Laserfiche WebLink
Pre-Commitment of Affordable Housing Funds for Jamboree Housing Corporation and <br />WISEPlace; Density Bonus Agreement; Loan Forgiveness <br />June 21, 2022 <br />Page 13 <br />2 <br />8 <br />1 <br />6 <br />FISCAL IMPACT <br />The various agreements, including the loan agreements, are estimated to be finalized for <br />City Council approval in FY 2022-23. Upon future approval of the loan agreements, funds <br />will be budgeted and available as shown below: <br />Fiscal <br />Year <br />Accounting Unit – <br />Account # <br />Fund <br />Description <br />Accounting <br />Unit, Account <br />Description <br />Amount <br />FY 22-23 18218780-69152 HOME-ARP <br />Program Loans & Grants $5,256,327 <br />FY 22-23 41718820-69152 Inclusionary <br />Housing Fund <br />Loans and <br />Grants $484,000 <br />Total Loans $5,740,327 <br />The forgiveness of the CDBG Loan will have two impacts. First, the $6,662.65 per year <br />for the remainder of the loan term will no longer be paid to the City. Second, the entire <br />balance of the CDBG Loan due to the City will be forgiven and no longer payable to the <br />City. <br />EXHIBITS (Please see City Council agenda item #62 for exhibits) <br />1.Staff Report from December 7, 2021 <br />2. Pre-Commitment Letter with Jamboree and WISEPlace <br />3. Preliminary Financial Gap Analysis by Keyser Marston Associates <br />4. Proposed Project Renderings / Preliminary Site Plan <br />5. Density Bonus Agreement <br />6.Planning Commission Staff Report from May 9, 2022 <br />7.Historic Resources Commission Staff Report from March 3, 2022 <br />Submitted By: Steven Mendoza, Assistant City Manager <br />Approved By: Kristine Ridge, City Manager