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TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)
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TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)
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Last modified
4/29/2019 10:27:03 AM
Creation date
4/29/2019 10:25:43 AM
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Contracts
Company Name
TINY TIM LP (C/O COMMUNITY DEVELOPMENT PARTNERS)
Contract #
A-2019-058-01
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
4/16/2019
Destruction Year
0
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Santa Ana Police Department ("SAPD"), dependent upon their available staffing and resources. <br />The unit mix consists of: <br />Bedroom <br />Size <br />30% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Manager's <br />Unit <br />Total <br />Two Bedroom <br />6 <br />3 <br />10 <br />1 <br />20 <br />Three Bedroom <br />8 <br />2 <br />19 <br />29 <br />Four Bedroom <br />1 <br />1 <br />2 <br />Totals <br />15 <br />5 <br />30 <br />1 <br />51 <br />On-site amenities will include a community plaza, an art center, urban farm, and mini park <br />with outdoor gym and jogging track. Mercy House Living Centers ("Mercy House") will manage <br />onsite residential services coordination for all households. <br />C. The City and the Housing Authority of the City of Santa Ana ("Housing Authority") <br />reviewed Developer's request for assistance and at the City Council/Housing Authority meeting <br />on June 20, 2017, the City Council authorized and approved issuance of a conditional, pre - <br />commitment letter evidencing the preliminary award of $1,300,000 of funds to the Project <br />("Inclusionary Loan"), to be funded exclusively from the Inclusionary Housing Fund. <br />D. The amount of the Inclusionary Loan was determined based upon the City's review <br />of the Developer's request for the receipt of the Inclusionary Loan and the development proforma <br />and projected cash flows for the Project submitted by the Developer to the City as of March 29, <br />2017 ("Proforma"). The City Manager has authority to approve revised development profornas <br />and projected cash flows for the Project; provided, however, that the Inclusionary Loan is not <br />materially increased or extended. <br />B. In furtherance of the Inclusionary Housing Program, Developer has applied to the <br />City for a loan with which to: <br />1. Acquire, develop and construct the project, and <br />2. Thereafter to maintain, operate and professionally manage the Project as decent, <br />safe, sanitary and affordable rental housing. <br />F. The City, on certain terns and conditions, desires to make such Inclusionary Loan <br />to Developer in order to make possible the acquisition, development, constriction, ownership, <br />maintenance and operation of the Project, thereby expanding the supply of decent, safe, sanitary and <br />affordable housing within the City. <br />G. If there is any inconsistency between State, and local guidelines with regard to any <br />of the terms and conditions contained herein, the more stringent shall apply. <br />H. The Inclusionary Loan Agreement, Inclusionary Deed of Trust, Inclusionary <br />Promissory Note and these Restrictions, dated concurrently herewith (collectively the <br />"Inclusionary Loan Documents") are entered into for the purpose of providing for affordable <br />2 <br />
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