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Joint Public Hearing - <br />DDAand Resolution-Vista Del Rio <br />March 21, 2011 <br />Page 2 <br />authorize execution of a Loan Agreement and the Third Amendment to the Disposition and <br />Development Agreement with Vista Del Rio Housing Partners, L.P. <br />DISCUSSI®N <br />On July 20, 2009, the Community Redevelopment Agency (Agency) authorized execution of a <br />Disposition and Development Agreement (DDA) with Vista Del Rio Housing Partners, L.P. <br />(Developer) for development of a 41 unit, handicapped accessible affordable housing project on a <br />3.2 acre vacant site owned by the Agency (project). The DDA also included a $100,000 grant to <br />the Developer to pay for entryway construction and a $500,000 HOME Program loan. On March <br />15, 2010, the DDA was amended so as to increase the HOME Program loan amount to $1.5 <br />million. A second amendment was approved on December 20, 2010, to extend the date to obtain <br />all necessary financing. Since the DDA was approved, the Developer was not successful in <br />obtaining low income housing tax credits and is requesting approval of a $469,000 Agency loan so <br />as to improve its prospects for success with another application. This loan will require a third <br />amendment to the DDA. The attached Exhibit 1 is a Sources and Uses budget showing the <br />project's estimated development costs and funding sources. <br />The project was entitled by the City Council at the same joint meeting where the DDA was <br />approved. In order to obtain public input during the process leading to entitlement, public meetings <br />were held in the four surrounding neighborhoods: Concord, Riverglen, Casa de Santiago, and <br />Riverview. Additionally, a public hearing was conducted by the Planning Commission on March 9, <br />2009. The developer continues to work to ensure that neighborhood concerns are addressed. <br />FISCAL IMPACT <br />Funds for the Community Redevelopment Agency loan are available in the Low and Moderate <br />Income Housing accounts (no. 50718830-66220). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />~~~ ~~ <br />Shelly La ry-Bayle <br />Housing Manager <br />Community Development Agency <br />~ z ~. <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br />NTE/SLB/TG/mlr <br />Exhibits: 1. Sources and Uses Budget <br />2. Resolution <br />3. Agreement <br />4. DDA <br />5-2 <br />