PREPARED BY: ELIZABETH LOPEZ DATE OF MEETING: 09/05/2023
SUBJECT:
TITLE
CONSIDER ADOPTING RESOLUTION, AS HOUSING SUCCESSOR: (1) APPROVING AND AUTHORIZING AN EXTENSION OF THE EXISTING LOAN TO GIANT DEVELOPMENT, L.P., FOR THE GIANT ROAD APARTMENTS IN CONNECTION WITH OBTAINING A NEW FEDERAL LOW INCOME HOUSING TAX CREDIT AND ASSOCIATED FUNDING FOR THE PROJECT; (2) AUTHORIZING GIANT DEVELOPMENT II, LLC TO SERVE AS THE NEW GENERAL PARTNER TO THE LIMITED PARTNERSHIP; AND (3) AUTHORIZING THE CITY MANAGER TO EXECUTE A LOAN COMMITMENT LETTER AND OTHER DOCUMENTS RELATED TO THE EXTENSION OF THE LOAN
CEQA: This is not a project as defined by CEQA
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
BODY
COMPLIANCE STATEMENT
Diversify and improve the quality of housing stock is an adopted policy items contained in the FY 2023-25 City Council Priority Workplan, effective May 1, 2023.
BACKGROUND
On September 28, 2004, the Redevelopment Agency of the City of San Pablo (the "RDA") authorized an interest-free $500,000 loan for the Giant Road Apartments, an 86-unit affordable rental dwelling project (the "Project"). An additional interest-free $1,200,000 loan was authorized by the RDA on August 16, 2005, for a total Project loan of $1,700,000. Funding for the Project also included loans from the State Department of Housing and Community Development ("HCD") and the County of Contra Costa (the "County").
The Project loan is being repaid from residual receipts from the Project along with repayment of the loans from the County and HCD, all as provided in an Intercreditor Agreement dated July 1, 2009. The current Project loan from the RDA is to be repaid no later than August 16, 2060.
The Borrower is Giant Development, L.P., a California limited partnership. The general partner of Giant Development, L.P., is a California limited liability company owned and controlled by East Bay Asian Local Development Corporation ("EBALDC"), a California nonprofit publi...
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