Title:
Title
(City Council / Housing Authority) Villa Jardin and Coral Gables Tax Equity and Fiscal Responsibility Act Hearing, and Approval of Tax-Exempt Bonds, Predevelopment Loan, Loan Commitment, Assignment and Assumption Commitments and Disposition and Development Agreement [Two-Thirds Vote Required] (Noticed on 07/28/2020)
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FileID
File ID: 2020-00728
Location
Location: District 8
End
Recommendation:
Recommendation
1) Pass a Motion by two-thirds vote 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 2/3 vote of the City Council, all labor agreements and all agreements greater than $1,000,000 shall be made available to the public at least ten (10) days prior to council action; and 2) conduct a public hearing and upon conclusion, adopt: A) a City Council Resolution indicating the City Council has conducted a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing related to the proposed construction and permanent financing of Villa Jardin and Coral Gables (Project); B) a City Council Resolution approving Sacramento Housing and Redevelopment Agency (SHRA) to i) enter into and execute a) a $500,000 predevelopment loan agreement funded with City Housing Trust Funds for the Coral Gables site (Predevelopment Loan), b) a $2.8 million loan commitment comprised of $1.4 million in State Department Housing and Community Development (HCD) Local Housing Trust Fund Program (LHTF), or if not awarded HCD LHTF, $1.4 million of Mixed Income Housing Funds, and $1.4 million in City Housing Trust Funds for the Project (Loan Commitment), c) Commitments to assign the existing SHRA loans of the Villa Jardin and Coral Gables respective sites, and d) other documents as approved to form by SHRA legal counsel, and perform other actions necessary and associated with this transaction; ii) release outdated recorded restrictions associated with the existing Villa Jardin loan; iii...
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