...Title
Approval of the Issuance of Tax-Exempt Multifamily Housing Revenue Notes and the Loan of the Proceeds Thereof for the Mariposa Place Affordable Housing Development, Located at 750 West San Carlos Street, and Approving Related Documents.
...Recommendations
Adopt a resolution:
(a) Authorizing the issuance of a tax-exempt multifamily housing revenue notes designated as “City of San José, California Multifamily Housing Revenue Note (Mariposa Place), Series 2021E-1 (Tax-Exempt)” in a principal amount not to exceed $31,341,010 (the “2021E-1 Note”) and a taxable multifamily housing revenue note designated as “City of San José, California Multifamily Housing Revenue Note (Mariposa Place), Series 2021E-2 (Taxable)” in a principal amount not to exceed $6,000,000 (the “2021E-2 Note”) (together with the 2021E-1 Note, the “2021E Notes”);
(b) Approving the loan of the proceeds of the 2021E Notes to San José W. San Carlos LP, a California limited partnership, an affiliate of developer and project sponsor Danco Communities, a California corporation, to finance the construction and development of an 80-unit multifamily development known as Mariposa Place located at 750 West San Carlos Street in San José;
(c) Approving in substantially final form the Bank Loan Agreement, the Borrower Loan Agreement, Regulatory Agreement and Declaration of Restrictive Covenants, and related documents (collectively, the “2021E Note Documents”);
(d) Authorizing and directing the City Manager, Director of Housing, Director of Finance, Assistant Director of Finance, Deputy Director, Debt & Treasury Management or their designees, to execute and deliver the 2021E Note Documents together with any documents ancillary to the 2021E Note Documents; and
(e) Approving the payment of the annual Regulatory Agreement monitoring fee of approximately $39,176 in two parts: (i) $7,500 to be paid on par with the Bond debt service and (ii) the remaining amount of the fee, approximately $31,676, to be paid as a pe...
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