Laserfiche WebLink
MAYOR <br />Miguel A. Pulido <br />MAYOR PRO TEM <br />Michele Martinez <br />COUNCILMEMBERS <br />P. David Benavides <br />Vicente Sarmiento <br />Jose Solorio <br />Sal Tinajero <br />Juan Villegas <br />June 20, 2017 <br />Exhibit 9 <br />CITY OF SANTA ANA <br />20 Civic Center Plaza . P.O. Box 1988 <br />Santa Ana, California 92702 <br />714-647-6900 <br />vmv.santa-ana.orc <br />AMCAL 1440 Santa Ana Fund, L.P. <br />AMCAL Multi -Housing, Inc. <br />Attn: Mario Turner, Vice President Development <br />17862 E. 17th Street, Suite 209 <br />Tustin, CA 92780 <br />SUBJECT: 69 Unit Multi -Family Housing Project <br />1440 East First Street, Santa Ana, California <br />Dear Mr. Turner, <br />INTERIM CITY MANAGER <br />Cynthia Kurtz <br />CITY ATTORNEY <br />Sonia R. Carvalho <br />CLERK OF THE COUNCIL <br />Made D. Huizar <br />AMCAL 1440 Santa Ana Fund, L.P., a California limited partnership ("Developer") <br />requested financial assistance in connection with the proposed development of a 69 unit affordable <br />housing complex to be located at 1440 East First Street, Santa Ana, California ("Project"). The <br />Housing Authority of the City of Santa Ana ("Housing Authority") has reviewed the Developer's <br />request for assistance and at the Housing Authority meeting on June 20, 2017, the Housing Authority <br />Board authorized and approved issuance of this pre -commitment letter evidencing the preliminary <br />award of $8,522,740 of funds to the Project (the "Agency Assistance"), which Agency Assistance <br />shall be funded exclusively from the Low and Moderate Income Housing Asset Fund (the <br />"LMIHAF") held by the Housing Authority of the City of Santa Ana acting as the Housing Successor <br />Agency (the "Agency"). The Agency and the Developer have mutually agreed upon the pre - <br />commitment of Agency Assistance in the maximum amount of $8,522,740. <br />The purpose of this letter is to provide a pre -commitment from the Agency for a loan of up to <br />$8,522,740 ("Agency Loan") from the LMIHAF held by the Housing Successor Agency. The Agency <br />intends that this letter evidence the Agency's pre -commitment of the Agency Assistance to the <br />Developer for the Project subject to the conditions described below. The Agency Loan Agreement <br />for these funds requires Housing Authority Board approval prior to execution by the Developer and <br />the Agency. <br />The amount of the proposed Agency Loan has been determined based upon the Agency's <br />review of the Developer's request for the receipt of the Agency Assistance and the development <br />SANTA ANA CITY COUNCIL <br />Miguel A. Pulido Michele Martinez Vicente Sarmiento Jose Selene P. Davd BenaAdes Juan Villegas Sal Tinalero <br />Mayor Mayor Pm Tem, Ward 2 Ward1 Wool Ward4 Wahl5 Wad <br />moulidonsanta-ana oro mlmartineaAsanta-ana.omysamlienloAsanla-ana.omlo! 5- dbenavides(ds8nta-a0a.ofo MIleaasylisents-anaorn stinaieroOsante-an..om <br />