MEETING DATE:
NOVEMBER 12, 2024
SUBJECT:
Title
RESOLUTION NO. 2024-9379 - ADOPTING AMENDED AND RESTATED CONTRACTUAL AGREEMENTS AND LOAN DOCUMENTS WITH TERRA COTTA HOUSING ASSOCIATES, LP.
Body
Recommendation
Recommendation
1. OPEN, CONDUCT and CLOSE a public hearing to consider the terms of an Amended and Restated Declaration of Covenants, Conditions, and Restrictions and Loan Agreements with Terra Cotta Housing Associates, LP.
2. ADOPT resolution approving an Amended and Restated Declaration of Covenants, Conditions, and Restrictions and Loan Agreements with Terra Cotta Housing Associates, LP by and among the City of San Marcos in its capacity as the Successor Housing Agency to the former San Marcos Redevelopment Agency.
Body
Board or Commission Action
Resolution No. RDA 96-268 of April 23, 1996 authorizing the project's funding component
Resolution No. RDA 97-275 of January 28, 1997 authorizing bond financing for two affordable housing projects, including Terra Cotta
Resolution No. RDA 97-277 of April 8, 1997 authorizing financing for Terra Cotta
Relevant Council Strategic Theme
Good Governance
Executive Summary
Terra Cotta Apartments is a 168-unit, 100% affordable housing property located at 523 Rush Drive in the City of San Marcos. Terra Cotta Apartments were placed in service in 2000 with a 55-year deed restriction. BRIDGE Housing Corp., (BRIDGE) a non-profit affordable housing developer, is the owner and the property management company. The City provided two loans totaling $6.3 million to support the development of the Terra Cotta Apartments. The property is 24-years old and requires maintenance and repairs as evidenced by a capital needs assessment conducted in 2021. The required pending maintenance has prompted the developer to seek a permanent loan refinance with Fannie Mae, serviced by JP Morgan Chase, to cover the majority of those predicted costs. A public hearing and City approval is required, as original financing incl...
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