various fees, the City Council instead voted unanimously to reduce the fees to $1 million and allow the developer to pay off the sum over 13 years. ``This a unique project,'' said Steve Stark, the director of administrative services for the city. ``Everything came together.'' This is the first time the city has reached such an agreement. Several years ago, the City Council used money from the general fund to pay the development-related fees for the Bouquet Canyon Senior Apartment Complex, the other affordable housing complex in Santa Clarita. Swimmer said he was relieved that an agreement had been reached. ``This project really came down to the wire,'' Swimmer said, who added that he planned to seek state bonds to help finance the project. Swimmer will pay 3 percent interest on the deferred fees during the term of the agreement. Brad Berens, the director of the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. Senior Center, said as many as 1,500 senior citizens need affordable housing in the city. ``The need is greater than anyone really knows,'' Berens said, referring to extremely long waiting lists for the Bouquet Canyon facility. Both complexes will be restricted to low-income seniors over age 55. The booming housing market in Santa Clarita has created a scarcity Scarcity The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently. of reasonably priced homes. The median price of a new home is $275,000, which is among the highest in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Seniors living on fixed incomes can quickly find themselves priced out Priced out The market has already incorporated information, such as a low dividend, into the price of a stock. of the market, city officials said. The only housing set aside for low income residents in Santa Clarita is restricted to senior citizens. ``This is a very necessary project,'' said Berta Gonzalez Harper, a Canyon Country resident. ``But more needs to be done.'' |
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