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REQUEST FOR <br />COUNCIL. ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 17, 2015 <br />TITLE: <br />LOAN AGREEMENTS — <br />815 N HARBOR, LP <br />(STRATEGIC PLAN NO. 5,3) <br />CITY MAN ER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1'� Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager, or designee, and Cleric of the Council to execute a loan agreement for <br />HOME Investment Partnership Program funds not to exceed $380,000 and a Neighborhood <br />Stabilization Program amendment to agreements not to exceed $880,000 with 815 N Harbor, LP <br />for a total of $1,260,000, subject to non - substantive changes approved by the City Manager and <br />City Attorney for 815 North Harbor Boulevard. <br />FINANCE ECONOMIC DEVELOPMENT AND TECHNOLOGY COMMITTEE REVIEW <br />The Finance, Economic Development and Technology Committee reviewed this matter at its <br />meeting on January 14, 2015. The Committee has reviewed the recommended actions and <br />recommends that the City Council adopt and authorize actions. <br />On March 1, 2010, Orange Housing Development Corporation (OHDC), a non - profit 501(c)(3), <br />and C &C Development (C &C), a for- profit developer, was selected through a competitive <br />Request for Proposal process and awarded the contract to implement the multi- family rental <br />program funded by the federal National Stabilization Program (NSP). They have formed a Limited <br />Partnership named 815 N Harbor, LP ( "Developer") for financing purposes. <br />In October 2013, the developer acquired NSP- qualified vacant lots at 815 N Harbor Boulevard <br />(Exhibit 1) using $2,000,000 of the City's NSP funds. The entitlement process is being <br />completed and the project is proceeding with funding in order to commence construction. The <br />developer proposes to construct 70 multi- family rental units with 7 units rented to very low income <br />families at or below 50 % of Area Median Income (AMI), 49 units will be rented to low income <br />25B -1 <br />