MEETING DATE:
March 23, 2021
SUBJECT:
Title
RESOLUTION NO. 2021-8867 - APPROVING AN ADDITIONAL PROJECT LOAN FOR OFF-SITE SEWER WORK AND AUTHORIZING THE CITY MANAGER TO NEGOTIATE, FINALIZE, AND EXECUTE THE CONSTRUCTION AND PERMANENT FINANCING LOAN AGREEMENT FOR PHASE 1 OF THE REDEVELOPED VILLA SERENA II AFFORDABLE HOUSING DEVELOPMENT
Body
Recommendation
Recommendation
ADOPT resolution approving an additional project loan for off-site sewer work and authorizing the City Manager to negotiate, finalize, and execute the construction and permanent financing loan agreement for Phase 1 of the redeveloped Villa Serena II affordable housing development.
Body
Resolution No. SHA 2020-039 dated 25 Feb 2020 authorizing $5.25 million to Phase 1
Resolution No. SHA 2014-009 dated Sept 9, 2014 authorizing predevelopment loan and ENA
Resolution No. SHA 2014-011 dated Dec 9, 2014 authorizing SHSA
Resolution No. SHA 2016-019 dated Jun 14, 2016 authorizing CDLAC approval letter
Resolution No. SHA 2019-037 dated Jul 9, 2019 authorizing roll-over of the legacy loan and the Replacement Housing Plan
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Executive Summary
This affordable housing development, known as "Villa Serena II" to distinguish it from the ageing 136-unit Villa Serena affordable housing development on the same site, has been in the predevelopment phase since September 2014. The owner of the legacy project is National CORE. National CORE intends to redevelop the site with the new Villa Serena II project which received entitlements in February 2017. Villa Serena II will provide 148 residential units, a community room and leasing office to replace the current 136 units, for a net gain of 12 units along with a more diverse mix of bedrooms per unit throughout the new development. Villa Serena II also offers significantly improved sustainability and efficiency over its predecessor. ...
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