Title:
Title
(Housing Authority) Approval of Final Loan Documents and Disposition of Land for Shasta Hotel
End
FileID
File ID: 2018-01758
Location
Location: 1017 10th Street, District 4
Recommendation:
Recommendation
Adopt: 1) a Housing Authority Resolution: a) authorizing and approving the Sacramento Housing and Redevelopment Agency (Agency) to execute a $4,200,000 Construction and Permanent Loan Agreement with Shasta Hotel Housing Associates, L.P. or related entity for the financing of the Shasta Hotel; b) authorizing and approving the Agency to enter into and execute other documents, as approved to form by agency counsel, and perform other actions necessary to fulfill the intent of the Loan Commitment; c) authorizing the Agency to amend its budget and, d) making related findings; and 2) a Housing Authority Resolution: a) authorizing the execution of an Acquisition Loan Agreement (Seller Carry-Back Loan) and related documents and Termination of Ground Lease and Memorandum of Lease to allow for transfer of the land beneath the Shasta Hotel to Shasta Hotel Housing Associates, L.P. and, b) authorizing the execution of the Assignment, Acknowledgement, Amendment and Acceptance of Tax Increment Regulatory Agreement, transferring the existing regulatory agreement to Shasta Hotel Housing Associates, L.P.
Contact: Christine Weichert, Assistant Director, (916) 440-1353; Tyrone Roderick Williams, Director of Development, (916) 440-1316, Sacramento Housing and Redevelopment Agency
Body
Presenter: None
Attachments:
01-Description/Analysis
02-Vicinity Map
03-Project Summary
04-Cash Flow Proforma
05-Maximum Income and Rent Levels
06-Housing Authority Loan Agreement Resolution
07-Exhibit A to Resolution (Loan Agreement)
08-Housing Authority Land Acquisition Resolution
09-Exhibit A to Resolution (Seller Carryback Loan Agreement)
10-Exhibit B to Resolution (Termination of Ground Lease)
11-Exhibit C to Resolution (Assignment, Acknowledgement and Acceptance...
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