HomeMy WebLinkAboutR03-Economic Development Agency
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DEVELOPIIENT DEPARTIIENT
OF TIlE CIn OF SAIl BEDAIlDIBO
REOUEST FOR COIMISSION/C01JlfCIL ACTION
From:
ICENNETH J. HENDERSON
Executive Director
Subject: TIlE "IIILI&lU!I.lUft IIAlIOR"
SDIOR BOUSIlIG COIIPLEll:
Date:
May 27, 1992
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SvnoDsis of Previous CftMMfssianlCnnnpi1/CftMMfttee Action(s):
On May 26, 1992 the Housing Committee considered the subject item,
approved the staff recommendation and also recommended use of a
construction fund disbursement entity.
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Recn..~ded Motion(s):
(C..-...ftv Deve10llment Cnmmfssion)
I'JOTION
That the Community Development COllllllission approve interim
construction loan financing in the amount of $1,643,220
to Cliff Carel and Associates for the construction of a
forty (40) unit senior housing comp1ez.
/G
Administrator
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Contact person(s):
Kenneth J. Henderson
Phone:
5081
Project Area(s):
Central City East
Ward(s) :
One
Supporting Data Attached:
Staff ReDort
FUNDING REQUIREl'JENTS:
Amount: $ 1.643.200
Low & Moderate
Source: Housina Fund
Budget Authority:
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Co..issianlCnnnpi1 Notes:
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KJH:SWP:dle:5750R
CO..u:SSION ImlTIlIG AGEIIDA
lIeetiD& Date: 06/01/1992
Agenda It_ NuIIIber:
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DBVBLOPRBBr DBPARrRBBr
OF THE CITY OF SAB BBRlWlDIBO
STAFF REPORT
"The llill_nf_ llanor" S....for Rousil1ll ProDOsal
On November 26, 1991, the Housing Committee considered the Cliff Carel
proposal and referred it to the Community Development Commission. At
the Commission's December 16, 1991 meeting, the Commission considered
the proposal and requested that it be returned to the Rousing Committee
for additional information, clarification and review. The Rousing
Committee again considered this matter and recommended that the
Community Development Commission approve the Cliff Carel and Associates
request for a construction loan in the amount of $1,735,000 for the
development of a 40 unit Senior Citizen apartment complex.
At the Community Development Commission meeting of February 3, 1992,
the Commission considered a substitute motion and referred the matter
back to the Rousing Committee for further review. The substitute
motion recommended that no action be taken to fund the project until
the Commission had had the opportunity to prioritize various housing
projects, including Arden-Guthrie and Millennium Manor and to consider
the financial position of the Low/Moderate Income Housing Fund.
The Commission took up this matter at the March 7, 1992 EDA Budget
Workshop. While no decision was made with respect to construction
financing, the Commission did appropriate $200,000 in bond proceeds to
finance bridge demolition, fill and site preparation activities. These
activities have been accomplished by Cliff Carel and Associates.
As a part of the discussions taking place between the Office of the
Mayor, the Council Office and staff, consensus has been reached
regarding the provision of interim construction financing to Cliff
Carel arid Associates. The attached pro forma delineates specific line
items with appropriate adjustments made in those areas financed in
whole or in part by the above referenced $200,000.
Cliff Carel's request for construction loan financing now totals
$1,643,220.48. It should be noted that the attached pro forma is based
upon plans submitted to the Department of Planning and Building
Services which may undergo substantial revision, and will most likely
affect the total cost of the project. It is for this reason that the
above amount should be considered the maximum loan amount.
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KJH:SWP:dle:5750R
COIMISSIOB REBTIlfG AGBlUIA
Reeting Date: 06/01/1992
AgeDda Itl!ll Bulllber:
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DBVBLOPMDr DBPAR:J:1oIur STAn' REPORT
RE: TUB "MILlol5IIlUUft MAlfOR" SUIOR HOUSIlIG PROPOSAL
May 26, 1992
Page lfullber -2-
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Based upon the foregoing, staff recommends that interim construction
loan financing be provided to Cliff Carel and Associates under the
following terms and conditions:
Loan amount of $1,643,220.
Loan to bear interest at a rate of 9X annually.
Loan all due and payable eighteen (18) months from the date of
loan closing.
A 1.5X loan origination fee shall be assessed.
Loan proceeds will not be disbursed until an approved Conditional
Use Permit is issued by the City.
Agency to retain construction disbursement entity (similar to
California Fund Control).
On May 26, 1992, the Housing Committee considered the subject agenda
item and recommended to the Community Development Commission approval
of the above cited deal points.
Staff recommends adoption of the form motion.
~~Olf' kecutive Director
Development Department
KJH:SWP:dle:5750R
COIMISSIOlf IIBBTIlIG &CIlIfll&
Meeting Date: 06/01/1992
AaeDda Itl!ll lfullber: -3
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