...Title
Actions Related to the Loan Commitment for Predevelopment Activities for Gateway Tower Affordable Housing Development Located at 445, 465, and 493 South 1st Street and 460, 470, and 480 South Market Street.
...Recommendations
(a) Adopt a resolution:
(1) Approving a total predevelopment loan commitment of up to $5,000,000 from the Low- and Moderate-Income Housing Asset Fund and the Inclusionary Fee fund to Core Affordable Housing, or an affiliated development entity; and
(2) Authorizing the Housing Director, or his designee, to negotiate and execute loan documents and all other documents, including any amendments thereto, related to City financing for the Gateway Tower development located at 445, 465, and 493 South 1st Street and 460, 470, and 480 South Market Street.
(b) Adopt the following Appropriation Ordinance amendments in the Low- Moderate-Income Housing Asset Fund:
(1) Decrease the Housing Project Reserve by $587,163; and
(2) Increase the Housing Predevelopment Activity appropriation to the Housing Department by $587,163.
(c) Adopt the following Appropriation Ordinance amendments in the Inclusionary Fee Fund:
(1) Decrease the Housing Project Reserve by $2,000,000; and
(2) Increase the Housing Loans and Grants appropriation to the Housing Department appropriation by $2,000,000.
CEQA: Addendum to the Gateway Tower Mixed-Use Development Project Supplemental Environmental Impact Report (Resolution No. 78005) to the Downtown Strategy 2000 Environmental Impact Report (Resolution No. 72767) and Addenda thereto, File Nos. H24-034 and ER24-165. Council District 3. (Housing/City Manager)