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RESOLUTION NO. 2018-076 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AND HA NO. 2018-002 OF THE HOUSING AUTHORITY (IN ITS CAPACITY AS THE SUCCESSOR HOUSING ENTITY) (1) APPROVING A LOAN OF UP TO $858,740 FOR LAND ACQUISITION AND PRE-DEVELOPMENT EXPENSES AND $1,036,425 FOR CONSTRUCTION-RELATED COSTS USING HOME INVESTMENT PARTNERSHIP ACT FUNDS FROM THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TO WAKELAND HOUSING AND DEVELOPMENT CORPORATION OR AN AFFILIATED DEVELOPMENT ENTITY ("DEVELOPER") FOR A NEW DEVELOPMENT TO BE LOCATED AT 748, 750-752, AND 754-760 ANITA STREET; (2) AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO NEGOTIATE A FIRST AMENDMENT TO THE EXISTING LOAN DOCUMENTS FOR 750-752 AND 754-760 ANITA STREET TO INCORPORATE 748 ANITA STREET, AND EXECUTE ALL DOCUMENTS RELATED TO THE LOAN AND THE ACQUISITION AND DEVELOPMENT OF THE ADDITIONAL SITE; (3) AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO NEGOTIATE AND EXECUTE ALL HOME INVESTMENT PARTNERSHIP ACT DOCUMENTS RELATED TO THE HOME LOAN; AND (4) APPROPRIATING FUNDS IN THE 2017/2018 BUDGET THEREFOR (4/5 VOTE REQUIRED)
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RECOMMENDED ACTION
Recommended Action
Council/Authority adopt the resolution.
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SUMMARY
On October 10, 2017, through Resolution No. 2017-188, the City Council and Housing Authority approved $3.3M in financial assistance for the development of an affordable housing project located at 750-752 and 754-760 Anita Street to Wakeland Housing and Development Corporation ("Developer") in the southwest area of Chula Vista ("Project).
Since the original date of approval, Developer has successfully negotiated a purchase and sale agreement to acquire 748 Anita Street. The Developer is requesting an additional $858,740 loan commitment to acquire the additional parcel and for predevelopment costs. In addition, $1,036,425 is requested for construction and related costs for a total of $5,195,165. Approval of the recommended actions will enable Developer to assemble the ...
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