...Title
Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Note and the Loan of the Proceeds Thereof for the Financing of Page Street Studios Development. - DEFERRED
...Recommendations
(a) Adopt a resolution:
(1) Authorizing the issuance of tax-exempt multifamily housing revenue note designated as "City of San José California Multifamily Housing Revenue Note (Page Street Studios), Series 2020B-1 and Series 2020B-2 in an aggregate principal amount not to exceed $29,500,000 (together, the “Series 2020B Note”);
(2) Approving a loan of Series 2020B Note proceeds to Page Street, L.P., a California limited partnership sponsored by Charities Housing Development Corporation a California nonprofit corporation, to finance the acquisition, construction and development of the 82-apartment multifamily rental housing development known as the Page Street Studios located at 329-353 Page Street in San José (the “Development”);
(3) Approving in substantially final form the Funding Loan Agreement, Borrower Loan Agreement, and Regulatory Agreement and Declaration of Restrictive Covenants (the “Series 2020B Note Documents”); and
(4) Authorizing and directing the City Manager, Director of Housing, the Director of Finance, Assistant Director of Finance, the Deputy Director of Debt and Treasury Management and Debt Administrator or their designees, to execute and deliver the Series 2020B Note Documents and related or ancillary to the Series 2020B Note Documents.
(b) Adopt a resolution:
(1) Authorizing a change in City Loan terms to allow an increase in the Development’s rents and income to increase to up to 60% of Area Median Income (low income) for new tenants in the event of the expiration or termination of Section 8 subsidy contracts, and for all tenants in the event of a foreclosure, to the extent the City has determined such increase is needed for feasibility of the Development and allowed by other funds; and
(2) Authorizing the Director of Housing to negotiate a...
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