PREPARED BY: CHARLES CHING DATE OF MEETING: 12/17/18
SUBJECT:
TITLE
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN PABLO APPROVING THE ASSIGNMENT AND MODIFICATION OF A LOAN IN THE AMOUNT OF $1,450,000 ORIGINALLY MADE BY THE FORMER SAN PABLO REDEVELOPMENT AGENCY FOR DEVELOPMENT OF THE MONTEVISTA SENIOR APARTMENTS AND AUTHORIZING THE EXECUTION OF AN ASSIGNMENT AND ASSUMPTION AGREEMENT AND A SUBORDINATION AGREEMENT IN CONNECTION THEREWITH
Label
CITY MANAGER RECOMMENDATION
Recommendation
Adopt Resolution
BODY
COMPLIANCE STATEMENTS
Fiscal Resiliency Policies: Affordable higher quality & market rate rental housing projects are adopted policy items under the FY 2018-21 Council Priority Workplan, effective November 1, 2017.
CEQA Compliance Statement
This proposal is not a project as defined by CEQA (Public Resources Code Section 21000 et seq., in particular, Section 20165) because it will not cause either a direct physical change in the environment or a reasonably foreseeable indirect physical change in the environment. The Project was completed in 2004 and the rehabilitation activities proposed are focused on upgrades to the existing buildings for energy efficiency, including new energy efficient appliances, windows and air conditioning units.
BACKGROUND
On January 6, 2003, the Redevelopment Agency of the City of San Pablo (the "Agency") entered into an Owner Participation Agreement (the "OPA") with San Pablo Housing Investors, L.P., a California limited partnership (the "Participant"), for the development of an affordable senior housing complex containing eighty-two (82) rental dwelling units (the "Project"; now commonly referred to as the "Montevista Senior Apartments") on real property located at 13728 San Pablo Avenue in San Pablo, California (the "Site"). The Project was completed in 2004. San Pablo Housing Investors, L.P. is still the current owner of the Project and Site.
Pursuant to the OPA, the Agency made two loans to San Pablo Housing In...
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