Title
Amendments to the Lease Disposition, Development, and Loan Agreement with Lot 12 Affordable Housing Developer
Recommended Action
1. Appropriate up to $6.2 million for the Lot 12 affordable housing project, including up to $4 million in the City’s Housing Impact Fund and up to $2.2 million in the City’s Rental Housing Impact Fund pending final negotiations with the development team. (Five votes required)
2. Authorize the City Manager or designee to amend the Lot 12 Lease Disposition, Development, and Loan Agreement with MV Lot 12 Housing Partners, L.P. (Developer), and execute any necessary documents to incorporate supplemental City funding, adjust the unit mix to include Permanent Supportive Housing units, waive the project’s $10.1 million ground lease payment, and implement related administrative modifications to the SB 35 application.
3. Authorize termination of the Lease Disposition, Development, and Loan Agreement if the Developer does not secure funding by December 31, 2025, and direct staff to initiate a new developer selection process.