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REQUEST FOR COUNCIL/ <br />HOUSING AUTHORITY <br />ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 6, 2018 <br />TITLE: <br />APPROVE AMENDMENTS TO <br />PROMISSORY NOTES WITH C&C <br />DEVELOPMENT COMPANY AND ORANGE <br />HOUSING DEVELOPMENT CORPORATION <br />FOR ROSS & DURANT, WILSHIRE & <br />MINNIE, TOWNSEND & RAITT, 1410 N. <br />DURANT, LACY & RAITT, AND 326 S. <br />GARNSEY AFFORDABLE HOUSING <br />DEVELOPMENTS <br />(STRATEGIC PLAN NO. 5,3) <br />r _ <br />CITY MAN ER EXECUTIVE D CTOR <br />RECOMMENDED ACTION <br />CITY COUNCIL ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1 � Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and the Clerk of the Council to execute Amendments to Promisorry <br />Notes (Loan Notes) with C&C Development Company and Orange Housing Development <br />Corporation for the following affordable housing developments, to increase the property <br />management fee to 8% of gross rents, subject to non -substantive changes approved by the City <br />Manaqer and Citv Attornev: <br />80A-1 <br />Current <br />Proposed <br />Entity <br />Project Address <br />Management <br />Management <br />Fee <br />Fee <br />ROSS AND DURANT, L.P. <br />1411 N. DURANT <br />6.25% <br />8% <br />ROSS AND DURANT, L.P. <br />1501 N. ROSS STREET <br />6.25% <br />8% <br />1201, 1209, 1213, 1221, <br />1225, 1229, AND 1233 <br />EAST WILSHIRE, AND <br />WILSHIRE & MINNIE, L.P. <br />1401, 1403, 1409, 1413, <br />6.50% <br />8% <br />1421, 1425, 1429, 1433, <br />1437 AND 1439 SOUTH <br />MINNIE STREET <br />TOWNSEND & RAITT, L.P. <br />701 SOUTH TOWNSEND <br />6.50% <br />8% <br />80A-1 <br />