HomeMy WebLinkAbout80A - JOINT LOAN AMENDMENTSREQUEST FOR COUNCIL/
HOUSING AUTHORITY
ACTION
CITY COUNCIL MEETING DATE:
MARCH 6, 2018
TITLE:
APPROVE AMENDMENTS TO
PROMISSORY NOTES WITH C&C
DEVELOPMENT COMPANY AND ORANGE
HOUSING DEVELOPMENT CORPORATION
FOR ROSS & DURANT, WILSHIRE &
MINNIE, TOWNSEND & RAITT, 1410 N.
DURANT, LACY & RAITT, AND 326 S.
GARNSEY AFFORDABLE HOUSING
DEVELOPMENTS
(STRATEGIC PLAN NO. 5,3)
r _
CITY MAN ER EXECUTIVE D CTOR
RECOMMENDED ACTION
CITY COUNCIL ACTION
CLERK OF COUNCIL USE ONLY:
APPROVED
❑ As Recommended
❑ As Amended
❑ Ordinance on 1 � Reading
❑ Ordinance on 2nd Reading
❑ Implementing Resolution
❑ Set Public Hearing For
CONTINUED TO
FILE NUMBER
Authorize the City Manager and the Clerk of the Council to execute Amendments to Promisorry
Notes (Loan Notes) with C&C Development Company and Orange Housing Development
Corporation for the following affordable housing developments, to increase the property
management fee to 8% of gross rents, subject to non -substantive changes approved by the City
Manaqer and Citv Attornev:
80A-1
Current
Proposed
Entity
Project Address
Management
Management
Fee
Fee
ROSS AND DURANT, L.P.
1411 N. DURANT
6.25%
8%
ROSS AND DURANT, L.P.
1501 N. ROSS STREET
6.25%
8%
1201, 1209, 1213, 1221,
1225, 1229, AND 1233
EAST WILSHIRE, AND
WILSHIRE & MINNIE, L.P.
1401, 1403, 1409, 1413,
6.50%
8%
1421, 1425, 1429, 1433,
1437 AND 1439 SOUTH
MINNIE STREET
TOWNSEND & RAITT, L.P.
701 SOUTH TOWNSEND
6.50%
8%
80A-1
Amendments to Promissory Notes with C&C Development Company and Orange Housing
Development Corporation
March 6, 2018
Page 2
TOWNSEND & RAITT, L.P.
709 S. TOWNSEND
STREET
6.50%
8%
TOWNSEND & RAITT, L.P.
817 SOUTH TOWNSEND
6.50%
8%
TOWNSEND & RAITT, L.P.
821 SOUTH TOWNSEND
6.50%
8%
TOWNSEND & RAITT, L.P.
834 SOUTH RAITT
6.50%
8%
DURANT-1410, L.P.
1410-1412 DURANT
STREET
6.50%
8%
LACY & RAITT, L.P.
703 N. LACY STREET
7%
8%
LACY & RAITT, L.P.
702 SOUTH RAITT
7%
8%
GARNSEY, L.P.
326 SOUTH GARNSEY
STREET
7%
8%
HOUSING AUTHORITY ACTION
Authorize the Executive Director of the Housing Authority of the City of Santa Ana and the Clerk of
the Council to execute Amendments to Promissory Notes (Loan Notes) with C&C Development
Company and Orange Housing Development Corporation for the following affordable housing
developments, to increase the property management fee to 8% of gross rents, subject to non -
substantive chances armroved by the Executive Director and Authority General Counsel:
80A-2
Current
Proposed
Entity
Project Address
Management
Management
Fee
Fee
ROSS AND DURANT, L.P.
1411 N. DURANT
6.25%
8%
ROSS AND DURANT, L.P.
1501 N. ROSS STREET
6.25%
8%
1201, 1209, 1213, 1221,
1225, 1229, AND 1233
EAST WILSHIRE, AND
WILSHIRE & MINNIE, L.P.
1401, 1403, 1409, 1413,
6.50%
8%
1421, 1425, 1429, 1433,
1437 AND 1439 SOUTH
MINNIE STREET
TOWNSEND & RAITT, L.P.
701 SOUTH TOWNSEND
6.50%
8%
TOWNSEND & RAITT, L.P.
817 SOUTH TOWNSEND
6.50%
8%
TOWNSEND & RAITT, L.P.
821 SOUTH TOWNSEND
6.50%
8%
TOWNSEND & RAITT, L.P.
834 SOUTH RAITT
6.50%
8%
TOWNSEND & RAITT, L.P.
709 SOUTH TOWNSEND
6.50%
8%
LACY & RAITT, L.P.
703 N. LACY STREET
7%
8%
LACY & RAITT, L.P.
702 SOUTH RAITT
7%
8%
80A-2
Amendments to Promissory Notes with C&C Development Company and Orange Housing
Development Corporation
March 6, 2018
Page 3
COMMUNITY REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
At its regular meeting on January 24, 2018, the Community Redevelopment and Housing
Commission (CRHC) approved the recommended actions by a vote of 7:0 (Frazier absent).
DISCUSSION
On October 30, 2017, C&C Development Company and Orange Housing Development
Corporation submitted a request to increase the property management fee to 8% of gross rents
for six (6) of their affordable housing developments (Exhibit 1). The costs to provide
management services have increased at each project while the gross rents have minimally
increased. Specifically, the very -low rents provided by the California Department of Housing and
Community Development have only increased an estimated two (2) percent since 2009. The
proposed increase would raise property management fees for the six properties and decrease
the amount of residual receipts payable to the City and/or Housing Authority as the Successor
Housing Agency under the City's / Agency's Loan Agreements for each property. As a result, the
rents for the occupants of the units will not increase. The property names and current
management fees are outlined below:
Property Name
Current Management Fee
Proposed Management Fee
Ross & Durant
6.25%
8.00%
Wilshire & Minnie
6.50%
8.00%
Townsend & Raitt
6.50%
8.00%
1410 N. Durant
6.50%
8.00%
Lacy & Raitt
7.00%
8.00%
326 S. Gamsey
7.00%
8.00%
The request was submitted to Keyser Marston Associates (KMA). KMA verified that an 8%
management fee is reasonable and comparable to other affordable housing projects across the
State of California. Staff also reviewed the management fees for the last five affordable housing
development projects that were approved by City Council/Housing Authority including the Depot
at Santiago, Andalucia, the Orchard, Santa Ana Arts Collective, and First Street Apartments. All
five projects have a management fee of 8% of gross rents. As a property gets older, it gets more
expensive to manage due to the limited lifespan of various assets on the property and staff
agrees with the developer's request to adjust their management fees to the current standard.
In return for an increase in their property management fees, C&C Development Company and
Orange Housing Development Corporation are proposing to hire additional staff to maintain the
high level of service and maintenance at these properties. The requested increase in property
management fees will not result in an increase to any tenants rents. Rent limits are based on
limits set by the California Tax Credit Allocation Committee (TCAC) and/or the California
Department of Housing and Community Development (HCD), depending on how the property
was financed. Based on 2017 rents for the six properties the total increase between the 8%
• I .
Amendments to Promissory Notes with C&C Development Company and Orange Housing
Development Corporation
March 6, 2018
Page 4
management fee of gross rents and the current management fees would result in an annual
increase of approximately $48,800 for the six properties as a whole (Exhibt 2).
STRATEGIC PLAN ALIGNMENT
Approval of this item supports the City's efforts to meet Goal # 5 - Community Health, Livability,
Engagement & Sustainability, Objective # 3 (Facilitate diverse housing opportunities and support
efforts to preserve and improve the livability of Santa Ana neighborhoods).
FISCAL IMPACT
The proposed increase would raise property management fees for the six properties and
decrease the amount of residual receipts payable to the City and/or Housing Authority as the
Successor Housing Agency under the City's / Agency's Loan Agreements for each property. The
financial impact on the amount of residual receipts fluctuates from year to year based on various
factors which impact exactly how much the residual receipts would decrease for these six loans.
However, it is anticipated that the HOME Investment Partnership Program, Neighborhood
Stabilization Program, and Successor Housing Agency principal and interest repayment revenue
accounts (no. 13018002-56900, 13018002-56901, 14218002-56900, 14218002-56901,
60718002-56900, and 60718002-56901 respectively) will be reduced starting in FY 18/19.
Robert M. Zur h ied
Interim Executive erector
Community Development Agency
APPROVED AS TO FUNDS AND ACCOUNTS:
Francisco Gutierrez 11-�
Executive Director
Finance and Management Services Agency
Exhibits: 1. C&C Development Company and Orange Housing Development Corporation
Request Letter
2. Management Fee Increase Comparison
3. City of Santa Ana Amendments to Promissory Notes with C&C Development
Company and Orange Housing Development Corporation
4. Housing Authority Amendments to Promissory Notes with C&C Development
Company and Orange Housing Development Corporation
EXHIBIT 1
C & C Development Co., LLC
Orange Housing Development Corporation
October 30, 2017
City of Santa Ana
Mr. Judson Brown
Community Development Agency
20 Civic Center Plaza (M-26)
Santa Ana, CA 92701
RE: Increase to Permitted Property Management Fees for Affordable Communities
Mr. Brown:
Historically, the property management fees associated with the affordable developments that we have
completed in the City of Santa Ana has ranged from 6.00% to 8.00% of gross rents. The specific property
management fee for each property is identified within the Operating Expense definition with the City
and/or Agency Loan Note for each development.
Over the past few years we have witnessed little to no year over year increase in the gross rents that are
collected for each development. During this same period the cost to provide management services has
increased. We have also witnessed increased frequency of audits and higher level of compliance
associated with the management of properties over the past few years. We have attached a schedule
outlining the year over year Increase (or decreases) in the TCAC and HCD rents for Orange County. As an
example, between 2009 and 2017 HCD rents for 3 -bedroom units have increased 2.2% for a total rent
increase during that period of only $24.
Realizing that this was occurring, we started setting management fees at 8.00% of gross rents for
projects that we're completed during the past few years.
Following is a list of properties owned and managed in Santa Ana and current management fee as a
percentage of gross rents.
Property
Management Fee
Garden Court Apartments
8.00%
Minnie 1, II, II
8.00%
901 E. 61s Street
8.00%
Ross & Durant
6.25%
Wilshire & Minnie
6.50%
Townsend & Raitt
6.50%
1410 N. Durant
6.50%
Lacy & Raitt
7.00%
326 S Garnsey
7.00%
Terraces, BBB's
8.00%
Depot @ Santiago
8.00%
940 Minnie
8.00%
815 N. Harbor
8.00%
14211 YORBA ST, STH 200, TUSTIN, CA 92780
PHONE: (114) 288-7600 • FAX: (866) 570-0728
• 11
EXHIBIT 1
C & C Development Co., LLC
Orange Housing Development Corporation
In order to effectively manage the properties and maintain the current level of service associated with
management, maintenance, and compliance we would like to request that the property management
fees for all properties be allowed to increase from their current levels to 8.00% of gross rents. This will
create consistency among the properties and will provide for continued management services at the
current level.
Please do not hesitate to contact us with any questions.
Sincerely,
Eunice Bobert, CEO
Orange Housing Development Corporation
Attachment: 2009 — 2017 Rent Schedule
Barry Cottle, Member
C&C Development Co., LLC
Promissory Notes for Properties with Management Fees below 8%; Ross & Durant, Wilshire
& Minnie, Townsend & Raitt, 1410 N. Durant, Lacy & Raitt, 326 S Garnsey
14211 YORBA ST., STE. 200, TUMN, CA 92780
PHONE: (714) 288-7600 - FAX: (866) 570.0728
EXHIBIT 1
2009 -2017 Rent History for Orange County
Historically the Utility Allowances have Increased
creating a situation where the net rents charged to
the tenants decreased in years where there is not
increase in the published gross rents
80A-7
Increase
1.30%
-3.49%
1.33%
2.25%
0.00%
0.00%
0.00%
0.92%
50% AMI TCAC Rents
Very
Low HCD rents
2bed
Increase
3bed
Increase
2bed
Increase 3
bed
2009 $
1,046
$
1,208
$
969
$
1,076
2010 $
1,046
0% $
1,208
0%
$
981
1.24% $
1,090
2011 $
1,046
0% $
1,208
0%
$
947
-3.47% $
1,052
2012 $
1,083
3.54% $
1,252
3.64%
$
959
1.27% $
1,066
2013 $
1,083
0% $
1,252
091
$
981
2.29% $
1,090
2014 $
1,083
0% $
1,252
0%
$
981
0.00% $
1,090
2015 $
1,083
0% $
1,252
0%
$
981
0.00% $
1,090
2016 $
1,097
1.29% $
1,267
1.20%
$
981
0.00% $
1,090
2017 $
1,173
6.93% $
1,356
7.02%
$
990
0.92% $
1,100
Historically the Utility Allowances have Increased
creating a situation where the net rents charged to
the tenants decreased in years where there is not
increase in the published gross rents
80A-7
Increase
1.30%
-3.49%
1.33%
2.25%
0.00%
0.00%
0.00%
0.92%
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EXHIBIT 2
Foorlymul
EXHIBIT 3
FIRST AMENDMENT TO CITWHOME LOAN NOTE
THIS FIRST AMENDMENT TO C1TY/HOME LOAN NOTE is made and entered into this 6th
day of March, 2018, by and between ROSS AND DURANT, L.P., a California limited
partnership ("Borrower"), and the City of Santa Ana, a charter city and municipal corporation,
organized and existing under the Constitution and laws of the State of California ("City').
RECITALS
A. Borrower executed a City/HOME Loan Note, dated May 10, 2006, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1411 N. Durant ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Pagel of 3
80A-11
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to
City/HOME Loan Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City AttoWey —.
RY
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
{Additional signatures on following page}
Page 2 of 3
80A-12
EXHIBIT 3
"BORROWER"
ROSS & DURANT, L.P.,
A California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
0
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, its Member
in
BARRY COTTLE
Trustee
Page 3 of
80A-13
EXHIBIT 3
FIRST AMENDMENT TO CITY/HOME LOAN NOTE
THIS FIRST AMENDMENT TO CITY/HOME LOAN NOTE is made and entered into this 6a'
day of March, 2018, by and between ROSS AND DURANT, L.P., a California limited
partnership (`Borrower"), and the City of Santa Ana, a charter city and municipal corporation,
organized and existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City/HOME Loan Note, dated May 10, 2006, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1501 N. Ross St. ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows: 1
1. Section 2, Definitions,'shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
/!J
///
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-14
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to
City/HOME Loan Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
M
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-15
EXHIBIT 3
"BORROWER"
ROSS & DURANT, L.P.,
A California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
0
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, its Member
By:
BARRY COTTLE
Trustee
Page 3 of 3
80A-16
EXHIBIT 3
FIRST AMENDMENT TO CITY LOAN NOTE
THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
March, 2018, by and between WILSHIRE & MINNIE, L.P., a California limited partnership
("Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated May 30, 2007 to secure loan funding
for Borrower to develop an affordable housing project on the property located at
1201, 1209, 1213, 1221, 1225, 1229, AND 1233 East Wilshire, and 1401, 1403,
1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439 South Minnie Street ("said
Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
N
N
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-17
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
FY7►1 t1��T:\ tom%\/ICU]
City
0
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-18
EXHIBIT 3
WILSHIRE & MINNIE, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
By:
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
0
BARRY COTTLE
Trustee
By:
TODD R. COTTLE
Member
Page 3 of 3
80A-19
EXHIBIT 3
FIRST AMENDMENT TO CITY LOAN NOTE
THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
("Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated February 14, 2008 to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 701 S. Townsend Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
/I/
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Pagel of 3
80A-20
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR PAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
Cit}
0
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
{Additional signateo-es on following page}
Page 2 of 3
80A-21
EXHIBIT 3
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
By:
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-22
EXHIBIT 3
FIRST AMENDMENT TO CITY LOAN NOTE
THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
(`Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated February 14, 2008 to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 709 S. Townsend Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
///
///
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-23
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City AttRQy n
0
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
PAUL GODINEZ II
City Manager
{Additional signatures on following page}
Page 2 of 3
80A-24
EXHIBIT 3
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
3-1
BARRY COTTLE
Trustee
Page 3 of 3
80A-25
EXHIBIT 3
FIRST AMENDMENT TO CITY LOAN NOTE
THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
March, 2018, by and between TOWNSEND & RATTT, L.P., a California limited partnership
("Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated May 15, 2008 to secure loan funding
for Borrower to develop an affordable housing project on the property located at
817 S. Townsend Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
!/!
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-26
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-27
EXHIBIT 3
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By; Cottle Family Trust Dated 3/8/87, Member
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-28
EXHIBIT 3
FIRST AMENDMENT TO CITY LOAN NOTE
THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
March, 2018, by and between TOWNSEND & RAM, L.P., a California limited partnership
(`Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated May 15, 2008 to secure loan funding
for Borrower to develop an affordable housing project on the property located at
821 S. Townsend Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-29
*:1:11:1k1V.
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Atto y
By: (v
4RYO.E
torney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
RAUL GODINEZ II
City Manager
(Additional signatures on following page)
Page 2 of 3
80A-30
EXHIBIT 3
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
M
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
LN
BARRY COTTLE
Trustee
Page 3 of 3
80A-31
EXHIBIT 3
FIRST AMENDMENT TO CITY LOAN NOTE
THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
(`Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated May 15, 2008 to secure loan funding
for Borrower to develop an affordable housing project on the property located at
834 S. Raitt Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-32
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
Cit)
am
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-33
x:1:11-3Y�1
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
1604Ta lilT �[Klf Ql�l',7;\ i)r7\ a V6►i�7
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
I�
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-34
EXHIBIT 3
FIRST AMENDMENT TO CITY PROMISSORY NOTE
THIS FIRST AMENDMENT TO CITY PROMISSORY NOTE is made and entered into this 6th
day of March, 2018, by and between DURANT - 1410, LP, a limited partnership comprised of
OHDC Properties 1, LLC ("OHDC"), a Limited Liability Company, and C&C Properties Group
I, LLC, a California limited liability company ("Borrower"), and the City of Santa Ana, a charter
city and municipal corporation, organized and existing under the Constitution and laws of the
State of California ("City").
RECITALS
A. Borrower executed a City Promissory Note, dated September 28, 2009 to secure
loan funding for Borrower to develop an affordable housing project on the
property located at 1410-1412 Durant Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-35
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City
Promissory Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Atto.Foy
RY
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-36
EXHIBIT 3
"BORROWER"
DURANT -1410, L.P., a California limited partnership
OHDC Properties I, LLC,
A California limited liability company,
ITS MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
A California nonprofit public benefit corporation, its sole member
in
EUNICE BOBERT
Chief Executive Officer
C&C Properties Group I, LLC
A California limited liability company
ITS MANAGING GENERAL PARTNER
LN
TODD R. COTTLE
Member
By: Cottle Family Trust Dated 3/8/87, Its Member
LE
BARRY COTTLE
Trustee
Page 3 of 3
80A-37
1*11:11-3W
FIRST AMENDMENT TO CITY HOME LOAN NOTE
THIS FIRST AMENDMENT TO CITY HOME LOAN NOTE is made and entered into this 61"
day of March, 2018, by and between LACY & RAITT, L.P., a California limited partnership
("Borrower"), and the City of Santa Ana, a charter city and mtwicipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City HOME Loan Note, dated June 1, 2009, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 703 N. Lacy Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
///
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-38
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City
HOME Loan Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
go
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatiffes on following page)
Page 2 of 3
80A-39
EXHIBIT 3
"BORROWER"
LACY & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC L&R, LLC
a California limited liability company
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit public benefit corporation
0
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By:
TODD R, COTTLE
Its Member
By: Cottle Family Trust Dated 3/8/87, Its Member
0
BARRY A. COTTLE
Its Trustee
Page 3 of 3
80A-40
EXHIBIT 3
FIRST AMENDMENT TO CITY HOME LOAN NOTE
THIS FIRST AMENDMENT TO CITY HOME LOAN NOTE is made and entered into this 6th
day of March, 2018, by and between LACY & RAITT, L.P., a California limited partnership
('Borrower'), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City HOME Loan Note, dated June 1, 2009, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 702 S. Raitt Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
N
///
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect,
Page 1 of 3
80A-41
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City
HOME Loan Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
city
C5
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additionalsignatures on following page)
Page 2 of 3
80A-42
EXHIBIT 3
f°BORROWER"
LACY & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC L&R, LLC
a California limited liability company
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit public benefit corporation
0
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
0
TODD R. COTTLE
Its Member
By: Cottle Family Trust Dated 3/8/87, Its Member
By:
BARRY A. COTTLE
Its Trustee
Page 3 of 3
80A-43
EXHIBIT 3
FIRST AMENDMENT TO CITY PROMISSORY NOTE
THIS FIRST AMENDMENT TO CITY PROMISSORY NOTE is made and entered into this 6th
day of March, 2018, by and between Garnsey, LP, a limited partnership comprised of OHDC
Properties I, LLC ("OHDC"), a Limited Liability Company, and C&C Properties Group I, LLC,
a Limited Liability Company ("Borrower"), and the City of Santa Ana, a charter city and
municipal corporation, organized and existing under the Constitution and laws of the State of
California ("City").
RECITALS
A. Borrower executed a City Promissory Note, dated April 7, 2011, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 326 South Gamsey Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
101
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of
80A-44
EXHIBIT 3
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City
Promissory Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR RAUL GODINEZ II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
0
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-45
EXHIBIT 3
"BORROWER"
GARNSEY, L.P., a California Limited partnership
MANAGING GENERAL PARTNER
OHDC Properties I, LLC
a California limited partnership
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit corporation, its sole member
M
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C Properties Group I, LLC
a California limited liability company
M
TODD R. COTTLE
Member
By: Cottle Family Trust Dated 3/8/87
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-46
WIC Mbir-!
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between ROSS AND DURANT, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated May 10, 2006, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1411 N. Durant ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
!//
1. Section 2, Definition, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Pagel of 3
80A-47
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST:
Maria D. Huizar
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Attqmey
By: c/I
RY I O. DGE
Assi t nt Ci y Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Raul Godinez II
City Manager
(Additional signatures on following page)
Page 2 of 3
80A-48
EXHIBIT 4
"BORROWER"
ROSS & DURANT, L.P.,
A California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
0
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, its Member
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-49
EXHIBIT 4
FIRST ADI+ NDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6a' day
of March, 2018, by and between ROSS AND DURANT, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated May 10, 2006, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1501 N. Ross Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
Section 2, Definitions, shall be amended to revise thb definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-50
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST:
Maria D. Huizar
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
0
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Raul Godinez II
City Manager
(Additional signatures on following page)
Page 2 of 3
80A-51
EXHIBIT 4
"BORROWER"
ROSS & DURANT, L.P.,
A California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
0
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8787, its Member
In
BARRY COTTLE
Trustee
Page 3 of 3
80A-52
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6`s day
of March, 2018, by and between WILSHIRE & MINNIE, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated May 30, 2007, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1201, 1209, 1213, 1221, 1225, 1229, AND 1233 East Wilshire, and
1401, 1403, 1409, 1413, 1421, 1425, 1429, 1433, 1437, and 1439 South Minnie
Street ("said Note').
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-53
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-54
EXHIBIT 4
"BORROWER"
WILSHIRE & MINNIE, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
Un
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
0
0
BARRY COTTLE
Trustee
TODD R. COTTLE
Member
Page 3 of 3
80A-55
EXHIBIT 4
FIRST AiyIENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic (Agency).
RECITALS
A. Borrower executed an Agency Loan Note, dated February 14, 2008, to secure
loan funding for Borrower to develop an affordable housing project on the
property located at 701 South Townsend ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-56
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
0
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-57
EXHIBIT 4
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
BARRY COTTLE
Trustee
Page 3 of 3
80A-58
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
(`Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECTPALS
A. Borrower executed an Agency Loan Note, dated May 15, 2008, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 817 South Townsend ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
/I/
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-59
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
SONIA R. CARVALHO
City
M
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-60
EXHIBIT 4
"BORROWER"
TOWNSEND & RA1TT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
LE
EUNICE BOBERT
Chief Executive Officer
Ce3=a1►1w 7.VW' 3WNIW
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
BARRY COTTLE
Trustee
Page 3 of 3
80A-61
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6t" day
of March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated May 15, 2008, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 821 South Townsend ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" defmition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-62
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Attoym3
Fka
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-63
EXHIBIT 4
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
LN
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-64
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between TOWNSEND & RAITT, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency's.
RECITALS
A. Borrower executed an Agency Loan Note, dated May 15, 2008, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 834 South Raitt ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of
80A-65
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST:
HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Attoyugy
RY.
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on followingpage)
Page 2 of 3
80A-66
EXHIBIT 4
"BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
M
BARRY COTTLE
Trustee
Page of
80A-67
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between TOWNSEND & RAITI', L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated February 14, 2008, to secure
loan funding for Borrower to develop an affordable housing project on the
property located at 709 South Townsend ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
///
%/I
Q Page 1 of 3
80A-68
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Attgrupy n
M
RY
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
Raul Godinez II
City Manager
(Additional signatures on following page)
Page 2 of 3
80A-69
EXHIBIT 4
°BORROWER"
TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
M
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
0
BARRY COTTLE
Trustee
Page 3 of 3
80A-70
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between LACY & RAITT, L.P., a California limited partnership
(`Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated June 1, 2009, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 703 N. Lacy Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
///
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-71
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
0
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-72
EXHIBIT 4
"BORROWER"
LACY & RAT1T, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC L&R, LLC
a California limited liability company
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit public benefit corporation
M
EUNICE BOBERT
Chief executive Officer
DEVELOPER GENERAL PARTNER
C&&C'T&R, LLC, a California limited liability company
Lo
TODD R. COTTLE
Its Member
By: Cottle Family Trust Dated 3/8/87, Its Member
0
BARRY A. COTTLE
Its Trustee
Page 3 of 3
80A-73
EXHIBIT 4
FIRST AMENDMENT TO AGENCY LOAN NOTE
THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between LACY & RAITT, L.P., a California limited partnership
("Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated June 1, 2009, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 702 South Raitt ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
!//
Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
Page 1 of 3
80A-74
EXHIBIT 4
IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Attgrgey n
M
M,
Attorney
RECOMMENDED FOR APPROVAL:
ROBERT M. ZUR SCHMIEDE
Interim Executive Director
Community Development Agency
(Additional signatures on following page)
Page 2 of 3
80A-75
EXHIBIT 4
"BORROWER"
LACY & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC L&R, LLC
a California limited liability company
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit public benefit corporation
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C T&R,'LLC, a California limited liability company
L-fi
TODD R. COTTLE
Its Member
By; Cottle Family Trust Dated 3/8/87, Its Member
M
BARRY A. COTTLE
Its Trustee
Page 3 of 3
80A-76