Title:
Title
(City Council / Housing Authority) Approval of the Single Room Occupancy (SRO) Residential Hotel Withdrawal, Conversion Certificate and Replacement Housing Plan, Predevelopment and Permanent Loan Documents, and Loan Commitment for the Capitol Park Hotel Project (Noticed on 01/22/2020) [Published for 10-Day Review 01/30/2020]
End
FileID
File ID: 2019-01772
Location
Location: 1117, 1121, 1125, 1127, 1129 and 1131 9th Street; District 4
Recommendation:
Recommendation
Conduct a public hearing and upon conclusion, adopt: 1) a City Council Resolution approving the SRO Withdrawal, Conversion Certificate and Replacement Housing Plan for Capitol Park Hotel; 2) a Housing Authority Resolution: a) amending the Housing Authority budget and the allocation of up to $3,200,000 in Housing Authority Successor Agency (HASA) Funds for the Capitol Park Hotel Project (Project); b) authorizing the Executive Director, or her designee, to execute the following related documents to the Project : i) Predevelopment Loan Documents comprised of $1,500,000 in HASA Funds and a Loan Commitment comprised of $1,700,000 in HASA Funds with Mercy Housing California or related entity; and ii) all necessary documents associated with this action; and c) making the related findings; and 3) a City Council Resolution which authorizes: a) amending the Agency budget and allocate up to $1,700,000 in Community Development Block Grant (CDBG), $800,000 in Housing Trust Funds (HTF), $1,100,000 Housing Opportunities for Persons with AIDS (HOPWA) and $2,300,000 in Mixed Income Housing Ordinance Funds (MIHO) for the Project; b) executing the Loan Commitment with Mercy Housing California, or related entity for $5,900,000 comprised of CDBG, HTF, HOPWA and MIHO program funds; c) executing all necessary documents associated with this action; and d) making related findings.
Contact: Christine Weichert, Assistant Director, (916) 440-1353; Tyrone Roderick Williams, Director of Development, (916) 4...
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