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R <br />ACTON <br />CITY COUNCIL MEETING DATE: <br />20, 2016 <br />TITLE: <br />APPROVAL OF CONDITIONAL LOAN <br />COMMITMENT AND AWARD OF $6,195,000 <br />OF AFFORDABLE HOUSING FUNDS TO <br />AMCAL MULTI -HOUSING, INC FOR THE <br />FIRST STREET APARTMENTS PROJECT <br />{STRATEGIC PLAN NO. 5, 3C} <br />CITYMANAC R EXECUTIVE.D-�I''brrTOR <br />r <br />CITY COUNCIL ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s` 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 to execute a conditional loan commitment letter for $2,600,000 of <br />inclusionary housing in -lieu fees anticipated from the Heritage Village OC, LLC in order to <br />reduce the $8,795,000 previously approved by City Council on April 19, 2016, that will be <br />contingent on the City's actual receipt of an in -lieu fee payment of $2,600,000 from Heritage <br />Village OC, LLC. <br />2. Authorize the City Manager/Executive Director and the City Attorney to draft loan agreements for <br />future City Council consideration in an amount not to exceed $2,600,000 for the First Street <br />Apartments Project. <br />HOUSING AUTHORITY ACTION <br />Award $6,195,000 in Housing Successor Agency funds to AMCAL Multi -Housing, Inc for the <br />First Street Apartments Project located at 1440 East First Street in Santa Ana as provided in the <br />pre -commitment letter. <br />2. Authorize the City Manager/Executive Director and the City Attorney to draft loan agreements for <br />future Housing Authority consideration in an amount not to exceed $6,195,000 for the First <br />Street Apartments Project. <br />