SR 05:219 - Laserfiche WebLink

The City Documents are substantially complete and in final form. While changes are not anticipated, some amendments may be necessary as the project moves through the final stages of financing and as final recording takes place. These changes will not be significant and will not impact any primary deal points. As a result, staff has recommended approval of these documents with the understanding that the City Manager is authorized to execute and approve amendments as deemed necessary. Ground Lease The development will be located on a 3.S9-acre site owned by the City and it is anticipated the City will continue to own the property for the life of the project and thereafter. The Ground Lease allows BLP to construct the improvements and operate the project. As indicated, the Council approved a draft Ground Lease on May 3, 2003 and the current document includes similar major provisions. Changes are generally related to transferring some provisions to the Regulatory Agreement and includes subordination language, which is discussed below. A summary of the major terms of the draft Ground Lease is as follows: . The term of the Ground Lease will be SS years. . The lease amount will be $1.00 annually. . Use ofland is restricted to operating an assisted living facility. . The project is required to have 31 affordable units with nine reserved for extremely low- income residents (2S% of median income) and 21 reserved for very low-income residents (SO% of median income). One bed will be reserved for a very low-income memory impaired resident at SO% of the median income for a period often years. . Service will be consistent with State law governing assisted living facilities and will generally include three meals per day, housekeeping services, linen services, assistance with daily living such as dressing, bathing and grooming, medication management, 24- hour staffing, emergency call system, health monitoring, coordinated activities to encourage socialization and transportation services. . Upon the expiration of the lease, the City will own all site improvements and acquire any project reserves. . The City will approve any future project management company provided the agent is a party other than a management company fully controlled by BRIDGE Housing Corporation. . Selection of residents for the affordable units will be based on the City's preference system. Due to the unique nature of assisted living, the preferences have been modified from our current system. All site improvements and project reserves revert to the City at the end of the lease term. SR:05:219 Page 6