Title:
Title
Approval of Loan Agreements for the Capitol Park Hotel Project (Two-Thirds Vote Required)
End
FileID
File ID: 2018-00669
Location
Location: 1117, 1121, 1125, 1127, 1129 and 1131 9th Street, District 4
Recommendation:
Recommendation
1) Pass a Motion by two-thirds waiving Sacramento City Code Section 4.04.020 and Council Rules of Procedure (Chapter 7, Section E.2.d) mandating that unless waived by a two-thirds vote of the City Council, all labor agreements and all agreements greater than $1million shall be made available to the public at least ten (10) days prior to council action; and 2) adopt a Resolution authorizing and approving: a) the City Manager or City Manager's designee to execute a $13.37 million loan agreement with SHRA for the Capitol Park Hotel Project; b) an amendment to the SHRA budget, c) SHRA to enter into the $13.37 million loan agreement with the City; d) SHRA to enter into a $13.37 million loan agreement with Mercy Housing California or a related entity (Mercy Housing), for the purposes of financing the acquisition of 1117, 1121, 1125, 1127, 1129 and 1131 9th Street in Sacramento (Property) and relocation costs associated with the Capitol Park Hotel Project.
Contact: Christine Weichert, Assistant Director, (916) 440-1353, Sacramento Housing and Redevelopment Agency
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Capitol Park Hotel Vicinity Map
3-Capitol Park Hotel Photo
4-Resolution
5-Exhibit A (City and SHRA Loan Agreement)
6-Exhibit B (SHRA and Mercy Housing Loan Agreement)
Description/Analysis
Issue Detail: Capitol Park Hotel was built in 1912 and is currently operating as a 180-unit single room occupancy residential hotel located in downtown Sacramento at 1125 9th Street (corner of 9th and L Streets). The property currently has a vacancy rate of approximately 50 percent. The current owner is in contract to sell the Property to Mercy Housing.
On April 23, 2019, Council approved and dele...
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