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Meeting Name: Housing Authority Agenda status: Final
Meeting date/time: 1/24/2022 1:30 PM Minutes status: Final  
Meeting location: Virtual Meeting – See Agenda for Participation Information
Published agenda: Agenda Agenda Published minutes: Minutes Minutes Accessible Minutes Accessible Minutes  
Agenda packet: Not available
Attachments:
File #Ver.Agenda #NameTypeTitleActionResultAction DetailsVideo
22-200HA 14.1FY 2022/23 BUDGET PROCESS AND PUBLIC INPUTHA- Study SessionFY 2022/23 BUDGET PROCESS AND PUBLIC INPUT Early each year, the Housing Authority holds a study session to obtain feedback and comments from the Housing Authority Commissioners and public regarding the annual budget process. Staff will provide an overview of the budget process timeline and anticipated trends for the coming year.presented  Action details Video Video
22-600HA 16.1December 13, 2021 - Draft MinutesHA- MinutesDecember 13, 2021 - Draft Minutesapprove as submitted  Action details Not available
22-300HA 19.1PENDING DEVELOPMENT PIPELINE UPDATEHA- Communication ItemCOMMUNICATION - PENDING DEVELOPMENT PIPELINE UPDATE Provided for information.presented  Action details Not available
22-802HA 111.1BENNETT 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 AFFORDAHA- ReportREPORT - 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, which is 55 years from commencement of term. RECOMMENDATION: It is recommended by the Housing a to waive reading of the text and adoptPass Action details Not available