MEETING DATE:
DECEMBER 9, 2014
SUBJECT:
Title
RESOLUTION NO. SHA 2014-010 AND CITY COUNCIL RESOLUTION NO. 2014-8011 - APPROVAL OF DEVELOPMENT AND LOAN AGREEMENT, MODIFICATION TO OWNER PARTICIPATION AGREEMENT, FUNDING AND PROPERTY TRANSFER FOR AN AFFORDABLE HOUSING DEVELOPMENT IN THE RICHMAR NEIGHBORHOOD TO BE BUILT BY ORANGE HOUSING DEVELOPMENT CORPORATION AND C & C DEVELOPMENT CO. LLC
Body
Recommendation
Recommendation
ADOPT Successor Housing Agency (SHA) resolution approving the Development and Loan Agreement (DLA), project loan and City Council resolution approving the property transfer for an affordable housing development proposed by Orange Housing Development Corporation (OHDC) and C & C Development Co., LLC (the Developer) in the Richmar neighborhood.
Body
Board or Commission Action
Planning Commission approval on April 28, 2014
City Council project approval on May 27, 2014
Relevant Council Strategic Theme
Planning for the Future
Relevant Department Goal
Facilitate Affordable Housing Production
Introduction
One of the City's long term projects is the completion of the revitalization of the Richmar neighborhood, including the area between Mission Road and Richmar Avenue. To that end, the former Redevelopment Agency (RDA) Board of Directors approved on January 27, 2009 an Exclusive Negotiating Agreement with the Developer and authorized a predevelopment loan of $173,000 for a project in the vicinity of the ageing El Dorado Apartments, which is owned and operated by the Developer. On five subsequent occasions since 2009, the former RDA Board of Directors or the City Council in its capacity as SHA followed up by approving acquisition loans to the Developer totaling $9,537,238 from the Low/Mod Housing Increment fund for property assembly. The last land purchase was concluded in 2013, completing the acquisition of privately held property by the Developer.
This project, known as El Dorado II, like other affo...
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