MEETING DATE:
April 8, 2025
SUBJECT:
Title
RESOLUTION SHA NO. 2025-049 & RESOLUTION NO. 2025-9426 - APPROVAL OF AMENDED AND RESTATED DEVELOPMENT AND LOAN AGREEMENT WITH NCRC RICHMAR SENIOR VILLAGE, LP, AND RELATED ACTIONS, INCLUDING REAL PROPERTY TRANSFERS
Body
Recommendation
Recommendation
1. City Council, acting in its capacity as the Successor Housing Agency, OPEN, CONDUCT, and CLOSE a public hearing under Health & Safety Code Section 33433(a)(1) to consider (a) all of the terms and conditions of an Amended and Restated Development and Loan Agreement with NCRC Richmar Senior Village, LP; and (b) all of the information contained in the Summary Report Pertaining to the Proposed Conveyance of Certain Real Property Interest within the Redevelopment Project Area dated March, 2025 ("33433 Report") attached as Attachment 6.
2. City Council, acting in its capacity as the Successor Housing Agency, ADOPT SHA resolution: (a); approving the Amended and Restated Development and Loan Agreement with NCRC Richmar Senior Village, LP, which includes approval of a housing development for low to moderate income persons and related $6 million loan; (b) authorizing the City Manager, acting as the executive director of the SHA, to accept conveyance of the City Phase 1 Property, Developer Phase 1 Property and the SHA-Funded, Developer Properties to the SHA; (c) authorizing the City Manager, acting as the executive director of the SHA, to ground lease the Site to the Developer for a term of 99 years; (d) approving the Section 33433 Report; and (e) authorizing the City Manager, acting as the executive director of the SHA, to execute all documents and instruments that are necessary and/or appropriate to implement these approvals and to take all actions necessary and/or appropriate to implement these approvals.
3. City Council to ADOPT resolution approving the Amended and Restated Development and Loan Agreement with NCRC Richmar Senior Village, LP, which includes approv...
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