HomeMy WebLinkAboutReso 143-24 Item 5.7 Approving an Amendment to the Terms of the Affordable Housing Assistance Agreem
Reso. No. 143-24, Item 5.7, Adopted 12/03/2024 Page 1 of 2
RESOLUTION NO. 143 – 24
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING AN AMENDMENT TO THE TERMS OF THE AFFORDABLE HOUSING
ASSISTANCE AGREEMENT BETWEEN THE CITY OF DUBLIN AND CORONA/ELY RANCH,
INC.
WHEREAS, Corona/Ely Ranch, Inc. and the City of Dublin entered into an Affordable
Housing Assistance Agreement dated June 20, 2023, through which the City agreed to provide a
$3,333,333 Local Housing Trust Fund (“LHTF”) loan (“City Construction/Permanent Loan”) for the
Regional Street Senior Affordable Housing project (“Development”), to be funded by the LHTF
grant program from the California Department of Housing and Community Development (“HCD”),
and to be repaid from the residual receipts of the project with a simple interest rate of 3% annually;
and
WHEREAS, pursuant to the Affordable Housing Assistance Agreement, Corona/Ely
Ranch, Inc. will execute a Secured Promissory Note (“City Construction/Permanent Loan
Promissory Note”) promising to repay the City Construction/Permanent Loan, and a Deed of Trust,
Assignment of Rents, Security Agreement and Fixture Filing (“City Construction/Permanent Loan
Deed of Trust”) securing the City Construction/Permanent Loan Promissory Note; and
WHEREAS, Eden Housing requested an amendment to the terms of the Affordable
Housing Assistance Agreement, and all related documents, to reduce the interest rate on the City
Construction/Permanent LHTF loan from 3% to 1% to ensure the financial feasibility of the
Development.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin hereby
directs staff to amend the terms of the Affordable Housing Assistance Agreement, and all related
documents between the City of Dublin and Corona/Ely Ranch, Inc., to reduce the City
Construction/Permanent LHTF loan interest rate to a simple interest rate of 1% annually.
BE IT FURTHER RESOLVED that the City Manager is authorized to execute amendments
to the Affordable Housing Assistance Agreement and all related documents such to carry out the
intent of this Resolution.
{Signatures on the following page}
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Reso. No. 143-24, Item 5.7, Adopted 12/03/2024 Page 2 of 2
PASSED, APPROVED AND ADOPTED this 3rd day of December 2024, by the following
vote:
AYES: Councilmembers Hu, Josey, Qaadri, Thalblum and Mayor McCorriston
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
Docusign Envelope ID: 083641DF-6CF3-410A-AB96-E6A03350484D