What: Two bicycle parades, one led by UC Davis Chancellor Larry Vanderhoef and the other by Davis Mayor Dave Rosenberg, will meet at the intersection of First and B streets for a groundbreaking ceremony for Davis' newest downtown residential neighborhood, Aggie Village. Twenty-one homes and 16 townhouses, which will offer more affordable housing to faculty and staff members, will be built on the four-acre site. UC Davis is annexing the land to the city of Davis. Faculty and staff have found it increasingly difficult to live near the campus due to the lack of affordable housing. The homes are being offered for prices 20 percent to 30 percent under the market price in central Davis, due to discounted land costs. The project differs from other UC faculty housing in that all construction and marketing will be financed by a private developer, Pyramid Construction and Tandem Properties. As part of the ceremony, a pedestrian and bike path extension of B Street will be opened, formally linking the city to the University Arboretum for the first time. When: Tuesday, Oct. 24, 2:30 p.m. to 4 p.m. The separate parades begin at 2 p.m. Where: First and B streets, Davis. The campus parade starts at Shields Library and the city parade begins at city hall. Visuals: Bicycle parades to groundbreaking site. A working model of the project and refreshments. Background: The city will provide the urban services to this university land. Faculty will own their homes subject to a ground lease with resale restrictions that will ensure long-term affordability of the homes in the village area. The first homes should be completed in a year. The homes range in size from 1,400 square feet to 2,200 square feet (including a 400-square foot cottage) and cost from $145,000 to $215,000. Priority will be given to assistant and associate professors not currently owning homes within 30 miles of campus. Parking From Interstate 80 take Richards Boulevard exit. Turn left on First and Directions: Street and proceed to B Street. Aggie Village is on the south side. There will be off-street parking in the designated area.