Laserfiche WebLink
REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />CITY COUNCIL MEETING DATE: <br />APRIL 16, 2019 <br />TITLE: <br />APPROVE TWO LOAN AGREEMENTS <br />WITH TINY TIM LP FOR THE TINY TIM <br />PLAZA AFFORDABLE HOUSING <br />PROJECT - GRANT FUNDED <br />{STRATEGIC PLAN NO 5,3) <br />CITY MANAGER <br />EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL <br />CLERK OF COUNCIL USE ONLY: <br />.5006 _117 <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on V1 Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and the Clerk of the Council to execute a Loan Agreement with <br />Tiny Tim LP (c/o Community Development Partners) for $1,300,000 in Inclusionary Housing <br />Funds to create 51 units of affordable housing at 2223 West Fifth Street in Santa Ana, subject <br />to non -substantive changes approved by the City Manager and City Attorney. <br />2. Authorize the City Manager and Clerk of the Council to execute a Subordination Agreement <br />with Citibank, N.A., for the City's Inclusionary Housing Loan Agreement with Tiny Tim LP, <br />subject to non -substantive changes approved by the City Manager and City Attorney. <br />HOUSING AUTHORITY <br />1. Authorize the Executive Director of the Housing Authority and the Recording Secretary to <br />execute a Loan Agreement with Tiny Tim LP (c/o Community Development Partners) for <br />$4,700,000 in Low and Moderate Income Housing Asset Funds to create 51 units of <br />affordable housing at 2223 West Fifth Street in Santa Ana, subject to non -substantive <br />changes approved by the Executive Director and Authority General Counsel. <br />2. Authorize the Executive Director of the Housing Authority and the Recording Secretary to <br />execute a Subordination Agreement with Citibank, N.A., for the Housing Authority's Loan <br />Agreement with Tiny Tim LP, subject to non -substantive changes approved by the Executive <br />Director and Authority General Counsel. <br />80A-1 <br />