MEETING DATE:
FEBRUARY 14, 2017
SUBJECT:
Title
RESOLUTION NO. SHA 2017-024 - REQUEST FOR APPROVAL OF AN INCREASE TO THE PROJECT LOAN FOR THE EL DORADO II PROJECT
Body
Recommendation
Recommendation
ADOPT a resolution as the Successor Housing Agency (SHA) approving a $2,600,000 project loan increase.
Body
Board or Commission Action
January 27, 2009 - RDA Board approval of Exclusive Negotiation Agreement and predevelopment loan March 24, 2009 - RDA Board approval of property acquisition loan for 320-330/340/350 W. Mission Rd.
June 23, 2009 - RDA Board approval of property acquisition loan for 343 Richmar Ave.
October 13, 2009 - RDA Board approval of property acquisition loan for 363 Richmar Ave.
May 11, 2010 - RDA Board approval of property acquisition loan for 304 W. Mission Rd.
February 28, 2012 - City as SHA approval of property acquisition loan for 312-318 W. Mission Rd.
April 28, 2014 - Planning Commission approval of project on April 28, 2014
May 27, 2014 - City Council approval of project
December 9, 2014 - City Council as Successor Housing Agency (SHA) approval of Development and Loan Agreement (DLA) and project loan
December 9, 2014 - City Council approval of City property transfers necessary for the Project
March 8, 2016 - City Council as SHA approval of initial joint Affordable Housing and Sustainable Communities (AHSC) application
June 14, 2016 - City Council as SHA approval of full application for the AHSC program funding
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Introduction
On December 9, 2014 the City Council approved the DLA, funding package and property transfers for the El Dorado II development to be built in two phases. In the uncertainty of the financially constrained immediate post-RDA era, the funding package was sized only large enough to make the project's application relatively competitive, but not sufficiently large so as to ensure victo...
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