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REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 7, 2017 <br />TITLE: <br />CITY OF SANTA ANA CONDITIONAL LOAN <br />AGREEMENT AND HOUSING SUCCESSOR <br />AGENCY LOAN AGREEMENT WITH AMCAL <br />MULTI - HOUSING, INC. FOR THE FIRST <br />STREET APARTMENTS PROJECT; <br />APPROPRIATION ADJUSTMENTS FOR THE <br />LOAN AGREEMENTS <br />{STRATEGIC PLAN NO. 5, 3C} <br />CITY MA AGER EXECUTIVE DIRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />1 \, <br />��u��� ulrt <br />CLERK OF • ONLY: <br />C� As Recommended <br />As Amended <br />Ordinance on 12' Reading <br />® Ordinance on 2 "d Reading <br />® Implementing Resolution <br />[] Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Authorize the City Manager and the Clerk of the Council to execute a conditional loan <br />agreement with AMCAL Multi- Housing, Inc. for $2,600,000 in inclusionary housing in -lieu fees <br />anticipated from the Heritage Village OC, LLC, that will be contingent on the City's actual <br />receipt of an in -lieu fee payment of $2,600,000 from Heritage Village CC, LLC, to create 69 <br />units of affordable housing at 1440 East First Street in Santa Ana, subject to non - substantive <br />changes approved by the City Manager and City Attorney. <br />2. Approve an appropriation adjustment recognizing $2,600,000 <br />from Heritage Village OC, LLC for deposit into Inclusionary <br />no. (41718002- 57896) and <br />no. (41718820- 69152) for <br />Housing, Inc. <br />appropriating same to the Loans <br />the $2,600,000 conditional loan <br />inclusionary housing in -lieu fees <br />Housing Fund revenue account <br />and Grants expenditure account <br />agreement with AMCAL Multi- <br />3. Approve an appropriation adjustment recognizing the Housing Successor Agency's fund balance <br />in the amount of $6,195,000 in revenue account no. (60718002- 50001) and appropriating same <br />to the Low and Moderate Income Housing Asset Fund's Loan and Grants expenditure account <br />no. (60718830- 69152) for the $6,195,000 loan agreement with AMCAL Multi- Housing, Inc. <br />80A -1 <br />