Laserfiche WebLink
Loan Agreement for WISEPlace Permanent Supportive Housing <br />March 7, 2023 <br />Page 5 <br />3 <br />2 <br />8 <br />1 <br />Parking <br />The proposed site plan includes 20 covered parking spaces in the gated parking garage <br />with an entrance on Sycamore Street. The parking ratio is 0.42 spaces per PSH unit. <br />While the development team has included 20 parking stalls, PSH located near transit is <br />not required to provide any parking under State law. The developer has agreed to <br />provide a Parking Management Plan as part of the Density Bonus Agreement. <br />FISCAL IMPACT <br />Funds for the HOME Investment Partnerships Program - American Rescue Plan Loan <br />Agreement in the amount of $5,256,327 are available in the HOME Investment <br />Partnerships Program – American Rescue Plan, Loans and Grants account (no. <br />18218780-69152) for expenditure in the current fiscal year. Up to $4 million will be <br />expended in this current fiscal year for the Project’s construction loan closing. Any <br />remaining balances not expended at the end of the fiscal year will be presented to City <br />Council for approval of carryovers to FY 23-24. <br />EXHIBIT(S) <br />1.Staff Report from June 21, 2022 <br />2. Pre-Commitment Letter <br />3. HOME Investment Partnerships Program - American Rescue Plan Loan Agreement <br />4. Subordination Agreement with Bank of America <br />5. Subordination Agreement with the County of Orange <br />6. Subordination Agreement with the Orange County Housing Finance Trust <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Kristine Ridge, City Manager