03 - Joint PH - Amend to DDA-Con Plan and Loan Agree for Vista Del Rio

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1" F Cf/ CY TI MEETING DATE: MARCH 15, 2010 TITLE: JOINT PUBLIC HEARING -SUBSTANTIAL AMENDMENT TO CONSOLIDATED PLAN AND LOAN AGREEMENT FOR VISTA DEL RIO CLERK OF COUNCIL USE ONLY: APPROVED ^ As Recommended ^ As Amended ^ Ordinance on 1st Reading ^ Ordinance on 2nd Reading ^ Implementing Resolution ^ Set Public Nearing For ~~ CONTINUED TO b~-Z J~~«ev~,-.--' ) f~~Y1~ FILE NUMBER CITY MANAGER ECUTIVE DIRECTOR REC®MMNDED ACTT®N CITY COUNCIL ACTION 1. Approve the Substantial Amendment to the Consolidated Plan and authorize its submittal to the U. S. Department of Housing and Urban Development. 2. Direct the City Attorney to prepare and authorize the Deputy City Manager and Clerk of the Council to execute a loan agreement and all other related documents with Vista Del Rio Housing Partners, L.P. for the construction of 41 special needs residences at 1600 W. Memory Lane in an amount not to exceed $1,500,000, subject to non-substantive changes approved by the City Manager and City Attorney. COMMUNITY REDEVELOPMENT AGENCY ACTION Authorize the Executive Director and Agency Secretary to execute the attached Amendment to the Disposition and Development Agreement with Vista Del Rio Housing Partners, L.P. COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION ACTION At its regular meeting on March 2, 2010, by a vote of 4:0, (Reyes absent), the Community Redevelopment and Housing Commission recommended that the City Council (a) approve the Substantial Amendment to the Consolidated Plan and authorize its submittal to the U. S. Department of Housing and Urban Development. and (b) direct the City Attorney to prepare and authorize the City Manager to execute a loan agreement with Vista Del Rio Housing Partners, L.P. for the construction of 41 special needs residences at 1600 W. Memory Lane in an amount not to exceed $1,500,000, subject to non-substantive changes approved by the City Manager and City 3-3