1/31/2018 5:22:20 PM
1/31/2018 3:20:48 PM
CITY CLERK - TYPE
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PL£ASANTON. <br />CITY COUNCIL AGENDA REPORT <br />9(b) <br />February 6, 2018 <br />City Manager <br />Housing Division <br />TITLE: CONSIDERATION OF RESOLUTION TO APPROVE FINANCIAL SUPPORT <br />FOR SUNFLOWER HILL BY LOAN OF $2,250,000 FROM THE CITY LOWER <br />INCOME HOUSING FUNDS; GROUND LEASE OF DEDICATED PARCEL OF <br />LAND; ALLOCATION OF UP TO $7,195,844 OF THE CITY'S SHARE OF <br />ALAMEDA COUNTY MEASURE Al HOUSING BOND FUNDS <br />SUMMARY <br />Satellite Affordable Housing Associates (SAHA), in partnership with Sunflower Hill, Inc., <br />has submitted a plan to construct Sunflower Hill, the 31 -unit affordable rental housing <br />development for special needs residents. As SAHA secures the financing for the <br />project, including federal and state Lower Income Housing Tax Credit financing <br />anticipated in February 2018, SAHA seeks to finalize a $2,250,000 Lower Income <br />Housing Fund (LIHF) loan previously envisioned by the Exclusive Negotiating Rights <br />Agreement with Sunflower Hill, as well as the allocation of up to $7,195,844 of the City's <br />"Base City Allocation" from the Alameda County Measure Al Housing Bond (Measure <br />Al funding). <br />RECOMMENDATION <br />It is recommended the City Council adopt a resolution approving: <br />1. The Disposition, Development and Loan Agreement for $2,250,000, related <br />Promissory Note, Deed of Trust, a Regulatory Agreement, and a Ground Lease <br />(collectively the Loan Documents) and authorize the City Manager to execute <br />each such document substantially in the forms attached to the Resolution, with <br />such modifications as may be approved by the City Manager in consultation with <br />the City Attorney, and other documents needed for the transaction; and <br />2. The allocation of up to $7,195,844 of the City's share of Alameda County <br />Measure Al Housing Bond funds to provided assistance in financing the <br />construction of Sunflower Hill, an affordable rental housing development for <br />residents with special needs. <br />FINANCIAL STATEMENT <br />A cumulative $2,250,000 loan from the City's Lower Income Housing Fund will be <br />provided to Sunflower Hill Irby LLC, a limited partnership for which SAHA is part of the <br />partnership structure with Sunflower Hill to financially support the construction of the 31 - <br />unit Sunflower Hill development. $1,000,000 of the total $2,250,000 will be a payment <br />from the developer of Irby Ranch market rate project into the City's LIHF. The <br />$2,250,000 is included in the City's FY 2017/18 Capital Improvement Program (CIP). <br />
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