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Loan Agreements with <br />Wakeham Grant, LP <br />December 20, 2004 <br />Page 2 <br />COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />1. Recommended that the City Council: <br />a) Approve an agreement with Wakeham -Grant Apartments, a <br />California Limited Partnership, to provide loans in an amount <br />not to exceed $1,200,000. <br />b) Direct the City Attorney to prepare and authorize the Executive <br />Director of the Community Development Agency to execute <br />agreements and all other required documents as necessary. <br />2. Recommended that the Community Redevelopment Agency: <br />a) Approve an agreement with Wakeham -Grant Apartments, a <br />California Limited Partnership, to provide loans in an amount <br />not to exceed $1,200,000. <br />b) Direct the Agency General Counsel to prepare and authorize the <br />Executive Director of the Community Development Agency to <br />execute agreements and all other required documents as <br />necessary. <br />By a vote of 5:0 (Rodriguez absent) at its Regular Meeting of December 7, <br />2004. <br />DISCUSSION <br />Wakeham -Grant Apartments, a California Limited Partnership, owns and <br />operates eight multi - family residential buildings in the Cornerstone <br />Village revitalization area (Exhibit 1). Jamboree Housing, the sole <br />member of the limited partnership, is a non - profit housing provider that <br />builds, preserves and maintains affordable rental housing in Orange <br />County. <br />On January 5, 2004, the Housing Authority adopted a resolution <br />authorizing the issuance of $6 million of multi - family housing revenue <br />refunding bonds for Wakeham -Grant to replace a previous issuance that <br />they had been unable to convert to permanent financing. Concurrently, <br />the City Council approved a loan agreement for an amount not to exceed <br />$1.9 million, and the Community Redevelopment Agency approved a loan <br />