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REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 7, 2017 <br />TITLE: <br />071 <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 A ER 6ECUTI IRECTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />CLERK OF COUNCIL USE ONLY: <br />F-1TWJJ-..T00T01 <br />El As Recommended <br />F <br />As Amended <br />13 <br />Ordinance on 1 81 Reading <br />[I <br />Ordinance on 21d Reading <br />[I <br />Implementing Resolution <br />171 <br />Set Public Hearing For_ <br />CONTINUED TO 03/0AO/7, <br />U <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 OC, 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 inclusionary housing in -lieu fees <br />from Heritage Village OC, LLC for deposit into Inclusionary Housing Fund revenue account <br />no. (41718002-57896) and appropriating same to the Loans and Grants expenditure account <br />no. (41718820-69152) for the $2,600,000 conditional loan agreement with AMCAL Multi - <br />Housing, Inc. <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 />