...Title
Approval of the Issuance of Multifamily Housing Revenue Notes and the Loan of the Proceeds Thereof for the Financing of the Dry Creek Crossing Project and Approving Other Related Documents. - TO BE HEARD AFTER ITEM 10.1
...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 (Dry Creek Crossing), Series 2023E-1 (Tax-Exempt)” in a principal amount not to exceed $31,194,905 (2023E-1 Note), and (2) a taxable multifamily housing revenue note designated as “City of San José Multifamily Housing Revenue Note (Dry Creek Crossing), Series 2023E-2” (Taxable)” in a principal amount not to exceed $8,805,095;
(b) Approving the loan of 2023E Notes proceeds to CRP Dry Creek Crossing LP, a California limited partnership created by CRP Affordable Housing & Community Development LLC, a Delaware limited liability company, to finance the construction and development of a 64-unit multifamily development known as Dry Creek Crossing located at 2388 South Bascom Avenue in San José. Approving in substantially final form the Funding Loan Agreement, the Borrower Loan Agreement, the Regulatory Agreement and Declaration of Restrictive Covenants, the Contingency Draw Down Agreement, and related documents (collectively, the 2023E Note Documents); and
(c) Authorizing and directing the City Manager, Director of Housing, Acting Director of Housing, Director of Finance, Assistant Director of Housing, Assistant Director of Finance, Deputy Director of Finance - Debt & Treasury Management, or their designees, to execute and deliver the 2023E Note Documents together with any documents ancillary to the 2023E Notes Documents.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment; Exempt per Public Resources Code Section 21080(b)(1) and CEQA Guidelines Section 15369, Ministerial Project pursuant ...
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