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City of Pleasanton
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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4.1.3 Construction/Permanent Loan. In order to increase the affordability of the <br /> Project,the City has agreed to allow the outstanding principal balance of the Predevelopment <br /> Loan and the interest accrued thereon to be"rolled over" into a construction/permanent loan for <br /> the Project, and has agreed to loan the undisbursed balance of the Predevelopment Loan together <br /> with additional funds to Developer in the amount of[Twelve Million Six Hundred Forty-Four <br /> Thousand Dollars ($12,644,000)], upon the terms and conditions and for the purposes set forth in <br /> this Agreement. The total amount of the construction/permanent loan (the"Loan") shall be <br /> equal to: (a) [One Million, One Hundred Six Thousand Dollars ($1,106,000)] which is equal to <br /> the outstanding principal balance of the Predevelopment Note as of the date of this Note, (b) <br /> [ Dollars ($ )] which is equal to the interest accrued under the <br /> Predevelopment Note as of the date of this Note, and (c) [Twelve Million, Six Hundred Forty- <br /> Four Thousand Dollars($12,644,000)] which is equal to the sum of the undisbursed balance of <br /> the Predevelopment Note and the amount of additional funds to be loaned to Borrower pursuant <br /> to this Loan Agreement. The Loan shall be evidenced by the Note which shall be dated as of the <br /> Closing Date and executed by Developer substantially in the form attached hereto as Exhibit B. <br /> Provided that Developer has complied with all conditions precedent to disbursement of the Loan <br /> set forth in Sections 3.4, the remaining proceeds of the Loan("Loan Proceeds") shall be <br /> disbursed pursuant to approved draw requests as described in Section 4.6 (o). The Parties agree <br /> that City shall disburse the Loan Proceeds only for the purpose of funding Project construction <br /> and development costs. <br /> 4.2 Interest Rate; Payment Dates; Cost Savings; Maturity Date. The principal <br /> balance of the Note outstanding from time to time will bear interest at a rate equal to [three <br /> percent(3%) simple annual interest] commencing upon the date of disbursement. Annual <br /> payments shall be due and payable on a residual receipts basis in accordance with the formula set <br /> forth in the Note commencing upon City's issuance of a final certificate of occupancy or <br /> equivalent for the Project. The entire outstanding principal balance of the Loan together with <br /> accrued interest and all other sums due under the City Documents shall be payable in full on the <br /> date (the"Maturity Date") which is the earlier of(i)the fifty-fifth (55th) anniversary of the date <br /> of issuance of the final certificate of occupancy or equivalent for the Project, or(ii)the fifty- <br /> seventh (57th) anniversary of the Loan origination date. Notwithstanding the foregoing, the <br /> City shall have the right to accelerate the Maturity Date and declare all sums payable under the <br /> Note immediately due and payable upon the expiration of all applicable cure periods following <br /> the occurrence of an Event of Developer Default. <br /> 4.2.1 Affordable Housing Program (AHP) Funds; Excess Proceeds. The Parties <br /> acknowledge that Developer intends to apply for an award under the Affordable Housing <br /> Program (AHP) of approximately$1,300,000 for Project construction financing, and the Parties <br /> agree that if Developer obtains AHP funds for the Project, the amount of the Loan shall be <br /> reduced by the total amount of the AHP funds obtained. If at the time Developer obtains such <br /> AHP funds, the amount of undisbursed Loan Proceeds is less than the AHP award, Developer <br /> shall pay to the City as a reduction of the outstanding principal balance of the Note, the amount <br /> equal to the difference between the total AHP award and the amount of undisbursed Loan <br /> Proceeds. In addition, within ten (10)business days after Developer's receipt of its investor <br /> limited partner's capital contribution following the issuance of the IRS Form 8609 for the <br /> Project, Developer shall pay to the City as a reduction of the outstanding principal balance of the <br /> OAK#4822-6539-6013 v3 9 <br />
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