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JOINT SESSIONS OF THE CITY COUNCIL AND THE HOUSING AUTHORITY <br />AGENCY <br />*Councilmember Benavides abstained on Agenda Item 80A due to proximity of his <br />residence to one of the properties. He left the dais for the duration of the deliberation. <br />80A. AMENDMENTS TO PROMISSORY NOTES WITH C&C DEVELOPMENT <br />COMPANY AND ORANGE HOUSING DEVELOPMENT CORPORATION <br />FOR ROSS & DURANT, WILSHIRE & MINNIE, TOWNSEND & RAITT, <br />1410 N. DURANT, LACY & RAITT, AND 326 S. GARNSEY AFFORDABLE <br />HOUSING DEVELOPMENTS (STRATEGIC PLAN NO. 5,3) — Community <br />Development Agency <br />Community Redevelopment and Housing Commission approved <br />recommended action on January 24, 2018 by a vote of 7-0 (Frazier absent). <br />Mayor Pro Tem Martinez, asked staff to clarify adjustment to proposed <br />management fee; increase will not be going to the renters, rent will remain <br />the same, and City of Santa Ana would not receive as much money as in <br />the past. <br />MOTION: Authorize the City Manager and the Clerk of the Council to <br />execute Amendments to Promissory Notes (Loan Notes) with C&C <br />Development Company and Orange Housing Development Corporation <br />for the following affordable housing developments, to increase the <br />property management fee to 8% of gross rents, subject to non - <br />substantive changes approved by the City Manager and City Attorney: <br />CITY COUNCIL MINUTES 17 MARCH 6, 2018 <br />Project <br />Current <br />Proposed <br />AGMT. <br />Entity <br />Address <br />Management <br />Management <br />No. <br />Fee <br />Fee <br />1. <br />ROSS AND <br />1411 N. <br />6.25% <br />8% <br />2018- <br />DURANT, <br />DURANT <br />058 <br />L.P. <br />2. <br />ROSS AND <br />1501 N. <br />6.25% <br />8% <br />2018- <br />DURANT, <br />ROSS <br />059 <br />L.P. <br />STREET <br />3. <br />WILSHIRE & <br />1201, 1209, <br />6.50% <br />8% <br />2018- <br />MINNIE, L.P. <br />1213, 1221, <br />060 <br />1225, 1229, <br />AND 1233 <br />EAST <br />WILSHIRE, <br />AND 1401, <br />1403, 1409, <br />1413, 1421, <br />CITY COUNCIL MINUTES 17 MARCH 6, 2018 <br />