CCMIN082295 - Laserfiche WebLink

cash flow. The City provided the construction financing for that project and paid all DSRSD and Zone 7 fees. He stated that there is usually a considerable financial involvement in these type of projects. Ms. Mohr asked if Ridge View Commons becomes the City's property at the end of 50 years. When we become the owner and there is no debt on it, then we could let the project be very low income. Mr. Bocian agreed. The Case Avenue project becomes the City's at the end of 55 years. Them will be no restrictions after the 55 years have passed. Ms. Mohr stated if an extra $25/month was collected from the market rate units, $2000 a month payback would be achieved. She felt that the pool wasn't the best return on the investment. It was moved by Mayor Tarver, seconded by Ms. Mohr, to: 1) extend the term of the Disposition and Development Agreement with A.F. Evans Co., from September 1, 1994 to December 31, 1995; 2) to amend Exhibit "B" of the approved ground lease with Case Avenue Associates so that they pay the City 6055 of surplus cash flow from the project beginning in year 16 of the lease rather than the current required payment of 5055; 3) modify the existing loan terms with the developer for repayment of the City's advance of $294,110 to cover City Plan Check and Growth Management Fees and $61,420 for Zone 7 Water Meter Fees so that the loan is repaid-with general terms as detailed below within seven years after completion of project construction rather than as part of the first construction draw as previously agreed upon; 4) authorize an expenditure of $626,408 from City's Lower Income Housing Fund to be repaid by the developer, in accordance with terms below, for the purpose of paying all remaining City and DSRSD development and building fees. (Note: Fee payments to the City will be handled through fund transfers.); 5) authorize a City loan from the Lower Income Housing Fund to the developer of $518,062 to be used to pay the project's permanent and construction financing fees to CHFA, the project construction bond, and a portion of legal fees; and 6) authorize staff to approve necessary loan documents for loans and advances. General terms, as defined in the August 10, 1995 letter from the A.F. Evans Co., will be 4 55 simple interest which will begin accruing at the time of funding with the principal to be repaid within seven years after completion of project construction. Interest payments will begin in year seven. The roll call vote wa~ as follows: AYES: Councilmembers Dennis, Michelotti, Mohr, and Mayor Tarver NOES: Councilmember Pico ABSENT: None ABSTAIN: None 08/22/95 -21-