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a one-year term expiring June 30, 2023 and authorize the Board Chair or Vice -Chair <br />to sign (Agreement No. 2022-XXX). <br />3. Authorize the City Manager to execute non -substantive amendments such as <br />adjustment of shared operational expenses during the term of the Memorandum of <br />Understanding. <br />MINUTES: Item is continued until next meeting. <br />62. Approve a pre -commitment of $5,256,327 in HOME - American Rescue Plan funds, <br />$484,000 in Inclusionary Housing Funds, twenty-five (25) project -based vouchers, a <br />Density Bonus Agreement, and loan forgiveness for Jamboree Housing Corporation <br />and WISEPIace for the development of the WISEPIace Permanent Supportive <br />Housing project located at 1411 N. Broadway (Contingent upon approval of Housing <br />Authority Item #3) <br />Department(s): Community Development Agency <br />Recommended Action: 1. Authorize the City Manager to execute a pre - <br />commitment letter with Jamboree Housing Corporation ("Jamboree") and WISEPIace <br />for $5,256,237 in HOME Investment Partnerships Program —American Rescue Plan <br />("HOME -ARP") funds and $484,000 in Inclusionary Housing Funds for the <br />development of the WISEPIace Permanent Supportive Housing project located at <br />1411 N. Broadway, Santa Ana, CA 92706, (APN 398-523-04), subject to non - <br />substantive changes approved by the City Manager and City Attorney (Agreement No. <br />2022-XXX). <br />2. Authorize the City Manager to execute a Density Bonus Agreement with North <br />Broadway Housing Partners LP (c/o of Jamboree and WISEPIace), for a 55-year <br />term, for the development of the WISEPIace Permanent Supportive Housing project <br />located at 1411 N. Broadway, Santa Ana, CA 92706, (APN 398-523-04), subject to <br />non -substantive changes approved by the City Manager and City Attorney <br />(Agreement No. 2022-XXX). <br />3. Authorize the City Manager to forgive the existing City loan with WISEPIace for <br />$723,446.41 in Community Development Block Grant funds outstanding from a Loan <br />Agreement executed in 1996 and amended in 2001. <br />Moved by Councilmember Penaloza, seconded by Councilmember Mendoza <br />to approve. <br />YES: 5 — Lopez, Mendoza, Penaloza, Bacerra, Sarmiento <br />NO: 0 <br />ABSTAIN: 1 — Phan <br />ABSENT: 1 — Hernandez <br />Status: 5-0-1 —1 —Pass <br />MINUTES: Councilmember Penaloza thanked those involved in the process of <br />securing these funds. <br />City Council 24 6/21/2022 <br />