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 Tinalero <br />Juan Villages <br />June 20, 2017 <br />Exhibit 11 <br />CITY OF SANTA ANA <br />20 Civic Center Plaza • P.O. Box 1988 <br />Santa Ana, California 92702 <br />714-647-6900 <br />www.santa-ana.orc <br />Kyle Paine <br />Community Development Partners <br />3416 Via Oporto, Suite 301 <br />Newport Beach, CA 92663 <br />SUBJECT: 51 Unit Multi -Family Housing Project <br />2223 West 5th Street, Santa Ana, California <br />Dear Mr. Paine, <br />INTERIM CITY MANAGER <br />Cynthia Kurtz <br />CITY ATTORNEY <br />Sonia R. Carvalho <br />CLERK OF THE COUNCIL <br />Made D. Huizar <br />Community Development Partners ("Developer") requested financial assistance in <br />connection with the proposed development of a 51 unit affordable housing complex to be located at <br />2223 West 5th Street, Santa Ana, California ("Project"). The City of Santa Ana ("City") and the <br />Housing Authority of the City of Santa Ana ("Housing Authority") have reviewed the Developer's <br />request for assistance and at the City Council/Housing Authority meeting on June 20, 2017, the City <br />Council/Housing Authority Board authorized and approved issuance of this conditional pre - <br />commitment letter evidencing the preliminary award of $6,000,000 of fiends to the Project (the <br />"City/Agency Assistance"), which City/Agency Assistance shall be funded from inclusionary <br />housing in -lieu fee payments made pursuant to the City's Housing Opportunity Ordinance (Article <br />XVIII.I of Chapter 41 of the Santa Ana Municipal Code) (the "Inclusionary Housing Fund") and the <br />Low and Moderate Income Housing Asset Fund (the "LMIHAF") held by the Housing Authority of <br />the City of Santa Ana acting as the Housing Successor Agency (the "Agency"). The City, Agency <br />and the Developer Have mutually agreed upon the conditional pre -commitment of City/Agency <br />Assistance in the maximum amount of $6,000,000. <br />The purpose of this letter is to provide a conditional pre -commitment from the City and <br />Agency for loans of up to $6,000,000 ("City/Agency Loans"), of which $1,300,000 will come from <br />the Inclusionary Housing Fund held by the City and $4,700,000 will come from the LMIHAF held <br />by the Housing Successor Agency. This letter shall evidence the City and Agency's conditional pre - <br />commitment of the City/Agency Assistance to the Developer for the Project subject to the conditions <br />described below. The Loan Agreements for these funds require City Council/Housing Authority <br />Board approval prior to execution by the Developer, the City and the Agency. <br />SANTA ANA CITY COUNCIL <br />MiguelA Pulido Michele Martinez Vicente Sarmiento Jose Solorio P. David Benavides Juan Villages Sal Tinalero <br />Mayor Maya, Pm Tem, Wartl 2 Ward? Ward3 Ward4 Wad5 Ward <br />moulidonsanta-ana.om mimadinezigsanta-ane.ora vsarmlento0sanla-ana.ora8' tori =n an or dbenavidesReantsana.om Mlleaasnsantaanaom stin.l.laft..antaa.aarQ <br />