...Title
Actions Related to the Loan Commitment and Land Purchase for the Dry Creek Crossing Affordable Housing Development Located at 2388 S. Bascom Avenue.
...Recommendations
(a) Adopt a resolution:
(1) Approving a total Construction-Permanent Loan commitment of up to $9,450,000 and a land acquisition loan or acquisition funding commitment of up to $5,200,000 in funds from Measure E Real Property Transfer Tax allocations (Measure E) for Pacific Southwest Community Development Corporation or an affiliated development entity in conjunction with CRP Affordable Housing and Community Development LLC or affiliated entities (collectively, Developer), for Dry Creek Crossing, located at 2388 S. Bascom Ave., which will provide 63 affordable rent-restricted apartments and one unrestricted manager’s apartment (Development);
(2) Authorizing a loan-to-value ratio of greater than 100% for this Development;
(3) Authorizing the Director of Housing to acquire the 2388 S. Bascom Ave site from the Developer for a price not to exceed $5,200,000 and to ground lease the site to the Developer for the Development;
(4) Authorizing the Director of Housing or the Director's designee to negotiate and execute documents and document amendments related to the acquisition and development of the site, and the ground leasing of the site, including a deed acceptance and any riders to the ground leases required by government entities and to execute lender’s consents to these lease riders;
(5) Authorizing the Director of Housing or the Director's designee to negotiate and execute loan documents and all other documents, including any amendments thereto, related to City financing for the Development; and
(6) Making a determination that, consistent with Government Code Section 37364, after acquisition, the 2388 S. Bascom Ave site is to be leased to the Developer without first offering the site to the public for any other use, since the site will be restricted so as to provide housing affordable t...
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