...Title
Actions Related to the Project Homekey 2.0 Funds for the Arena Hotel Located at 817 The Alameda.
...Recommendations
(a) Adopt a resolution:
(1) Accepting an award of $25,238,236 in Project HomeKey 2.0 funds from the California Department of Housing and Community Development (HCD) in order to address the housing needs of individuals and families experiencing homelessness or at risk of experiencing homelessness through the acquisition of and operation of the Arena Hotel located at 817 The Alameda;
(2) Authorizing the City Manager to negotiate and execute an HCD Standard Agreement and all other necessary related documents to accept $25,238,236 in acquisition funding and operating subsidy from HCD in Project HomeKey 2.0 funds;
(3) Authorizing the City Manager to negotiate and execute an assignment and assumption agreement for the City of San José (City) to assume the role of Buyer in the Purchase and Sale Agreement and Joint Escrow Instructions dated October 14, 2020, first amended on June 30, 2021, second amended on November 30, 2021, third amended on February 28, 2022, and fourth amended on April 26, 2022 (collectively PSA) between Ikaika Ohana as buyer and Mill Valley Motel Investments, Inc., Morgan Hill Motel Investments Inc., Arena Hotel Investments, Inc., and Needles Motel Investments, LLC., collectively as Seller (Seller) for the purchase of the Arena Hotel located at 817 The Alameda, identified as APN 261-01-007 for a price of $22,900,000 (Project);
(4) Authorizing the Director of Housing to negotiate and execute grant documents and all other documents with Urban Housing Communities, or its affiliate Ikaika Ohana (Developer) regarding the rehabilitation, and operations of and services for the Project for a grant award in the amount of $23,150,672 from Project Homekey 2.0 Funds and Measure E Funds;
(5) Authorizing the Director of Housing to enter into a Ground Lease with the Developer of the City-owned property located at 817 The Alameda for a t...
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