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File #: 202655   
Type: Consent Calendar Status: Agenda Ready
Meeting Body: City Council
On agenda: 3/14/2023
Title: Lot 12 Affordable Housing Project Funding Appropriation and Loan Agreement
Attachments: 1. Council Report, 2. ATT 1 - Lot 12 Appropriation of Predevelopment Funding

...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.