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Home My WebLink AboutCDC/2006-58 ,. (SEE COMPANION RESOLUTION 2006-446) I RESOLUTION NO. CDC/2006-58 2 3 4 5 6 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE AMENDMENT NO. I TO THE 2005 HOME FUNDS LOAN AND GRANT AGREEMENT BY AND BETWEEN THE AGENCY AND AHEPA NATIONAL HOUSING CORPORATION - AHEPA LOCAL ARROWHEAD 302 CHAPTER 7 8 WHEREAS, the City of San Bernardino (the "City") is an entitlement jurisdiction and 9 annually receives certain federal funds under the HOME Investment Partnership Act (the "HOME 10 Program") from the United States Department of Housing and Urban Development ("HUD") in 11 order to carry out eligible affordable housing activities within the City in accordance with the 12 HOME Program Regulations set forth in Title 24 Code of Federal Regulations Part 92, et seq. (24 13 CFR Part 92); and 14 WHEREAS, the Mayor and Common Council have approved an Amendment to the 2005- IS 2010 Five Year Consolidated Plan and the 2006-2007 Annual Action Plan authorizing $362,735 of 16 Federal HOME funds to AHEPA National Housing Corporation - AHEPA Local Arrowhead 302 17 Chapter ("AHEP A"); and 18 WHEREAS, the City has designated and authorized the Agency to administer and 19 implement the HOME Program for the City; and 20 WHEREAS, HOME Program funds may be used by the Agency for locally based nonprofit 21 housing entities to carry out affordable housing activities in compliance with the HOME Program 22 Regulations, including but not limited to "Senior Housing" development projects as this term is 23 defined at 24 CFR Part 92.2; and 24 WHEREAS. AHEP A is a national and locally certified and/or approved and experienced < . 25 nonprofit housing organization, and the Grantee has obtained ap'~oval from the United States 26 Department of Housing and Urban Development ("HUD") a Section 202 Grant for the construction 27 and operation of a 90 unit senior housing facility (the "Project"); and 28 P:\Agendas\ResoI1lIion,\kc_,olu,ions\2006\12-IS-06 AIIEPA Amendment )\0. I Cl.JC Rcso.doc ,. 1 WHEREAS, on December 19, 2005, the Development Commission approved the 2005 2 HOME Funds Loan and Grant Agreement ("2005 HOME Agreement") between the Agency and 3 AHEP A; and 4 WHEREAS, the Agency deems that the activities to be undertaken by AHEP A herein are 5 consistent with and supportive of the HOME Program Regulations; and 6 WHEREAS, the Agency deems it desirable to enter into this Amendment No.1 to the 2005 7 HOME Agreement with AHEPA to provide additional HOME Program Project funds of $362,735 8 coupled with the first appropriation per the 2005 HOME Agreement of $840,000 for a total HOME 9 appropriation of$I,202,735; and 10 NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY 11 OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER, AS FOLLOWS: 12 Section 1. The Community Development Commission authorizes an additional 13 appropriation in an amount not to exceed $362,735 from the federal HOME Program Project funds, 14 fiscal year 2006-2007 for AHEPA to complete the Project and the Executive Director of the Agency 15 or designee, are authorized to execute Amendment No, 1 to the 2005 HOME Agreement and execute 16 any such other documents as may be necessary to implement the 2005 HOME Agreement and 17 Amendment No. 1 and to make any necessary non-substantive changes as may be approved by 18 Agency Counsel, provided such changes do not increase the Agency's financial contribution to the 19 Project. 20 Section 2. 21 //1 22 //1 23 //1 24 //1 25 //1 26 //1 27 //1 28 //1 The Resolution shall become effective immediately upon its adoption. 2 P:"'Agend",\Resulu(iun,\Rc",llIti()n<\2006\12.18-0~ AHEPA !\lHendI11ent -'0 I CDC Reso doc I' 5 RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING AND AUTHORIZING THE EXECUTIVE DIRECTOR OF THE REDEVELOPMENT AGENCY OF THE CITY OF SAN BERNARDINO ("AGENCY") TO EXECUTE AMENDMENT NO. I TO THE 2005 HOME FUNDS LOAN AND GRANT AGREEMENT BY AND BETWEEN THE AGENCY AND AHEPA NATIONAL HOUSING CORPORATION - AHEPA LOCAL ARROWHEAD 302 CHAPTER 1 2 3 4 6 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community 7 Development Commission of the City of San Bernardino at a j oint regular meeting thereof, 20 The foregoing Resolution is hereby approved this dO r:1 day of de-~k . 2006. 21 ~ trick erson Co ity Developmen ommlSSlOn of the City of San Bernardino 22 23 24 Approved as to Form: 25 ~~ 26 By: 27 28 o , P \Ageml.,IR..olulion,IR.s"lut;o",\2006\12-18-06 AHEPA Amendment No.1 CDC Rc,>o doc AMENDMENT NO.1 TO THE 2005 HOME FUNDS LOAN AND GRANT AGREEMENT WITH AHEPA 302, lNe. This Amendment No. I to the 2005 HOME Grant Agreement (this "Amendment No. I") is entered into on December 18, 2006, by and between the Redevelopment Agency of the City of San Bernardino (the "Agency"), a public body, corporate and politic, and AHEPA 302, Inc., a California nonprofit corporation (the "Developer"), and is entered into in consideration of the facts set forth in the following Recital paragraphs: -RECITALS- A. The Developer and the Agency have previously entered into an agreement entitled "2005 HOME Funds Loan and Grant Agreement", dated as of December 19, 2005 (the "2005 Agreement"). B. As of the effective date of this Amendment No. I, the Developer has received from the United States Department of Housing and Urban Development ("BUD") Section 202 Capital Advance Program Funding for the Project in the amount of $11,199,300 and a five (5) year rental subsidy of $1,884,000. C. The Agency is desirous of assisting the Developer in the construction of the Project and has previously provided $840,000 HOME Loan pursuant to the 2005 Agreement for the acquisition of the Site with the loan repayment amounts then being utilized to provide certain additional grant funds for design upgrades, off-site improvements and exterior amenities upgrades. However, due to increases in the City of San Bernardino development impact fees applicable to the Project, the Developer has requested additional assistance with regard to the resulting $362,735 gap amount and the Agency seeks to assist the Developer to thus provide the gap funds for the completion of the Project. D. The Agency's participation in the Project is limited to the dollar amounts and for the purposes as is set forth in the 2005 Agreement and this Amendment No. L E. The Developer is responsible for the construction of the Project at its sole cost and expense, whether from the funding sources described the 2005 Agreement, and any other funding sources available to the Developer for such purpose. F. The Agency has determined that the development of the Site pursuant to the 2005 Agreement and this Amendment No.1 and the fulfillment generally of the purposes of the 2005 Agreement are in the vital and best interests of the City and the Agency. I l';~~__lOO6\l2_It-06AJIl.il'A_No.llVME~l.doc NOW, THEREFORE, IN CONSIDERATION OF THE MUfUAL COVENANTS AND CONDITIONS CONTAINED HEREIN, THE AGENCY AND THE DEVELOPER AGREE AS FOLLOWS: Section 1. References to the 2005 Asrreement: Defined Terms. (a) Unless the context of the usage of a term or phrase in this Amendment No. I may otherwise require, the meaning of words and phrases as contained in this Amendment No. I, which are indicated by an initially capitalized letter, shall be the same as set forth in the 2005 Agreement. (b) The information contained in the Recitals as set forth in this Amendment No. 1 are true and correct in all respects. Section 2. Specific Amendments to the 2005 Al!reement. (a) The 2005 Agreement is hereby amended by this Amendment No. 1 in the manner as indicated in this Section 2 and which changes and amendments shall be effective from and after the date of approval of this Amendment No. I by the Developer and the Agency and execution hereof by the parties. (b) Section 402 of the 2005 Agreement is hereby amended by substituting the following chart in place of that as is presently provided in the 2005 Agreement: Construction and Permanent Financing: Estimated Amount of Section 202 Capital Advance Estimated Amount of Agency Grant Total Estimated Development Cost $11,199,300 $ 1.202.735 $12,402,035 (c) The term "Agency Grant" as defined and as used in the 2005 Agreement shall be in an amount equal to $1,202,735 pursuant to this Amendment No. 1. (d) Section 404 of the 2005 Agreement is amended by adding the following definition immediately prior to the penultimate sentence of said Section and replacing the penultimate sentence with the following: ; and any and all additional costs to complete the construction of the Site improvements which costs are not otherwise provided in the HUD Capital Advance proceeds or other funds of the Agency as may be reasonably approved by the Executive Director of the Agency ("Additional Construction Completion Costs"). For purposes hereof, the Off-Site Improvements, the Exterior Amenity Upgrades, the Interior Amenities Upgrades and the Additional Construction Completion Costs are collectively referred to herein as the "Agency Grant Eligible Improvements". Section 3. Effect of Amendment No. 1. Except as modified or amended by this Amendment No. I, all of the provisions of the 2005 Agreement shall remain in full force and effect following the effective date of this Amendment No. I, and the 2005 Agreement, as amended by this Amendment No. I, shall remain in full force and effect as of the date of this Amendment No. 1. III 2 1':"1 '~'___~_2OO6\11-I<<l6AJEPA~N<>-1 HOMEA,r-.I.doc IN WITNESS WHEREOF, the parties hereto have accepted and made and executed this Amendment No. 1 upon the terms and conditions and with the provisions s set forth above and as of the date first written above. AGENCY Redevelopment A a public body, co c of the City of San Bernardino, r e and politic Maggie Pa heen, Executive Director Approved as to Form and Legal Content: ~~~ Agency Counsel DEVELOPER AHEP A 302, Inc., a California non-profit organization (JJfJ&~ By: 'RL0 \ 'OC2N,,\ Title 3 P:\AgendII.\i\l!cnda^"ach....'"s\Agrm"-Amend2006\12-I8-06AHEPAAln<1l<tnentNo.lIIOMEA~'Ldoc