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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />JULY 5, 2017 <br />TITLE: <br />APPROVAL OF LOAN AGREEMENTS, <br />RESOLUTION, AND APPROPRIATION <br />ADJUSTMENT FOR THE SANTA ANA <br />ARTS COLLECTIVE <br />(STRATEGIC PLAN NOS. 5,3A; 5,3C) <br />c <br />NTERIM CI MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s` Reading <br />❑ Ordinance on 2ntl 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 an amended and restated <br />Community Development Block Grant and Inclusionary Housing Funds loan agreement with <br />Santa Ana Arts Collective, L.P. for an additional $2,900,000 in Inclusionary Housing Funds as <br />approved by City Council on June 20, 2017 for a total loan amount not to exceed $5,275,000, <br />subject to non -substantive changes approved by the City Manager and City Attorney. <br />2. Authorize the City Manager and the Clerk of the Council to execute a loan agreement with Santa <br />Ana Arts Collective, L.P. for $2,219,760 in HOME Investment Partnerships Program funds as <br />approved by City Council on November 3, 2015, subject to non -substantive changes approved <br />by the City Manager and City Attorney. <br />3. Authorize the City Manager and the Clerk of the Council to adopt a resolution authorizing the <br />City Manager to enter into an agreement with the State of California Department of Housing <br />and Community Development (HCD) for Affordable Housing and Sustainable Communities <br />(AHSC) program grant funding, subject to non -substantive changes approved by the City <br />Manager and City Attorney. <br />4. Authorize the City Manager and the Clerk of the Council to execute a Subordination Agreement <br />with Bank of America, N.A. for the amended and restated Inclusionary Housing and Community <br />Development Block Grant loan agreement and the HOME Investment Partnerships Program <br />loan agreement, subject to non -substantive changes approved by the City Manager and City <br />Attorney. <br />5. Approve an appropriation adjustment recognizing Affordable Housing and Sustainable <br />Communities Program grant funds in the amount of $1,288,000 in revenue account no. <br />(41818002-52025) and appropriating same to the Affordable Housing Sustainable <br />Communities Program expenditure account no. (41818832-66220) for the Bush Street Bicycle <br />Boulevard project. <br />55C-1 <br />