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File #: 22-802HA    Version: 1 Name: BENNETT VALLEY APARTMENTS – MODIFICATION TO PRIOR FUNDING COMMITMENT TO ALLOW $2,000,000 OF PREDEVELOPMENT LOAN FUNDS TO BE SECURED BY A REPAYMENT GUARANTY UNTIL PROPERTY IS PURCHASED BY DEVELOPER AND TO ALIGN THE TERM OF THE NOTE WITH THE TERM OF AFFORDA
Type: HA- Report Status: Agenda Ready
File created: 11/23/2021 In control: Housing Authority
On agenda: 1/24/2022 Final action: 1/24/2022
Title: REPORT - BENNETT VALLEY APARTMENTS - MODIFICATION TO PRIOR FUNDING COMMITMENT TO ALLOW $2,000,000 OF PREDEVELOPMENT LOAN FUNDS TO BE SECURED BY A REPAYMENT GUARANTY UNTIL THE PROPERTY IS PURCHASED BY DEVELOPER AND TO ALIGN THE TERM OF THE NOTE WITH THE TERM OF AFFORDABILITY BACKGROUND: On May 10, 2021, the Housing Authority adopted Resolution No. 1717 conditionally committing loan funds in the amount of $5,800,000 for construction-related costs for the Project. On June 21, 2021, the Housing Authority approved Resolution No. 1719 allowing the award to also be utilized for pre-development costs. The developer, Freebird Development Company, LLC, has requested $2,000,000 for predevelopment-related costs to be secured by a repayment guaranty until the property is purchased from the City, at which time the full award of $5,800,000 would be secured against the property by a deed of trust. The developer also requested the term of the note align with the term of affordability for the Project, ...
Sponsors: Housing and Community Services
Indexes: Exempt Project
Code sections: 15378 - Not a Project
Attachments: 1. Staff Report, 2. Attachment 1, 3. Attachment 2, 4. Attachment 3, 5. Resolution, 6. Presentation
Related files: 21-404HA, 21-806HA, 22-814HA