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THE CITY OF <br /> —�_ <br /> LEASANTONm <br /> MEMORANDUM <br /> Date: February 6, 2018 SUPPL M ENTAL MATERIAL <br /> To: Mayor and City Council Provided to the City Council <br /> After Distribution of Packet <br /> Via: Nelson Fialho, City Manager - - / g <br /> Date <br /> From: Brian Dolan, Assistant City Manager <br /> Subject: Item 9b. <br /> Sunflower Hill - Financing <br /> This memo was prepared to address proposed changes to the loan documents for the Sunflower <br /> Hill project, after publication of the staff report. <br /> As Satellite Affordable Housing Associates (SAHA) and Sunflower Hill, Inc. continue to finalize <br /> the financing plan for its Sunflower Hill development, the following changes to the City's loan <br /> documents have been requested (and staff supports these proposed modifications): <br /> • Modify the affordability restrictions by having three (3) units previously designated as <br /> 40% area median income (AMI) now designated as 50% AMI units. Staff supports this <br /> modification because it improves the operational budget and thereby competitiveness for <br /> tax credits. And, SAHA and Sunflower Hill have demonstrated to staff that even with <br /> this change, the target population will still be served. With this change, the affordability <br /> mix will be as follows:' <br /> # of Units Unit Type Sq. Ft. % of AMI Rent <br /> 5 IBR 500 20% $305 <br /> 17 1BR 500 50% $892 <br /> 1 2BR 815 20% $349 <br /> 6 2BR 815 60% $1,287 <br /> 1 This modification will generally be reflected in amendments to the Disposition, Development <br /> and Loan Agreement Section 5.20; the Regulatory Agreement Section 2.2 and Exhibit B; and the <br /> Ground Lease Section 9.8. <br />