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File #: 21-0642    Version: 1 Name: Allocation of PG&E Settlement Funds to RED
Type: CC- Report Status: Agenda Ready
File created: 6/22/2021 In control: City Council
On agenda: 7/20/2021 Final action: 7/20/2021
Title: REPORT - ALLOCATION OF $10 MILLION IN PG&E SETTLEMENT FUNDS TO THE RENEWAL ENTERPRISE DISTRICT (RED) HOUSING FUND IN THE FORM OF A LOAN; ALLOCATION OF $50,000 IN PG&E SETTLEMENT FUNDS TO THE RED TO ADDRESS A ONE-TIME MEMBER ASSESSMENT; AND AMENDMENT TO THE RED’S JOINT EXERCISE OF POWERS AUTHORITY AGREEMENT BACKGROUND: The Renewal Enterprise District (RED) was created in 2018 as a Joint Powers Authority (JPA) between the City of Santa Rosa (the “City”) and the County of Sonoma (“the County”) to facilitate the development of infill housing. RED has been pursuing a variety of funding options to address the housing development needs of the community. On December 8, 2020, the City Council held a study session on the potential use of one-time PG&E settlement funds for housing investment opportunities. Housing was one of the recurring topics of consideration received through the community outreach process for these funds. Specifically discussed at the study session was the pote...
Sponsors: Planning and Economic Development
Indexes: Not a Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1 - Draft City Loan Term Sheet, 3. Attachment 2 - RED Project Criteria, 4. Attachment 3 - City Permitted Investments, 5. Attachment 4 - RED JPA First Amendment, 6. Attachment 5 - RED Memo Re: Member Assessments, 7. Resolution 1 - Allocate $10M one-time PG&E to RED, 8. Exhibit A - Loan Term Sheet, 9. Exhibit A - Loan Term Sheet (Redlined Modified at 7/20/2021 Meeting, 10. Exhibit A - Loan Term Sheet (Modified at 7/20/2021 Meeting), 11. Resolution 2 - RED Assessment, 12. Resolution 3 - First Amendment to JPA, 13. Exhibit A - First Amendment to JPA, 14. Presentation - Staff, 15. Presentation - RED and Forsyth Street Advisors, 16. Late Correspondence (Uploaded 7/20/2021)
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
7/20/20211   to waive reading of the text and adopt  Action details Meeting details Video Video
7/20/20211 City Council to waive reading of the text and adoptPass Action details Meeting details Video Video