...Title
Approval of the Issuance of Multifamily Housing Revenue Notes and the Loan of the Proceeds Thereof for the Financing of the 525 North Capitol Development and Other Related Documents.
...Recommendations
Adopt a resolution:
(a) Authorizing the issuance of a (1) tax-exempt multifamily housing revenue note designated as “City of San José Multifamily Housing Revenue Note, Series 2025B-1” in a principal amount not to exceed $62,535,038 and (2) a taxable multifamily housing revenue note designated as “City of San José Multifamily Housing Revenue Note, Series 2025B-2”, in a principal amount not to exceed $10,000,000, collectively referred to as the “2025B Notes”;
(b) Approving the loan of the 2025B Notes proceeds to 525 Capitol LP, a California limited partnership, to finance the acquisition and development of a 160-unit multifamily development known as 525 North Capitol, located at 525 North Capitol Avenue in the City of San José;
(c) Approving in substantially final form the Funding Loan Agreement, the Borrower Loan Agreement, the Regulatory Agreement and Declaration of Restrictive Covenants, and related documents collectively, the 2025B Note Documents; and
(d) Authorizing and directing the City Manager, Director of Housing, Director of Finance, Assistant Director of Finance, Deputy Director - Debt and Treasury Management or their designees, to negotiate, execute, and deliver the 2025B Notes Documents together with any and all documents necessary to execute and deliver the 2025B Notes, complete the transaction and implement this resolution, and ratifying and approving any action heretofore taken in connection with the 2025B Notes.
CEQA: Exempt per Public Resources Code Section 21080(b)(1) and CEQA Guidelines Section 15369, Ministerial Project pursuant to Government Code Section 65913.4, File No. ER20-109. Council District 5. (Housing/Finance)