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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />DECEMBER 15, 2020 <br />TITLE: <br />APPROVE A $3,170,547 LOAN <br />AGREEMENT WITH LEGACY SQUARE LP <br />FOR A 55-YEAR TERM FOR THE <br />DEVELOPMENT OF THE LEGACY SQUARE <br />AFFORDABLE HOUSING PROJECT; <br />APPROVE A SUBORDINATION <br />AGREEMENT WITH BANK OF AMERICA, <br />N.A.; APPROVE A FUTURE <br />SUBORDINATION AGREEMENT WITH <br />STATE OF CALIFORNIA DEPARTMENT OF <br />HOUSING AND COMMUNITY <br />DEVELOPMENT; APPROVE A <br />RESOLUTION APPROVING THE ISSUANCE <br />OF BONDS <br />(NON -GENERAL FUND) <br />/s/ Kristine Ridge <br />CITY MANAGER <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1� Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />RECOMMENDED ACTION <br />1. Authorize the City Manager to execute a loan agreement with Legacy Square LP (c/o National <br />Community Renaissance of California) for $3,170,547 in inclusionary housing funds for the <br />development of the Legacy Square affordable housing project located at 609 N. Spurgeon <br />Street, Santa Ana, CA 92701, subject to non -substantive changes approved by the City <br />Manager and City Attorney. <br />2. Authorize the City Manager to execute a subordination agreement with Bank of America, N.A., <br />for the City's inclusionary housing loan agreement with Legacy Square LP, subject to non - <br />substantive changes approved by the City Manager and City Attorney. <br />3. Authorize the City Manager to execute a future subordination agreement with the State of <br />California Department of Housing and Community Development, for the City's inclusionary <br />housing loan agreement with Legacy Square LP, after the Legacy Square affordable housing <br />project is complete, subject to non -substantive changes approved by the City Manager and City <br />Attorney. <br />4. Adopt a resolution approving the issuance of revenue bonds by the California Statewide <br />Communities Development Authority in an amount not to exceed $40,000,000 for the purpose <br />55A-1 <br />