...Title
Lot 12 Affordable Housing Project Funding Appropriation and Loan Agreement
...Recommendation
1. Appropriate the remaining $10.95 million in City funding for the Lot 12 affordable housing project, which is composed of $1.0 million in Successor Agency funds, $1.95 million in Housing Impact Fees, and $8.0 million in Senate Bill 129 Affordable Housing Grant Fund, which will be used for the construction/permanent loan. (Five votes required)
2. Authorize the City Manager or designee to negotiate the terms and execute the construction/permanent loan agreement with MV Lot 12 Housing Partners, L.P., in an amount up to $12.25 million; amendments to the agreements, subject to Council appropriation of funds; and related documents necessary for City financing for the development.