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ORANGE HOUSING DEVELOPMENT CORP. - 1995-12-04
Ci FY OF HUNTINGTON BEAC4-l-"- MEETING DATE: 05120196 DEPARTMENT ID NUMBER: ED 96-35 CounciVAgency Meeting Held: Deferred/Continued to: ErApproved ❑ Conditionally Approved ❑ Denied ity Clerk's Whature Council Meeting Date: 05/20/96 Department ID Number. ED 96-35 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: MICHAEL T. UBERUAGA, Executive Director 01c0 PREPARED BY: David C. Biggs, Economic Development Director SUBJECT: RENEWAL OF FINANCIAL SUPPORT FOR ORANGE HOUSING DEVELOPMENT CORPORATION: BOWEN COURT SENIOR APARTMENTS ., 2L71 Statement of Issue,Funding Source,Recommended Action.Alternative Action(s).Analysis,Environmental Status,Attachments) Statement of issue: On December .4, 1995, the Redevelopment Agency approved financial support for Orange Housing Development Corporation (OHDC) and its application tc the California Tax Credit Allocation Committee (TCAC) for federal tax credits. An application was submitted for the first round of the competition and was not awarded tax credits despite its high point score. A second round of applications must be submitted by May 30, 1996, and OHDC has restructured its proposal and application to include more affordable rents, however, a larger Agency contribution is needed. A new resolution of support is needed as well. Funding Source: Redevelopment Housing Set Aside Funds. Recommended Action: Motion to: 1. Adopt the attached Agency Resolution authorizing funding support by the Huntington Beach Redevelopment Agency with a grant of Agency-owned land acquired at a cost of $885,000, and a loan of$215,000 in redevelopment housing set aside funds for the construction of senior apartments by Orange Housing Development Corporation. Alternative Action(s): Do not approve support for the transaction, thereby canceling a tax credit application at this time. RAA96-35.DOC -2- 05/13196 4:42 PM REQUEST FVR REDEVELOPMENT AGENCY ACTION MEETING DATE: 05/20/96 DEPARTMENT ID NUMBER: ED 96-35 Analysis: On December 4, 1995, the Redevelopment Agency approved the application of tax credits and $100,000 in financial support ( see Attachment No. 1) for the construction of a 20 to 23 unit senior apartment complex on Redevelopment Agency-owned land at the corner of Lake Street and Yorktown Avenue. The application was submitted by OHDC at the end of December, 1995. On May 1, 1996, OHDC was notified that the project would not be awarded tax credits in the first round despite a strong showing in the evaluation process. OHDC's consultant has determined that deeper affordability is required in order to make the project more competitive in the second round of competition. This change in the structure of t'le transaction will require an additional $115,000 in Agency support. While increased Agency support of the project results in an additional $115,000 in investment, this amount will reduce the rents for those seniors occupying the project with an average of$30 per month, per unit or by nearly $8,200 per year. Funding support for a project with OHDC is contingent upon the awarding of tax credits and on successful negotiation of a DDA. Environmental Status: Not applicable to this action; however, a CEQA review has been completed as part of the pre-entitlement process. Attachment(s): 1 1. Agency Resolution of Support 2. Fiscal Impact Statement 3. Sources and Uses Chart 4. Redevelopment Agency Action Dated December 4, 1995 (includes Amended Site Control Document). LITU:DCB:GAB:gb P(AA96-35.DOC -3- 05/13/96 4:17 PM v v AGENCY RESOLUTION ..A.TTACHMENT #1 �1 RESOLUTION NO. 274 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING FUNDING SUPPORT FOR ORANGE HOUSING DEVELOPMENT CORPORATION TO CONSTRUCT AN AFFORDABLE HOUSING PROJECT WHEREAS, the Redevelopment Agency of the City of Huntington Beach(the Agency) has State mandates to construct affordable housing;and Affordable housing is needed to provide housing for our citizens; and Orange Housing Development Corporation(OHDC) has identified a project site known as the Bowen Court Project; and OHDC will need to acquire funding assistance from Federal and State tax credit programs; and The Agency's funding assistance is required and has been requested by OHDC to construct the Project; and Based on the funding assistance, the Agency will require a Disposition and Development Agreement(DDA)for regulation of the Project;and A funding commitment from the Agency is necessary to allow OHDC to apply for the Federal and State tax credit program; and The Agency's funding assistance is available, conditioned upon: 1) OHDC receiving Federal and State tax credits, and 2)OHDC reaching agreement with the Agency on the DDA. NOW, THEREFORE, The Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: 1. That a grant of approximately$885,000 in Agency-owned land and a loan of $215,000 in housing set aside funds as a residual receipts loan(terms to be negotiated) is committed to this Project, conditioned as indicated above. 2. That the Executive Director is hereby authorized and directed to assist OHDC in its tax credit application and to execute any and all documents on behalf of the Agency as necessary or appropriate thereto. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held this 20th day of May, 1996. Chairman ATTEG II APPROVED AS TO FOltl4i: /r S Agency Clerk A ency Attorney S-/3 �7G REVIEWED AND APPROVED: INITIATED AND APPROVED: Executive Director Director ornonomic Development c 2 gWmoVdah=e3 r!s 96-316 Res.No.274 STATE OF CALIFORNIA ) COUNTY OF ORANGE } CITY OF HUNTINGTON BEACH ) I, CONNIE BROCKWAY, Cleric of the Redevelopment Agency of the City of Huntington Beach, California,DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at an adjourned regular meeting of said Redevelopment Agency held on the 24th day of May, 1996 and that it was so adopted by the following vote: AYES: Members: Leipzig,Bauer, Sullivan,Dettloff, Green, Garofalo NOES: Members: None ABSENT: Members: Harman Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca. G/resolutilresUpg2 CITY OF HUNTINGTON BEACH INTERDEPARTMENTAL COMMUNICA TION To: Michael T. Uberuaga, City Administrator From: Robert J. Franz, Deputy City Administrator Subject: FIS 9645 Bowen Court Senior Housing Project Date: May 10, 1996 As required by Resolution 4832, a Fiscal Impact Statement has been prepared for the proposed appropriation of $215,000 for the Bowen Court Senior Housing Project. If the City Council approves this request the estimated unreservedlundesignated ba nce of the Low-Income Housing Fund at Septemb , 1996 ill reduced to $70,000. Robert. ra z, Deputy City dministrator Sources and Uses Chart ATTACHMENT #3 BOWEN COURTS -HUNTINGTON BEACH ,JQURCES.and USEa 1996 Round#1 1996 Round#2 (proposed) TOTAL PROJECT $ 2,870j647 $ 2,870,647 COST Net Synd. Proceeds $ 1,364,639 S 1.449,6391 (increased $85,000) City/Agency Support $ 1,018,503 $1,133.503 (increased $115,000) Permanent Loan $ 487,504 $ 287,5041 (decreased $200,000) a. Available for debt a. Available for debt service =$44,3001yr service = $25,000lyr b. Rent level=40.1% b. Rent level = 36.3% of median of median TOTAL POINTS 38.3538 points 46-48 points 2 1. In actuality, this variable may increase but Is kept constant, here,so that a rough comparison with round one may be made. (i.e., total cost may increase but a combination of Increased net tax credit proceeds plus increased FMR's will offset the total cost Increase). 2. This point total reflects an anticipated across the board two point increase in the current value of credits plus the minimum points required to have obtained an award in round #1 compet;tlon. PROJECTED RENT DECRESASES Existing Proposed Rents New Proposed Rents Total Saving One Bedroom Q9 $419.00 $390.00 $29.00/month each Two Bedrooms 4 $496.00 $464 $32.00/month each TOTAL Savings per month $679.00 Savings per ear $8,148.00 v v Prior Council Action ATTACHMENT #4 STATEMENT OF ACTION OF THE CITY COUNCIL CITY OF HUNTINGTON BEACH ***"""-Indicates Portions Of The Meeting Not Included In The Statement Of Action Council Chamber, Civic Center Huntington Beach, California Monday, December 4, 1995 A videotape recording of this meeting is on file in the City Clerk's Office. Mayor Leipzig called the regular meetings of the City Council and the Redevelopment Agency of the City of Huntington Beach to order at 5:00 p.m. in Room B-8. CITY COUNCIUREDEVELOPMENT AGENCY ROLL CALL PRESENT: Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo ABSENT: None (Redevelopment Agency) Agency Resolution No. 269- Financial Support For Orange Housing Development Corporation - Bower Court Senior Apartments - Corner of Yorktown Avenue And Lake Street -Approval of Option Agreement And Authorization To Negotiate A Disposition And Development Agreement And A HOME Program Funding Agreement -Approved (600.30) The City Council considered the agenda communication from the Economic Development Director transmitting documents relative to a request by the Orange Housing Development Corporation that the Redevelopment Agency support its application to the California Tax Credit Allocation Committee for federal tax credits, which if awarded would be used as part of a larger transaction that would lead to the construction of a 20 to 23 unit senior apartment complex on Redevelopment Agency owned land at the corner of Lake Street and Yorktown Avenue. A motion was made by Leipzig, seconded by Green, to: 1. Adopt Resolution No. 269 authorizing funding support by the Huntington Beach Redevelopment Agency with a grant of Agency-owned land acquired at a cost of $885,000 and a loan of $100,000 in redevelopment housing set aside funds for the construction of senior apartments by Orange Housing Development Corporation, and Page 2 - Statement of Action 2. Approve and authorize the Agency Chairman and Agency Clerk to execute the Option agreement with Orange Housing Development Corporation (OHDC), and 3. Waive the required liability insurance for OHDC only as they apply to the site control document, and only for purposes of applying for tax credits. This waiver will not be requested if a Disposition and Development Agreement is approved at a later time, and 4. Authorize Agency staff to negotiate a Disposition and Development Agreement (DDA) and a HOME Program Funding Agreement with Orange Housing Development Corporation if tax credits are awarded to the proposed project by the TCAC. The motion carried by the following roll call vote: AYES: Harman, Bauer, Sullivan, Leipzig, Dettloff, Green, Garofalo NOES: None ABSENT: None Mayor Leipzig adjourned the regular meetings of the City Council and the Redevelopment Agency of the City of Huntington Beach. /s/Connie Brockway City Clerk and ex-officio Clerk of the City Council of the City of Huntington Beach, California ATTEST: /s/Connie Brockway /s/Victor Leipzig City Clerk/Clerk Mayor n y Page 3 - Statement of Action STATE OF CALIFORNIA ) County of Orange ) ss: .City of Huntington Beach ) I, Connie Brockway, the duly elected City Clerk of the City of Huntington Beach, California, do hereby certify that the above and foregoing is a true and correct Statement of Action of the City Council of said City at their adjourned regular meeting held on the 4th day of December, 1995. Witness my hand and seal of the said City of Huntington Beach this the 8th day of December, 1995. /s/Connie Brockway City Clerk and ex-officio Clerk of the City Council of the City of . Huntington Beach, California B Deputy y Clerk CounciVAgency Meeting Held: -- Deferred/Continued to: nt Approved ❑ConditionaNy Approved Q Denied City Clerk's Signature Council Meeting Date: December 4, '1995 Department ID Number ED 95-46 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION RC5 SUBMITTED TO: .HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: MICHAEL T. UBERUAGA, Executive Directo � PREPARED BY: DAVID C. BIGGS, Director of Economic Development 141, SUBJECT: FINANCIAL SUPPORT FOR ORANGE HOUSING DEVELOPMENT -CORPORATION: BOWEN COURT SENIOR APARTMENTS Statement of lasue.Funding Sources Recommended Ac ion.Atte aUve A dJon(s).An2lysls.Envlronrnenta!Status.Attachment(s) Statement of Issue: The Orange oustng Development Corporation has asked the City and Redevelopment Agency to support its application to the California Tax Credit Allocation Committee (TCAC)for federal tax credits. If awarded, these tax credits would be used as part of a larger transaction that would lead to the construction of a 20 tQ_23 unit senior apartment complex on Redevelopment Agency-owned land at the comer of Lake Street and Yorktown Avenue. Fundin Source: Redevelopment Housing Set Aside Funds. Recommended Action: Motion to: 1. Adopt Resolution No. authorizing funding support by the Huntington Beach Redevelopment Agency with a grant of Agency-owned land acquired at a cost of ,$8$5,000 and a loan of$100,000 in redevelopment housing set aside funds for the construction of senior apartments by Orange Housing Development Corporation. 2. Approve and Authorize the Agency Chairman and Agency Clerk to execute the Option Agreement with Orange Housing Development Corporation (OHDC). 3. Waive the required liability insurance for OHDC only as they apply to the site control document, and only for purposes of applying for tax credits. This waiver will not be requested if a DDA is approved at v ia:er time. REQUEST F06EDEVEI_OPMENT AGENC�CTION MEETING DATE:. December4,.'1995 DEPARTMENT ID..NUNIBER:.. ED 95-46 4. Authorize Agency staff to negotiate a Disposition and Development Agreement (DDA) and a HOME program funding agreement with Orange Housing Development Corporation if tax credits are awarded to the proposed project by the TCAC. Alternntive Action(s): Do not approve support for the transaction, thereby canceling a tax credit application at this time. Analysis; Orange Housing Development Corporation (OHDC) met with staff on Oct. 16, 1895. At that meeting, OHDC requested staff support fora tax credit application to TCAC. This application to TCAC is due by December 11, 1995, and must have preliminary evidence of City/Agency support (in the form of resolutions) and site control submitted with the application. OHDC—not the-City-or Redevelopment Agency--is the-applicant for the- tax credits. There are no monetary deposits required from the Agency for the application. However, there is an application fee that is being paid by OHDC from a previously approved$35.000 CDBG loan-grant. A draft copy of the tax credit application is on file with the Agency Clerk Funding support for a project with OHDC Is contingent upon the awarding of tax credits and on successful negotiation of a DDA The Proposed Project: Bowen Court Senior Apartments As it is currently designed, the project will consist of a maximum of 23 one bedroom apartments ih a two story building. Ten units will be on the first floor(at grade)with the remaining 13 on the second floor, accessible by stairs. All of the units w411 be approximately 565 square feet and will provide full kitchen facilities and private outdoor space. The complex will have a small clubhouse that includes central mail delivery and laundry facilities. This project will not provide dining or medical services as it is meant for seniors capable of independent living. Bowen Court will be owned and managed by Orange Housing Development Corporation, a certified nonprofit housing sponsor. All of the units will be occupied by very low income seniors with for a minimum affordability period of 30 years will be required. A preliminary pro forma is attached for your review(Attachment No. 4). More detailed financial information and precise deal points will be provided should tax credits be approved and, subsequently, a DDA is negotiated and presented to the Council- Redevelopment Agency. The proposed project is consistent with the California Health and Safe!;Code (redevelopment law),which requires redevelopment agencies to provide (or assure provision by others)-of new.affordable housing amounting to 15% of the total of-new units. provided by private development and 30% of any agency-provided units. In the Yorktown- Lake project area, the Agency's required need is for at least 13 new affordable units. IED05462.DGC -2- 11/27/95 12.55 Phi REQUEST FOwoREDEVELOPNIENT AGENU� ACTION MEETING DATE: December4, 1995 DEPARTMENT ID NUMBER: ED 9546 This project is also consistent with the broader City stated goal of provided housing to all economic segments of the community(City Goal #8); the City's Housing Element; and Consolidated Plan. Environmental Status: Not applicable to this action; however, a CEQA review has been completed as part of the pre-entitlement process. Attachment(s): Llstattachment(s) below. i • No. Description Start Numbeing; f. Resolution No. Agency Resolution ,$ 2. Site Control Document } x-' 3. Site Plan and Renderings t k 4. Preliminary Development Pro Forma ny S 4 } { 4 5. Fiscal Impact Statement EDS5462.DOC 11/27195 12:55 PM e / ATTACHMENT # 1 a REsoLvri0N NO., ;2lvq A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING FUNDING SUPPORT FOR ORANGE HOUSING DEVELOPMENT CORPORATION TO CONSTRUCT AN AFFORDABLE HOUSING PROJECT WHEREAS, the Redevelopment Agency of the City of Huntington Beach(the Agency) has State mandates to construct affordable housing;and Affordable housing is needed to provide housing for cur citizens;and Orange Housing Development Corporation(OHDC)has identified a project site known as the Bowen Court Project;and . OHDC-Mll need to acquire funding assistance from Federal and State tax credit programs; and The Agency's funding assistance is required and has been requested by OHDC to construct the Project;and Based on the funding assistance,the Agency will require a Disposition and Development Agreement(DDA)for regulation of the Project;and A funding commitment from the Agency is necessary to allow OHDC to apply for the Federal and State tax credit program;and The Agency's funding assistance is available, conditioned upon: 1) OHDC receiving Federal and State tax credits, and 2) OHDC reaching agreement with the Agency on the DDA. NOW, TF=FORE, The Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: 1. That a grant of approximately S885,000 in Agency-owned land and a loan of $100,000 in housing set aside funds as a residual receipts loan(terms to be negotiated)is committed to this Project,conditioned as indicated above. 2. That the Executive Director is hereby authorized and directed to assist OHDC in its tax credit application and to execute any and all documents on behalf of the the Agency as necessary or appropriate thereto. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach-at a regular meeting thereof held this 4th day of December, 1995. Chairman ATTEST: AP PRO AS TO FORM: Agency Clerk /Z-6-.9s AM qyAttorn' �� rrjL7�9S_ r/i7-95 AND APPROVED: INITI P ecutive Director Dire of conomic Development 2 gI4Wso%rdah0nne2 rls 93-732 V V ATTACH-M- --ENT #2 OPTION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND ORANGE HOUSING DEVELOPMENT CORPORATION - THIS OPTION AGREEMENT("Option Agreement")is made and entered into as of the"Effective Date" (as that term is hereinafter defined),by and between the Redevelopment Agency of the City of Huntington Beach("IMRDA", sometimes also referred to herein as "Agency"), and Orange Housing Development Corporation. and its assignees or nominees ("Optionee"). RECMAU HBRDA is a public body, corporate and politic, organized and existing under the California Community Redevelopment Law(Health& Safety Code§33000 gi seq.). HBRDA -. desires to assist affordable.housing projects;.and .. .. _ .. Optionee is a California nonprofit 501(c)(3)corporation which has as one of its purposes the provision of affordable housing for households;and HBRDA is the owner of real property consisting of approximately.75 acres,located at 1958, 1972, 1976, 1978 and 1982 Lake Street in the City of Huntington Beach(the "Property"). Attached hereto as Exhibit"A" and incorporated herein by this reference is the legal description of the Property,and Optionee desires to obtain an option to acquire the Property and accept the grant of the Property from HBRDA, and HBRDA desires to grant an option to acquire the Property to Optionee, on the terms and conditions set forth in this Option Agreement, and thereafter to transfer and convey the Property in order for Optionee to develop 23 one(1)bedroom affordable rental apartment units for seniors only on the Property(the"Project"), NOW,THEREFORE,the parties hereto agree as follows: I. Grant-o Option. HBRDA and Optionee agree that for the entire "Option Period" set forth in Paragraph 2 below, Optionee shall have the right, but not the obligation,to acquire the Property and to accept the grant of the Property subject to the terms and provisions set forth in thi s Option Agreement. - y 2. _Option Period. The term of the option provided to Optionee by HBRDA pursuant to this Option Agreement shall commence on the Effective Date hereof and terminate at 5:00 p:m. or.July 31, 1996, unless sooner terminated as provided herein("Option Period"). 3. Manner of Exercise of OptiQn. Provided Optionee is not in default hereunder, - Optionee may exercise its right to acquire the Property by delivering written notice to HBRDA of Optionee's exercise of the option. 1 . &%4'4gre6ohdcop1n u its 95-717 3. Failure to Exercise Option. In the event Optionee fails to exercise the option in accordance with the terms hereof by the expiration of the Option Period, or if Optionee delivers to the HBRDA written notice that Optionee desires to cancel this Option Agreement during the Op tion Period, Optionee shall have no interest whatsoever in the Property and this Option Agreement shall become null and void of no force and effect,provided,however, Optionee shall, within fifteen(15)days after the expiration of the Option Period, deliver to HBRDA all tests and studies and reports related to the Property prepared by or for Optionee,including but not limited to soil tests, engineering reports, and marketing plans. 4. Terms pf Ac ui iti n. Optionee shall acquire the Property and HBRDA agrees to convey and transfer the Property by grant at no cost to Optionee. The parties acknowledge and ag.ee that the fair market value of the property is$885,000 and the parties further acknowledge and agree that the justification for a grant of the Property at no cost is to allow HBRDA to provide a "land write-down" subsidy to assist the development of this affordable rental housing project for the elderly. Additional terms of the acquisition shall include but not be limited to- HBRDA loans to Optionee in the aggregate amount of$100,000 from sources available to HBRDA and the City of Huntington Beach,but excluding HOME Investment Partnership funds. Such loans will be made on terms to be later negotiated. As conditions precedent to the Optionee's exercise of this Option, Optionee must obtain approval of its application to the State of California Tax Credit Allowance Committee for reservation of Low Income Housing Tax Credits,as more further described below;and Optionee must be in compliance with the terms and conditions of Redevelopment Agency Resolution No. 5. Reservation of Low Income Housing Tax Credits. HBRDA acknowledges that Optionee is submitting an application with respect to the Property to the State of California Tax Credit Allowance Committee("TCAC")for a preliminary reservation of Low Income Housing Tax Credits("LIHTC")for an affordable housing project for elderly persons. Within(10)days after receipt of notice from TCAC as to whether or not the Project has received a preliminary reservation of LIHTC,Optionee shall notify HBRDA whether or not the Project has been granted a preliminary reservation of LIHTC. HBRDA agrees to fully cooperate with Optionee in fulfilling th--requirements for the application for LIHTC by taking all necessary actions required of it in connection with the application for LIHTC. HBRDA further agrees that if Optionee does not receive I preliminary reservation of LIHTC, during the Option Period HBRDA will cooperate in subsequent applications for LIHTC reservations or in Optionee's attempts to obtain other suitable financing for the Project. 6. Title Policv.-Within thirty(30)days following notification by TCAC to Optionee than the Project has received a preliminary reservation of LIHTC,HBRDA shall furnish Optionee with a preliminary title report from a title company selected by Optionee. This report shall be paid for with funds previously made available to Optionee for pre-development costs. Optionee shall notify HBRDA of any objectionable items within thirty(30)days of receipt of the 2 s%41agrec%ohdcoF4n . r1s 95-717 preliminary title report and HBRDA shall use its best efr'orts to remove such items. Within ten (10) days thereafter Optionee shall either accept the condition of title or terminate the option, provided, however, such acceptance shall not extinguish any rights Optionee shall have to further review subsequent preliminary title reports and request that HBRDA remove items from the title .during the period prior to which HBRDA transfers title to the Property to Optionee. 8. ]tight to Enter. During the Option Period, Optionee, and through Optionee its designated agents and independent contractors, shall have the right,upon reasonable prior notice to HBRDA,to enter upon any portion of the Property for the purpose of conducting soil tests, ent.ineering and boundary surveys, environmental studies and hazardous waste determination;-and other investigations relating to the Property and Optionee's acquisition thereof and development of the Project thereon, as are deemed necessary and required by Optionee, subject to the possessory interests ofany lawful occupants of the premises. Optionee agrees to indemnify, defend, and hold HBRDA,and the Property free and harmless from and against any and all liabilities resulting.frorn Optionee,'s.activities.as provided in.this Section 8,.including but not limited to mechanic's liens. Optionee shall provide general liability insurance in the coverages and amounts required by Huntington Beach City Council Resolution No. 6277, and shall name the Agency as an additional insured on all such insurance policies. Optionee agrees to bear all costs in connection with all work performed by Optionee or by others on behalf of Optionee. Optionee agrees to promptly repair within two(2)weeks any damage or disturbance it or its agents or independent contractors cause to the Property and to restore the Property to its pre-existing condition. HBRDA agrees to provide to Optionee all studies,reports, analyses,or other similar documents and informatiori HBRDA may have in its possession and control which relate to son condition,boundaries, environmental issues,hazardous wastes,and the like. 9. Commissions. HBRDA and Optionee each represent to the other that neither has entered into any agreement or incurred any liability which might result in the obligation to pay a finder's or broker's or sale's fee or commission with respect to the transaction contemplated hereby. HBRDA and Optionee each agree to indemnify the other for the cost incurred as a result of any claim for such fee or commission caused by the acts of the indemnifying party whether or not such claim is successful. 10. Exchang,e. Optionee agrees to cooperate with HBRDA in any IRC Section 1031 exchange, provided Optionee shall have no expense or liability by reason thereof and provided that the time for performance is not extended thereby. 11. Notice. Any notice or demand to be given by one party to the other shall be delivered by(i) personal service, (ii) a reputable document delivery service such as Federal Express that provides a receipt showing date and time of delivery, (M)facsirnile transmission if confirmation of transmission receipt is available and the original is delivered by one of the other means set forth in this Section 11, or(tv)United States mail, postage prepaid, certified, addressed to the parties at their respective addresses as follows: If to A ency: The Redevelopment Agency of the City of Huntington Beach Department of Economic Development t O gati,greebfdco�tn 3 l FIS 95-717 V 200 Main Street Huntington Beach, CA 92648 Attention: Executive Director . With Copy To: Agency Attorney Jf to Optionee:Orange Housing Development Corporation 217 East Chapman Avenue Orange, California 92666 Attention: Linda Boone Executive Director With Copy To: Sheldon B. Chernove,Esq. Arter&Hadden 700 South Flower Street ' Suite 3000 Los Angeles, California 90017 Notices delivered by personal delivery document delivery service providing acknowledgment of receipt as described above, or facsimile transmission with confirmation of tra-tsmission shall be deemed received on delivery or transmission. Notices delivered by mail-shall be effective at Noon on the second business day following deposit with the United States Postal Service. Esther party may change the address at which it desires to receive notice by giving written notice of such request to the other party in accordance with The terms of this Section 11. 12. Attorneys Fees. In the event of any Iitigation between the parties to this Option Agreement, each party shall bear its own costs and attorney's fees. The prevailing party shall not be entitled to recover its reasonable attorneys'fees and costs. 13. Applicable Law:Forum: Service of Process. This Option Agreement shall be governed by, and construed under, the laws of the State of California. The parties hereto agree that the Municipal and Superior Courts of the State of California in and for the County of Orange shall have exclusive jurisdiction of any litigation between the parties arising out of or connected to this Option Agreement. Service of process on HBRDA shall be made in accordance with the requirements for service of process on a public entity. Service of process on Optionee shall be made in any manner permitted by law and shay.be effective whether served inside or outside of California. 4 ea'3Cr« 1 t its 5-717 • 14 Interpretation This Option Agreement shall not be interpreted for or against either party notwithstanding any rule of construction that might apply 15 Waiver or Modification A waiver of a provision hereof or other modific?Lion of any provision contained herein shall be effective only if said waiver or modification is in writing and signed by the party waiving its rights No waiver of any breach or default by any party hereto shall be considered to be a waiver of any breach or default 16 Successors and Assigns Optionee shall not have the right to assign its interest under this Option Agreement without the prior written consent of the Agency first had and obtained, which consent shall not be unreasonably withheld No assignments by Optionee shall be effective unless and until the proposed assignee has agreed in writing to accept the terms and conditions hereof 17 Severability In the event that any provision of this Option Agreement is void, illegal, or unenforceable, the balance of this Option Agreement shall be performed and be enforceable to the extent the same can be accomplished consistent with the intent of the parties 18 Survival of Covenants The covenants representations, and warranties of HBRDA and Optionee set forth in this Option Agreement shall not merge with any grant deed for the Property 19 Amendments This Option Agreement may be amended only by an instrument in writing signed by all of the parties hereto, after all required actions of the parties'governing authorities 20 Entire Agreement This Option Agreement contains the entire agreement between the parties relating to the subject matter hereof 21 Time of the Essence Time is of the essence in the performance of the terms of this Option Agreement 22 Effective Date The "Effective Date" of this Option Agreement shall be date this agreement is adopted by the Agency 23 Recording of Memorandum of Option Upon request of either party, the parties shall exedute and record a Memorandum of Option in a form acceptable to counsel for HBRDA and Optionee S 9\4\agrcebadcoptn rls 95 717 24. Quitclaim need. If this Option Agreement expires by its terms or is terminated for any reason, and a Memorandum of Option has been recorded, Optionee agrees,within five(5) days of request therefor.by HBRDA, to execute, acknowledge, and deliver to HBRDA a quitclaim deed and any other documents or instruments required to remove the cloud of this Option Agreement from the title to the Property. IN WITNESS WHEREOF,the parties hereto have executed this Agreement as of the Effective Date. OPTIONEE: AGENCY: ORANGE HOUSING DEVELOPMENT THE REDEVELOPMENT AGENCY OF CORPORATION THE CITY OF HUNTIN ON BEACH By: its: da Boone, Executive Director Chairman ATTEST: APPROVED AS TO FORM: G� - Agency Clerk cy Attorney ?.�- W- 5� Ae 1'13.1tf INITIA APPRO REVIEWED AND APPROVED: ecto on mic Develo ment Executive Director r b gw►,9r"Widcopu, sts 95-717 CERTIFIED COPY OF RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE HOUSING DEVELOPMENT CORPORATION I, the undersigned, am the Chief Financial Officer of Orange Housing Development Corporation, a California nonprofit public benefit corporation , duty organized and in good standing under the laws of the State of California, and I hereby certify that the following is a true and correct copy of the resolution adopted by the Board of Directors per Article Ill, Section 10 of Orange Housing Development Corporation Bylaws dated February, 1995: Unda Boone, Executive Director of Orange Housing Development Corporation, is authors-cd to act on behalf of OHDC to enter into joint venture with for profit developer to request funds from City of Huntington Beach and funds from Tax Credit Allocation Committee to build senior rental housing located at Yorktown Avenue and Lake Street. In addition, Executive Director is authorized to negotiate and execute syndication, permanent mortgage documents and other documents needed for development of project. IN witnesswhereof the undersigned has executed this Certificate on September 21, 1995. James E+ Hansen Chief Financial Officer Orange Housing Development Corporation • ... ..... ....+ nn+ ..VP •••.. n--ev -W iITiTT ATTACHMENT 113 S K R�' y� 1 a 8 o "CYA.YJ AM Je CLNTisl EaLNGFA WAR= e ♦ !LITER SITE ' I YoroCIV7+4f t ' • JIAAI�CS - . � � f�nsAxAtostt I �. • wisnrzA t M >SI mn=w CpNL7 I • t • • 7tAI�TtZ`Mi ,mac / t Ea i i i CUB' 94-39 JIUA+'TIKGM.N BEACH PLANNING DIVISION. • iN311d0110 1N3w cOir�6 Gtf n 1' l"VIdC Hovao NOLD r m 0,0;06 yD E n+�•w a.t+Ms waslaxl nrra rr ainary V7ywu{ry .04M IIMI�•yl O L.J T(f GAL! 13 3 ii l S 3 K Y l �► .wo.w�ll..m.r.ra Alm?ia,Ja.l anusoltl Nerame...AMNI}.M. N{•J.rSAwr•111 3 •w•e�6.IN,i{LL.a+l}IY AwVIvIMIIW+ ♦.K•17 Nov""Olomll/al ./ - K- uIris/rmaooe •/► /I 46 11/ p!f/rVIVi>•+t x3' 1/�}Ig11ti107tnp'q�l 1 oWuj MRIp+Yru lO Ally "► + f 1 T • � � w..r..�.«. aNr.l t ' /14 •.. t J . low r•P 1 rr�i — -= Iwrin.wu� • /w • 11 - - N ItTw 1•44M &OV I � �rA' I��7'M �r.-.r• . i/a.A Nrr aaA � t • •..... _ • • O �rrW+wJ1I r i .17.A MIM111•tFlAN � .r�►vlro yIVV� ♦ = N tITA M.aq • • • 3 • _ _ 1 WI ioa+l al.�•b.... rrr�a. I�.�.�.. :+ Oa 1.11 11M Iw1 '9/�M/fNA'N r♦bix .�.T.✓ trlAl•MN •r/aM �..��/-•��� _•' 17 � � I y / I I - ar... w .w�..w.- p{Irl A qrr _ Wn.•lanwNanr./a•. a14iar.'I r✓•N T��•'r I1rr.V bf �NMww�i wiw vmms >�11Y1't3�NllirRiOla079filOI ' t+lolt��a��t totrorr Y lllr Its Im of.I Ilk nt. slim oo, 1. �^tj#Lf-� law 4 ,t,a..,r oAA•iY.urrJ►R.�w. rw.r /t � � � r P'"'r''` �.l -� �L�I�L!UL"J1111 �•�• • �+**"""" o BEDROOM DINING •,, LNtNG LMNQ BEDROOM -'gyp VWNGNOW *0j@AAF PA - • �.� 565 SOFT. Lr=t1 565 SOFT. s'*ti•�'• TAe 117N��Arrkel� • lMMFryHfp Aichfbp 'Bowen Courts t� �.�a W, HUNT �INTGTEON BEACH cis P ic JEPA MIC DEVELOPMENT ATTACHMENT #4 ZI 11. 1 Y.' nh.•. •yy. )J.�. �••..i•..Z' :,).}•{ ♦ •,�1,• .._, rr'A' f�:.:..:•.•�:,•. w:7�rc :•S,�J: �i♦:5: •'S•.:/r. •v,::,y^ eS: %s; i•�.:, .•s.i, Y'4`' .it:' 'fii'..:Y.f•;::,:,��.• ;. �•at:4:. +s:L\•.• '♦ %. 4' S051�•,•.(q}..L s'fR?� :,ti�k,'•%•'S>i� at,3r 1 t.<.i t+ > A.t. sf .J7 ,r.Y,; :aZy.:f,;,.a. \.tt3 iir:y('�! •ER'>.•ica,.it;....� ..,,,.,7 <.�t�,'aa)•%i''l.I,i,.=v:y"•',b' :r:(.'..>/hh•.rf):Y.,.A.A Y./K.f ? �:i +.7.• •f.• .'i• .•. :f rl•.I:• fai% /� DRAFT: NOT FOR DLSTR11BUTION SCHEDULE A - PROJECT FINANCIAL SUMMARY Y, f' e•S• ry :;•..,E I Run No //`` �:.. ;..• y'si)/gq' %t1 Points 100000 5 Fair Market Rent Ticbreaker Points 39—VAS +j1+' ' Points 0000 �• Constructon Loart ount i• FJ•f:f:�i� J 9i,'t-► J'b•J k^7:f: s t•< e, s �. •i.nJ'i..1 Y•>:.: C! :�fw•j.r. rj, a.a.'•.•y. .�•i+1 :1.f,.�,iS `f::4g"f.,r, Y 6 Yyi7',s>SYfil,'G!h t I•`S.':,. • i.rs,.,.as.p�ii}F�yy:FZ.l,,r iiY•.:s r.•'.:i� fl+i:.: • . I: 7f it+l t',.,'� 's•, E.'I.f ss r.}Y. .,•:xY f L t•,�.J..: a•'e«3.�.. }S Total •... •I♦1 // 1 'a.Jn}f si 1 Picff=cnt Mortgago .. L .ya. iy,•: .Tcz %tom I=��: est.,,. I 1 a a6+.t: af Fcd=l Credits 14 15 State Credits $603,211 A No Bns+lAnd Per Person Nit`/•rt �.% t7�'•..�'..�,d', cd �{t:}•J.;'( I •. . �.�.� 1 1 •tI{v;.I( 'ter. '-)v?�itr;:t .�Yb.e': +'iw' �s:•: .;Y'.l.f:. r:i• ..:: .5::� 5�. n)..t:.• e. .t•.t:+,. .a.a .�f li'!'•31i:a'r • nr• Y.f J'v. .C}'oY'..'C'• ,:id^:YwY,a. k�• Y a•ii•3Y !7' ii,:{;:, •t:•:iti••.y.r.i.oY.:,. Y ')••: ,!L+:;. EY: .< )i y r �. .`' 'b:d::ss �:,Lkr•/_ R,.t.: l..v♦Ja%d�r,�c,c+e•.',f rK'`%titkf>a fir"�...},. .I• •<.+ .i..<s o a .y•..,v; K' 3 ...,::rs'f+:5' .lki'�tY.at'/,-;f.fiS:ir.:l':3.F+kfLs`irltiyi..s•.eA''NH'i!?aws�t. .o.✓iS�r ..•.Y:!1'.I�:w.niwfl;i:.•i.N,<:s'ti.\.' .•':�il�•" 3.f�i� v.1Yit.Y,M4Iwl,f::ti:Pnr,.�f�•�.:I Si��.�,r'j.ie i5.�§Yl .•�1.5!:I y�:•'f• �;• .•Y�%I••1' ;•It11MN:}rIC.'t3 w•/•/•f'r It • ..♦Mt•I.M•aV� ♦y .•. .A73.fa�•'/I,:�VS'ttlh ti' yq:11•••L{I.•.�, yt♦:••••, II•rI11tj1•N�; .••/>t' 'PI.\.'I�v:.)•,I 4t•\Nrylrt• y(f.ii E�yls .1/J.L l.�i S.1'� f "'l, • i, '�k. '1.'� �Ci. r. v> l .,1, ;A 'M• 3 441'x•.y ...tf4t�tM1.•;.E,. ♦K' 4f,a:,' ,�.t !'y.!,y� 'l '� .; !:it 'tr:ilft t }�•..{., y;t�sr•1..%,i'.. f �a.. +h.Jt*si')�<. is •J.•.'•r.�., 's4•.e'tiirl:SY4rli.; �ru.3 rd.:d Y1+;1:•i.Ei•i<.•.:�,.}s:SSf .rf.>s 3 6S � Y :L^ :4F•'♦ .L i1i.j• lj' L. !• t'v^ #:; tie• �,:� y3�,;�rP'::`i2ii.'c>:a�+:i':/�iea: -ti•;: ::.$!:;'!'• .•.�Stx>-a:p».:a.•n.. >'.?�^t•. .i::t�ir,, '.?,G::X7.mu f.Y (•''� DRAFr NOT FOR DJSTMUTION scHEDULEE ESTIMATED DEVELOPMENT COSTS X. L i}e'2YL91N ar rn% :)Tn''31i' Fa n $.�t`C?;%fi(^ :!:',Y'�v','�Sm.?..'in°"",.a ::Yi7ii:fw?;•t^f•!S�Fi,'iv;.iS:*.,1..•,{•+„'•^y A/ n•Y'>i M y _ 1 t V 7 • • • Glv By s;fg�.:..hY -'=1ii'•xv,..ry4•M1: © ram�k:iJ4'`''y�°�7�•o.•-[� r'' ���^. "•>� ;vo;r,.7';�.S.:sssg... :7.:..�'•:+-;:.'•':'"::�• ;PS.,:..'..,•;.r,�:i..,y n1 'h MT�aM'wM'Sii�• �p��yi•11'Mwti_ r;MykR.+tea r:.+rik��n% �.�:i:.;>^+•,yid• ���ti•zrn..%=`>`�.� pN 1 1 v�� :ij bAU':uK:.:J %ri �r,j.rMt.y✓i:�•wivr.Y/}'�YY+.rH•.•; S•n1 /i :13:15.1ti t:w:%. • w</�.,.y,Sri xv S'Olr?. ('b.��• ii�liiii��,n2.i�.ni7i�.w_..u.ari''^ �• 1.1 �;:'=':� `":ice: •- ����'r�'�`=cfi:::;;; ©�Mmmmw=© c? ••r;'yc..ex' '•. yx..rr vw�},'�n:is,.�• i�.:.;:' K:< �;v'i"i11•:»`:y�'.�»'f:+n.� all MIMMMOEMM Immollam 9 �[Sw.f' J � �:y:�f. LRT�ii-fr/lrrsit�i't lw.p1'v/n c«•'n.rr•Y•n I• ..N•.••�'::°r:C-`L�'^� • i�:�i'tl•i.i�MMMKiL'A•r',:1�.:fi NINSIMMINNUANOM MENEFEMM ti� ,.s �A 'jCnr'1.:%:r..'!'.:.:.."*.:.ic�G!`afr/�a• + erg a."'i{"_"',ii�r .:.•.w s w�:/,v?,• wi•rr%/_ s.-xr.:,z,���ZwY.'a•�;J(i:.:" ��i��:i: %•:C/: �«�:��� .::.. v✓..: -:•sue-.:`x�..y.;.::s,;•'•.a.r. M. . rt"xvi•.•i. �J�•ia�S.irfill/�y�v�'J �T�, LStv�anw.i=rll ! .%'Ti WN y'.y:'s..ar;/?�C':nit . ;:i,.s:�•�/`i tiy?:.• n�...tt�.G.•`..�" YiL «3-'f :�'•rimMir�%i�:.:'/ ✓Y.t i�.'4,1 . :�l�:d✓i6`Cir- M;.. � Nam;:'w.`.: w��!.v S. :V����irilr•. +.2''Y41ri71%¢, ;Y 5••GIi + 1 i.ry Y;.r r.L j'ri y' -iinN Y%j''•514 ..»i!.�u��:a:. ',tiw.ijv«i.y a""::.L:1 w� :AX.:tl'w':SLCi`1.'.:l�i�.�',:3ar.yy,��,• svwll�Cr'.xC:.w f'•t:..i:�.7t•4��!:i "r2.:�Pr ATTACHMENT #5 CITY OF HUNTINGTON BEACH Lin Le" INTER-DEPARTMENT COMMUNICATION HuWv,CTOH sWH TO: Michael T Uberuaga City Administrator FROM: Robert J. Franz, Deputy City Administrator SUBJECT: Requested Appropriation towards Construction of Bowen Court Senior Apartments F.I.S. 96-09 - DATE: November 22, 1995 As required'by Resolution 4832, a Fiscal Impact Statement has been prepared for the proposed appropriation of$100,000 for purposes of formally committing Redevelopment funds to facilitate the likelihood of Federally-approved Tax Credits to aid in the construction of a Senior Housing Project at Yorktown and Lake Street.. Upon approval of the City Council, the balance of the Cash and Investments in the Housing Set-Aside Fund would be reduced to . 13,000. i ROBERT J. FRANZ Deputy City Admihnistrato r� i K l J w 5-1 Huntington Beach Fire Department Agreement for MetroCities.Joint Powers Authority MetroCities Fire Authority FWtMftVMWj pig Boom Purpose • Establish a Consolidated Communications Center Serving the Seven Cities' Collective Fire Department Emergency Dispatch Needs Anaheim ➢ Huntington Beach FountainValley > Newport Beach Fullerton 9 Orange Garden Grove 2 MetroCities Fire Authority Maheim KNthgton Beach Fountain Vaky Newport Beach Fukrton Orarw Garden Grove Fair Share Participation ®Anaheim $ ®Fountain Valley unpngtOn eea0,` ®Fullerton 16 8% III Garden Grove Huntington Beach Newport Beach ®Orange 3 MetroCities Fire Authority Anaheim Huntington Beach Fourdain Vaney Newport Beach FuMerton Orange Garden Grove Staffing - Current & Proposed Administrative Positions Current 32 00�k Staff Reduction Proposed 21 0lA� (34%Savings) Public Safety DiDispatch Positions LAL lAl lAL lA� Ll� � llas lAl 1/l1 Ull 1A� lA� LAS � lAs lAs �_�h� lA�� 4 c B MctroCitics Fire Authority - � * roman vat, rrwari�..a rwAoft o..,q. Demographics Icitv Population S .Miles Stations Anaheim 296,497 49.8 10 Fountain Valley 54,971 9.8 2 Fullerton 123,692 22.3 6 Garden Grove 153,824 17.8 7 Huntington Beach 188.990 27.7 7 Newport Beach 70,202 37.8 6 Orange_ 120,078 23.5 7 TOTAL 1,006,254 188.7 45 s MctroCitics Fire Authority fwweai danp Guer+Gv+� Estimated Cost Saving Estimated Yearly Cost Savings* $175,000 First Year StarW2 Costs -142,162 First Year Savings $ 32,838 . "Includes 5 YearCAD/RMS Purchase olS34,680 Per Year b MetroCities Fire Authority Anaheim Hutington Beach nt Fouain Valley Newport Beads Fullerton Orange en Gard Grove Existing Fire Dispatch <= Fire Stations FIRE 911 DISPATCH PSAP 911 18301 Gothard l=� (HBPD) Huntington Bch 7 MetroCities Fire Authority Anaheim Huntington Beach Fountain Valley Newport Beach Fullerton Orange Garden Grove Proposed Fire Dispatch Stations FIRE 911 DISPATCH PSAP 911 MetroCities (HBPD) 201 Anaheim Anaheim, CA • 8 .16 MetroCities Fire Authority �Va"I N&.PMN'� Summary •Provide Yearly Cost Savings of$175,000 • Cost Savings Increases After 5th Year • Increased Number of On-Duty Dispatchers • Upgraded Computer System • Basis For Further Consolidation and Regionalization • Future Upgrades at tower Cost 9 Huntington Beach Fire Department Council/Agency Meeting Held: eferred/Continued to: Approved 0 Conditionally Approved O Denied jr City Clerk's Sign ure Council Meeting Date: February 5, 1996 Department ID Number. ED 96-10 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION SUBMITTED TO: HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: MICHAEL T. UBERUAGA, Executive Direct t�- PREPARED BY: DAVID C. BIGGS, Director of Economic Development/ * SUBJECT: AMENDED LAND OPTION AGREEMENT WITH ORANGE HOUSING DEVELOPMENT CORPORATION: BOWEN COURT SENIOR APARTMENTS Statement of issue,Funding Source,Recommended Action,Alternative Action(s),Analysis,Envlronment 1 thus,Attachments) Statement of Issue: On December 4, i995., the Redevelopment Agency approved an option agreement with Orange Housing Development Corporation (OHDC), in support of its application for federal tax credits. This option agreement had a six month option period. After it was approved, OHDC notified staff that the California Tax Credit Allocation Committee (TCAC) regulations require a minimum one year option period. Funding Source: Redevelopment Housing Set Aside Funds. Recommended Action: Motion to: 1. Approve and Authorize the Agency Chairman and Agency Clerk to execute the amended Option Agreement with Orange Housing Development Corporation (OHDC). Alternative Actions : Do not approve the amendment, which extends the option, thereby making the project ineligible for tax credits. , � 3 REQUESTYOR REDEVELOPMENT AGENCY ACTION MEETING DATE: February 5, 1996 DEPARTMENT ID NUMBER: ED 96-10 Analysis: On December 4, 1995, the Redevelopment Agency approved an option agreement with OHDC for a six month option on the Agency-owned parcel at Yorktown and lake Street. After the agreement was approved, OHDC discovered that newly revised TCAC guidelines require a minimum 12 month option for site control. The application was submitted with a letter from the Director of Economic Development explaining that Agency staff would return with an amended option agreement for consideration by the Agency. Staff has been told by OHDC that the application was accepted by TCAC. Funding support for a project with OHDC is contingent upon the awarding of tax credits and on successful negotiation of a DDA. Environmental Status: Not applicable to this action; however, a CEQA review has been completed as part of the pre-entitlement process. Attachment(s): QtyC' 1e'rk1sJ 1. Amendment to Site Control Document. 2. Redevelopment Agency Action Dated December 4, 1995 (Includes Original Site Control Document). MTU:DCB:GAB:gab 86RAMMOC -2. 01124196 4:30 PM ANIEND.MENT NO. 1 TO OPTION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF TIIE CITY OF HUNTItiGTON BEACH AND ORANGE IIOUSING DEVELOPMENT CORPORATION THIS AMENDMENT is made and entered into the day of ', ,4 ,eft 1996, by and between the REDEVELOPMENT AGENCY OF THE CITY OF HUNTI TON BEACH, a public body corporate and politic, hereinafter referred to as the"Agency," and ORANGE HOUSING DEVELOPMENT CORPORATION, a California nonprofit corporation, hereinafter referred to as the"Optionee." WHEREAS, the Agency and the Optionee are parties to that certain agreement, dated December 6, 1995, entitled "Option Agreement Between the Redevelopment Agency of the City of Huntington Beach and Orange Housing Development Corporation' (hereinafter referred to as the"Original Agreement"); and Since the execution of the Original Agreement, the parties have received additional information that indicates the desirability of extending the Option Period as set forth in the Original Agreement;and The Agency and the Optionee wish to amend the Original Agreement to extend the time period of the Option Period, NOW, THEREFORE, it is agreed by CITY and CONSULTANT as follows: 1. AMENDMENT OF SECTION 2 ENTITLED "OPTION PERIOD" Section 2 of the Original Agreement is hereby amended to read as follows: The term of the option provided to Optionee by HBRDA pursuant to this Option Agreement shall commence on the Effective Date hereof and terminate at 5:00 p.m. on February 5, 1997. 1 ,f..PCD:Agcc:Anidl ohdclill9.'96 RiS 96.0-21 2 REAFFIRMATION Except as specifically modified herein all other terms and conditions of the Original Agreement shall remain in full force and effect IN WITNESS WHEREOF the parties hereto have caused this Amendment No 1 to be executed by their authorized officers on the date first above written ORANGE HOUSING DEVELOPMENT REDEVELOPMENT AGENCY OF CORPORATION THE CITY OF HUNTINGTON a California nonprofit corporation BEACH a public body corporate and politic By`, � •-- Chairman Its � ,f�, ATTESTp y Agency Clerk a�719� Its APPROVED AS TO FORM 4*— f AZe:ncv Attorney T--Q i 4 tax IEWED AND APPROVED INITIATED AND APPROVED utive Director Director of Ecommuc Development �t 2 4\PCD Agree Amdlohdc\1/19/96 RLS 96 0 21 CERTIFIED COPY OF RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE HOUSING DEVELOPMENT CORPORATION I, the undersigned, am the Chief Financial Officer of Orange Housing Development Corporation, a California nonprofit public benefit corporation , duly organized and in good standing under the laws of the State of California, and I :er eby certify that the following is a tree and correct copy of the resolution adopted by the Board of Directors per Article III, Section 10 of Orange Housing Development Corporation Bylaws dated February, 1995: Linda Boone, Executive Director of Orange Housing Development Corporation, is authorized to act on behalf of OHDC to enter into joint venture with for profit developer to request funds from City of Huntington Beach and funds from Tax Credit Allocation Committee to build senior rental housing located at Yorktown Avenue and Lake Street. In addition, Executive Director is authorized to negotiate and execute syndication, permanent mortgage documents and other documents needed for development of project. IN witness whereof the undersigned has executed this Certificate on September 21, 1995. James E. Hansen Chief Financial Officer Orange Housing Development Corporation RECEIVED NOV 2 91995 V-E?A.RTFiU4T OF E^O',"40„IC cEVELQPMENT ee«lltrprjpl�eo.ee MP CITY OF HUNTING'TON BEACH 2000 MAIN STREET CALIFORNIA 92648 OFFICE OF THE CITY CLERK CONNIE BROCKWAY CITY CLERK February 7, 1996 Ms. Linda Boone, Executive Director Orange Housing Development Corporation 217East Chapman Avenue Orange, CA 92666 The Redevelopment Agency of the City of Huntington Beach at their meeting held February 5, 1996, approved Amendment No. 1 to Option Agreement Between the Redevelopment Agency of the City of Huntington Beach and Orange Housing Development Corporation. Enclosed is a copy of the executed contract for your records. If you have any questions regarding this matter, please tail the Office of the City Clerk at(714) 536-5227. Connie Brockway, CIVIC City Clerk �G Evelyn Schubert, CMC Deputy City CIerk Enclosure cc. David Biggs, Director of EconomicDevelcpment g:vollowuplag�nt (Tole phont:714-5 36-5227 v v ATTACHMENT # 1 v � ATTACHMENT #2 w - Council/Agency Meeting Held: Deferred/Continued to: _ Approved Q Conditionally Approved ❑DenIed City Clerk's Signature Council Meeting Date: December4, 1995 Department ID Number ED 9S46 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION RC5ab9 SUBMITTED TO: . HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY: MICHAEL T. UBERUAGA, Executive Directo � PREPARED BY: DAVID C. BIGGS, Director of Economic Development s SUBJECT: FINANCIAL SUPPORT FOR ORANGE HOUSING DEVELOPMENT { .CORPORATION: BOWEN COURT SENIOR APARTMENTS 1 Statement of Issue.Funding Source,Recommended AcQon,Alternative Action(s).Analysis.Environmental Status,Attachment(s) Statement of Issue: The Orange ousing Development Corporation has asked the City and Redevelopment Agency to support its application to the California Tax Credit Allocation Committee (TCAC)for federal tax credits. If awarded, these tax credits would be used as part of a larger transaction that would lead to the construction of a 20 tQ.23 unit senior apartment complex on Redevelopment Agency-owned land at the comer of Lake Street and Yorktown Avenue. Funding Source: Redevelopment Housing Set Aside Funds. Recommended Action: Motion to: 1. Adopt Resolution No.o2 ,authorizing funding support by the Huntington Beach Redevelopment Agency with a grant of Agency-owned land acquired at a cost of $885,000 and a loan of$100,000 in redevelopment housing set aside funds for the construction of senior apartments by Orange Housing Development Corporation_ 2. Approve and Authorize the Agency Chairman and Agency Clerk to execute the Option Agreement with Orange Housing Development Corporation (OHDC). 3. Waive the required liability insurance for OHDC only as they apply to the site control document, and only for purposes of applying for tax credits. This waiver will not be requested if a DDA is approved at a laver time. ' Z / J REQUEST FOYEDEVELOPMENT AGENC�,,ACTtON MEETING DATE:_ December 4,1995 DEPARTMENT ID NUMBER: . ED 95-46 4. Authorize Agency staff to negotiate a Disposition and Development Agreement (DDA) and a HOME program funding agreement with Orange Housing Development Corporation if tax credits are awarded to the proposed project by the TCAC. Alternative Action(s): Do not approve support for the transaction, thereby canceling a tax credit application at this time. Analysis: Orange Housing Development Corporation (OHDC) met with staff on Oct. 16, 1995. At that meeting, OHDC requested staff support for a tax credit application to TCAC. This application to TCAC is due by December 11, 1995. and must have preliminary evidence of City/Agency support(in the form of resolutions) and site control submitted with the application. OHDC--not the-City or Redevelopment Agency--is the applicant for the tax credits. There are no monetary deposits required from the Agency for the application. However, there is an application fee that is being paid by OHDC from a previously approved $35.000 CDBG loan-grant. A draft copy of the tax credit application is on file with the Agency Clerk. Funding support for a project with OHDC is contingent upon the awarding of tax credits and on successful negotiation of a DDA. The Proposed Project: Bowen Court Senior Apartments As it is currently designed, the project will consist of a maximum of 23 one bedroom apartments in a two story building. Ten units will be on the first floor(at grade)with the remaining 13 on the second floor, accessible by stairs. All of the units will be approximately 565 square feet and will provide full kitchen facilities and private outdoor space. The complex will have a small clubhouse that includes central mail delivery and Izundry facilities. This project will not provide dining or medical services as it is meant for seniors capable of independent living. Eowen Court will be owned and managed by Orange Housing Development Corporation, a certified nonprofit housing sponsor. All of the units will be occupied by very low income seniors with for a minimum affordability period of 30 years will be required. A preliminary pro forma is attached for your review(Attachment No. 4). More detailed financial information and precise deal points will be provided should tax credits be approved and, subsequently, a DDA is negotiated and presented to the Council- Redevelopment Agency. The proposed project is consistent with the California Health and Safety Code (redevelopment law),which requires redevelopment agencies to provide (or assure provision by others) of new-affordable housing amounting to 15% of the total of new units. provided by private development and 30% of any agency-provided units. In the Yorktown- Lake project area, the Agency's required need is for at least 13 new affordable units. �^ E095462.DOC -2- iil2TM 12:55 PRl REQUEST F&,,)REDEVELOPMENT AGEN6.,)ACTION MEETING DATE: December 4, 1995 DEPARTMENT ID NUMBER: ED 95-46 This project is also consistent with the broader City stated goat of provided housing to all economic segments of the community(City Goal #8); the City's Housing Element; and Consolidated Plan. Environmental Status: Not applicable to this action; however, a CEQA review has been completed as part of the pre-entitlement process. Attachment(s): List attachment(s) below. i - No. Description Start Numbering, 1, Resolution No.a4 , Agency Resolution sxnv • .1> 2. Site Control Document 3. Site Plan and Renderings 4. Preliminary Development Pro Forma V•a? 5. Fiscal Impact Statement ED95462.DOC -3- 11/27195 12:55 Phi �] t / ATTACHMENT # 1 u � RESOLUTION NO.,;2lv ! A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTII`'GTON BEACH AUTIIORIZD;G FUNDING SUPPORT FOR ORANGE IIOUSING DEVELOPMENT CORPORATION TO CONSTRUCT AN AFFORDABLE HOUSING PROJECT WHEREAS, the Redevelopment Agency of the City of Huntington Beach(the Agency) has State mandates to construct affordable housing; and Affordable housing is needed to provide housing for our citizens; and Orange Housing Development Corporation(OFIDC)has identified a project site known as the Bowen Court Project; and OHDC tivill need to acquire funding assistance from Federal and State tax credit programs; and The Agency's funding assistance is required and has been requested by OHDC to construct the Project; and Based on the funding assistance, the Agency will require a Disposition and Development Agreement(DDA)for regulation of the Project;and A funding commitment from the Agency is necessary to allow OHDC to apply for the Federal and State tax credit program; and The Agency's funding assistance is available, ccnditioned upon: 1) OHDC receiving Federal and State tax credits, and 2) OHDC reaching agreement with the Agency on the DDA. NOW, THEREFORE, The Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: 1. That a grant of approximately$885,000 in Agency-owned land and a loan of $100,000 in housing set aside funds as a residual receipts loan(terms to be negotiated)is committed to this Project, conditioned as indicated above. 2. That the Executive Director is hereby authorized and directed to assist OHDC in its tax credit application and to execute any and all documents on behalf of the the Agency as necessary or appropriate thereto. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach-at a regular meeting thereof held this 4th day of December, 1995. Chairman ATTEST: �����,, APPRO AS TO FORM: Agency Clerk 1.2-`-9S �cy Attorney sy-9-s -AND APPROVED: INIT1 ED P 6/7"xi ,/2. ecutive Director Direc of conomic Development 2 gWeesoVdahome2 rls 93-7 t 2 v v ATTACHMENT #2 OPTION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND ORANGE HOUSING DEVELOPMENT CORPORATION THIS OPTION AGREEMENT ("Option Agreement") is made and entered into as of the "Effective Date" (as that term is hereinafter defined), by and between the Redevelopment Agency of the City of Huntington Beach("HBRDA" sometimes also referred to herein as "Agency") and Orange Housing Development Corporation, and its assignees or nominees ("Optionee") RECITALS HBRDA is a public body, corporate and politic, organized and existing under the California Community Redevelopment Law(Health& Safety Code § 33000 et seq) HBRDA desires to assist affordable housing projects, and Optionee is a California nonprofit 501(c)(3) corporation which has as one of its purposes the provision of affordable housing for households, and HBRDA is the owner of real property consisting of approximately 75 acres, located at 1968, 1972, 1976, 1978 and 1982 Lake Street in the City of Huntington Beach(the "Property") Attached hereto as Exhibit "A" and incorporated herein by this reference is the legal description of the Property and Optionee desires to obtain an option to acquire the Property and accept the grant of the Property from HBRDA, and HBRDA desires to grant an option to acquire the Property to Optionee, on the terms and conditions set forth in this Option Agreement, and thereafter to transfer and convey the Property in order for Optionee to develop 23 one (1)bedroom affordable rental apanment units for seniors only on the Property(the "Project"), NOW THEREFORE the parties hereto agree as follows 1 Grant of Option HBRDA and Optionee agree that for the entire "Option Period" set forth in Paragraph 2 below, Optionee shall have the right but not the obligation, to acquire the Property and to accept the grant of the Property subject to the terms and provisions set forth in this Option Agreement 2 Option Period The term of the option provided to Optionee by HBRDA pursuant to this Option Agreement shall commence on the Effective Date hereof and terminate at 5 00 p m on July 31 1996 unless sooner terminated as provided herein ("Option Period") 3 Manner of Exercise of Option Provided Optionee is not in default hereunder, Optionee may exercise its right to acquire the Property by delivering written notice to HBRDA of Optionee's exercise of the option 1 gA4 agre6ohdeoptn rls 95 717 �i 3. Failure to Exercise Option. In the event Optionee fails to exercise the option in accordance with the terms hereof by the expiration of the Option Period, or if Optionee delivers to the HBRDA written notice that Optionee desires to cancel this Option Agreement during the Option Period, Optionee shall have no interest whatsoever in the Property and this Option Agreement shall become null and void of no force and effect, provided, however, Optionee shall, within fifteen(15) days after the expiration of the Option Period, deliver to HBRDA all tests and studies and reports related to the Property prepared by or for Optionee, including but not limited to soil tests, engineering reports, and marketing plans. 4. Terms of Acquisition. Optionee shall acquire the Property and HBRDA agrees to convey and transfer the Property by grant at no cost to Optionee. The parties acknowledge and agree that the fair market value of the property is S885,000 and the parties further acknowledge and agree:that the justification for a grant of the Property at no cost is to allow HBRDA to provide a "land write-down" subsidy to assist the development of this affordable rental housing project for the elderly. Additional terms of the acquisition shall include but not be limited to: HBRDA loans to Optionee in the aggregate amount of S 100,000 from sources available to HBRDA and the City of Huntington Beach,but excluding HOME Investment Partnership funds. Such loans will be made on terms to be later negotiated. As conditions precedent to the Optionee's exercise of this Option,Optionee must obtain approval of its application to the State of California Tax Credit Allowance Committee for reservation of Low Income Housing Tax Credits, as more further described below;and Optionee must be in compliance with the terms and conditions of Redevelopment Agency Resolution No. 5. Reservation of Lour Income Housing Tax Credits. HBRDA acknowledges that Optionee is submitting an application with respect to the Property to the State of California Tax Credit Allowance Committee("TCAC") for a preliminary reservation of Low Income Housing Tax Credits("LIHTC")for an affordable housing project for elderly persons. NVitHn(10) days after receipt of notice from TCAC as to whether or not the Project has received a preliminary reservation of LIHTC, Optionee shall notify HBRDA whether or not the Project has been granted a preliminary reservation of LIHTC. HBRDA agrees to fully cooperate with Optionee in fulfilling the requirements for the application for LIHTC by taking all necessary actions required of it in connection with the application for LIHTC. HBRDA further agrees that if Optionee does not receive a preliminary reservation of LIHTC, during the Option Period HBRDA will cooperate in subsequent applications for r LIHTC reservations or in Optionee's attempts to obtain other suitable fir-ancing for the Project. 6. Title Policy. Within thirty(30)days fallowing notification by TCAC to Optionee than the Project has received a preliminary reservation of LIHTC,HBRDA shall furnish Optionee with a preliminary title report from a title company selected by Optionee. This report shall be paid for with funds previously made available to Optionee for pre-development costs. Optionee sh ill notify HBRDA of any objectionable items within thirty(30)days of receipt of the 2 gA'agrabadcopin r!s')1.717 , v preliminary title report and HBRDA shall use its best efforts to remove such items. Within ten (10) days thereafter Optionee shall either accept the condition of title or terminate the option, _ provided, however, such acceptance shall not extinguish any rights Optionee shall have to further review subsequent preliminary title reports and request that HBRDA remove items from the title .during the period prior to which HBRDA transfers title to the Property to Optionee. 8. Right to Enter. During the Option Period, Optionee, and through Optionee its designated agents and independent contractors, shall have the right, upon reasonable prior notice to 1-EBRDA, to enter upon any portion of the Property for the purpose of conducting soil tests, engineering and boundary surveys; environmental studies and hazardous waste determinationt,•-and - od.er investigations relating to the Property and Optionce's acquisition thereof and development of the Project thereon, as are deemed necessary and required by Optionee, subject to the possessory interests of any lawful occupants of the premises. Optionee agrees to indemnify, defend, and hold HBRDA,and the Property free and harmless from and against any and all liabilities resulting.from Optioree.'s.activities as provided in-this Section 8,.including but not limited to mechanic's liens. Optionee shall provide general liability insurance in the coverages and amounts required by Huntington Beach City Council Resolution No. 6277, and shall name the Agency as an additional insured on all such insurance policies. Optionee agrees to bear all costs in connection with all work performed by Optionee or by others on behalf of Optionee. Optionee agrees to promptly repair within two (2)weeks any damage or disturbance it or its agents or independent contractors cause to the Property and to restore the Property to its pre-existing condition. HBRDA agrees to provide to Optionee all studies, reports, analyses, or other similar documents and information'HBRDA may have in its possession and control which relate to soil condition, boundaries, environmental issues, hazardous wastes, and the like. 9. Commissions. FIBRDA and Optionee each represent to the other that neither has entered into any agreement or incurred any liability which might result in the obligation to pay a finder's or broker's or sale's fee or commission with respect to the transaction contemplated • hereby. HBRDA and Optionee each agree to indemnify the other for the cost incurred as a result of any claim for such fee or commission caused by the acts of the indemnifying party whether or not such claim is successful. ' 10. Exchange. Optionee agrees to cooperate with HBRDA in any IRC Section 1031 exchange, provided Optionee shall have no expense or liability by reason thereof and provided that the time for performance is not extended thereby. 11. Notice. Any notice or demand to be given by one party to the other shall be delivered by(i) personal service, (ii)a reputable document delivery service such as Federal Express that provides a receipt shoving date and time of delivery, (iii) facsimile transmission if confirmation of transmission receipt is available and the original is delivered by one of the other means set forth in this Section 11, or(iv) United States mail, postage prepaid, certified, addressed to the parties at their respective addresses as follows: If to Agency: The Redevelopment Agency of the City of Huntington Beach Department of Economic Development D 3 g\4V Cr"W eopt„ ris 45-717 V 200 Main Street Huntington Beach, CA 92648 Attention: Executive Director . With Copy To: Agency Attorney Lf to Optionee:Orange Housing Development Corporation 217 East Chapman Avenue Orange, California 92666 Attention: Linda Boone Executive Director With Copy To: Sheldon B. Chemove, Esq. Arter&Hadden 700 South Flower Street Suite 3000 Los Angeles, California 90017 Notices delivered by personal delivery document delivery service providing acknowledgment of receipt as described above, or facsimile transmission with confirmation of transmission shall be deemed received on delivery or transmission. Notices delivered by mail shall be effective at Noon on the second business day following deposit with the United States Postal Service. Either party may change the address at which it desires to receive notice by giving written notice of such request to the other party in accordance with the terms of this Section 11. 12. Attorneys'Fees_ In the event of any litigation between the parties to this Option Agreement,each party shall bear its own costs and attorney's fees. The prevailing party shall not be entitled to recover its reasonable attorneys'fees and costs. 13. Applicable Law:F rum• Service of Process. This Option Agreement shall be governed by, and construed under, the laws of the State of California. The parties hereto agree thv t the Municipal and Superior Courts of the State of California in and for the County of Orange shall have exclusive jurisdiction of any litigation between the parties arising out of or connected to this Option Agreement_ Service of process on HBRDA shall be made in accordance with the requirements for service of process on a public entity. Service of process on Optionee shall be made in any manner permitted by law and shall be efrective whether served inside or outside of California. 4 gad � �Vrc' a' l rls S 5-717 • 14 Interpretation This Option Agreement shall not be interpreted for or against either party notwithstanding any rule of construction that might apply 15 Waiver or Modification A waiver of a provision hereof or other modification of any provision contained herein shall be effective only if said waiver or modification is in writing and signed by the party waiving its rights No waiver of any breach or default by any party hereto shall be considered to be a waiver of any breach or default 16 Successors and Assigns Optionee shall not have the right to assign its interest under this Option Agreement without the prior written consent of the Agency first had and obtained, which consent shall not be unreasonably withheld No assignments by Optionee shall be effective unless and until the proposed assignee has agreed in writing to accept the terms and conditions hereof 17 Severability In the event that any provision of this Option Agreement is void, illegal, or unenforceable, the balance of this Option Agreement shall be performed and be enforceable to the extent the same can be accomplished consistent with the intent of the parties 18 Survival of Covenants The covenants, representations, and warranties of HBRDA and Optionee set forth in this Option Agreement shall not merge with any grant deed for the Property 19 Amendments This Option Agreement may be amended only by an instrument in writing signed by all of the parties hereto, after all required actions of the parties' governing authorities 20 Entire Agreement This Option Agreement contains the entire agreement between the parties relating to the subject matter hereof 21 Time of the Essence Time is of the essence in the performance of the terms of this Option Agreement 22 Effective Date The "Effective Date" of this Option Agreement shall be date this agreement is adopted by the Agency 23 Recording of Memorandum of Option Upon request of either party the parties shall execute and record a Memorandum of Option in a form acceptable to counsel for HBRDA and Optionee 5 g\4\agrcc\ohdcoptn l rls 95 717 24. Quitclaim Deed. If this Option Agreement expires by its terms or is terminated for any reason, and a Memorandum of Option has been recorded, Optionee agrees,within five(5) days of request therefor by HBRDA, to execute,acknowledge, and deliver to HBRDA a quitclaim deed and any other documents or instruments required to remove the cloud of this Option Agreement from the title to the Property. IN WITNESS WHEREOF,the parties hereto have executed this Agreement as of the Effective Date. OPTIONEE: AGENCY: ORANGE HOUSING DEVELOPMENT THE REDEVELOPMENT AGENCY OF CORPORATION THE CITY OF HUNTTNPTON BEACH By: its:fin5a Boone, Executive Director Chairman .ATTEST: APPROVED AS TO FORM: 4 _ - w � ac'z�— Agency Clerk 2141 Agepcy Attomey ?—a-jet i2--i—�s INITIA APPRO D: REVIEWED AND APPROVED: recto Econ mic Develo ment Executive Director G 8w��«rone�o� rls 95-717 NOU-27-19W 14:30 1 e 24. Quitcl Limj2ped. If this Option A&reerrcat expires by its terms or is terminated for -� any reason~and a Memorandum of Option has been recorded,Optioncc agrccsy within five(5) days of request therefor by HBRDA,to execute,ac.-nowledgc,and deliver to HBRDA a quitclaim deed and any other documents or instruments required to remove the cloud of tads Option Agreement from the title to the Propcny. 1 IN WITNES S WPIEFXOF,the panics hereto have executed this Agreement as of the r Effective Date. OPTIONEE: AGENCY: ORANGE HOUSMODEVELOPMENT THE REDEVELOPMENT AGENCY OF CORPORA ON THE CITY OF HUNTINGTON 13EACH By-- its-Linda Boone,Executivt Director Chairman ATTEST. APPROVED AS TO FORM- Agency Clerk Agency Attorney INITIATED AND APPROVED: REVIEWED AND APPROMED: j Director of Economic Development Executive Director 1{_�\\ rlrl5.717 CERTIFIED COPY OF RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE HOUSING DEVELOPMENT CORPORATION I, the undersigned, am the Chief Financial Officer of Orange Housing Development Corporation, a California nonprofit public benefit corporation , duly organized and in good standing under the laws of the State of California, and I hereby certify that the following is a true and correct copy of the resolution adopted by the Board of Directors per Article III, Section 10 of Orange Housing Development Corporation Bylaws dated February, 1995: Linda Boone, Executive Director of Orange Housing Development Corporation, is authorized to act on behalf of OHDC to enter into joint venture with for profit developer to request funds from City of Huntington Beach and funds from Tax Credit Allocation Committee to build senior rental housing Iocated at Yorktown Avenue and Lake Street. In addition, Executive Director is authorized to negotiate and execute syndication, permanent mortgage documents and other documents needed for development of project IN witness whereof the undersigned has executed this Certificate on September ?1, 1995. James E. Hansen Chief Financial Officer Orange Housing Development Corporation wnn+ 607 0-11 rWJ ar•eT Vrow C0ti171TT ATTACHMENT #3 M 7 K � • tRt y( i S ?!C TA Lm IK CFrfFi lDF1M I wARxtst \ Rdam o�• ut, m SITE ! wnwlts c r r • C� � rL`�DIATIAYOI.LS l F-C x • MAMMOa Y � r i _il r fl ' I CUB' 94-39 11UNMI GTON BEACH PLANNING DIVISION 1 ►�BJiit Ta�aLalwlli ZO► 4 COWORMAMM MATHII ■w Y.• /Mt�MI�V W.o.~r tM /MMlJ rl•!!�J//�.II/��Mr/ Y�r Mu MKN.•N W n1 • + ••11■■r w r.n r s i-- rTL�• Iwo".• (san^A`r . wwnr w own"" «� I I r f a i r A' I Z'n -- - • AA04A•7 3f•.mAr Rirr/.►7r ry wm "a. "-f •a • • ■ N■■.� 1 R nlm■na■ ■ w Ohl 41 M/•M I w+•near rr•■ _ � A�+ts1f. 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"� 1k' k .r. � at{: f ti: �. 3.t�: � t '• � �1''.T�• .+���fl�:r •kt.�'4 �� xr'� � nxi.a ��+ -C y� � '! .?•:�.jt'r 'i:i �`��1�:1 �•'� j4: tr �'�;t�rw i.i�t�•�;3r•'(ij 1 1, t t }� '�..+: r1 rG,!! �!+' i 'i ♦ �.! n •!i;� '• ♦ rrs. i'•J.iti}' E.S�^l:j," 1' 3y— }},' i:�.�( � iy�¢`}1 t7Y w ri :'i�t• „i�:Xi+.�t11:�t.i+i+.�.1+. !�. 1-kI_•�. �.., .if!,'.f+}.�i.titr�.'r...:.�.iRk .�-:�..rl,�-,tie�rpr+.ti.r..�f�W.w••-�'.R.•�.�.���t-{' G':1'M'fi+ri tit.�3.:_��f�ii��l'��;!.r/.•!•�1iT).tl'I�.. Rct•�n11�. ATTACHMENT #5 a f [ y rJ. ' CITY OF HUNTINGTON BEACH POTS) INTER-DEPARTMENT COMMUNICATION - FIUMINGTON SEACK TO: Michael T Uberuaga City Administrator FROM: Robert J. Franz, Deputy City Administrator SUBJECT: Requested Appropriation towards Construction of Bowen Court Senior Apartments F.I.S. 96-09 DATE: November 22, 1995 As required by Resolution 4832, a Fiscal Impact Statement has been prepared for the proposed appropriation of$100,000 for purposes of formally committing Redevelopment funds to facilitate the likelihood of Federally-approved Tax Credits to aid in the construction of a Senior Housing Project at Yorktown and Lake Street.. , Upon approval of the City Council, the balance of the Cash and Investments in the Housing Set-Aside Fund would be reduced to 13,000. , r ROBERT J. FRANZ Deputy City Admihnistrato Y RCA ROUTING SHEET INITIATING DEPARTMENT: ECONOMIC DEVELOPMENT SUBJECT: Amended Option Agreement: Bowen Court Senior Housing Project COUNCIL MEETING DATE: February 5, 1996 RCA-ATTACHMENTS STATUS Ordinance w/exhibits & legislative draft if a licable Not Applicable Resolution wlexhibits & legislative draft if app ticable Attached Tract Map, Location Map and/or other Exhibits Attached Contract/Agreement (wlexhibits if applicable) (Signed in full by the Pity Attome Attached Subleases, Third Party Agreements, etc. (Approved as to form by City Attome Not Applicable Certificates of Insurance (Approved by the Cit Attome Not Attached_(Explain Financial Im act Statement Unbud et, over$5,000 Attached Bonds If applicable) Not Applicable Staff Re ort If applicable) Attached Commission, Board or Committee Report if a licable Not Applicable Findings/Conditions for Approval and/or Denial Not Applicable EXPLANATION FOR MISSING ATTACHMENTS 1. Agreement pertains to a real estate transaction--will be executed if approved; 2. Asking Agency for insurance waiver (for this action only) REVIEWED - RETURNED FORWARDED Administrative Staff Assistant City Administrator Initial City Administrator initial City Clerk EXPLANATION FOR RETURN OF ITEM: Melow SpaceFor • dPoe Council/Agency Meeting Held Deferred/Continued to Approved ❑ Conditionally Approved ❑ Denied City Clerks Signature Council Meeting Date December 4 1995 Department ID Number ED 95-46 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION ryes � C�9 SUBMITTED TO HONORABLE CHAIRMAN AND REDEVELOPMENT AGENCY MEMBERS SUBMITTED BY MICHAEL T UBERUAGA Executive Directo PREPARED BY DAVID C BIGGS, Director of Economic Developme SUBJECT FINANCIAL SUPPORT FOR ORANGE HOUSING DEVELOPMENT CORPORATION BOWEN COURT SENIOR APARTMENTS FStt-Zn—tf Issue Funding Source Recommended Action Alternative Action(s) Analysis Environmental Status Attachment(s) Statement of Issue The Orange Housing De r lopment Corporation has asked the City and Redevelopment Agency to support its application to the California Tax Credit Allocation Committee (TCAC) for federal tax credits If awarded, these tax credits would be used as part of a larger transaction that would lead to the construction of a 20 to 23 unit senior apartment complex on Redevelopment Agency-owned land at the corner of Lake Street and Yorktown Avenue Funding Source Redevelopment Housing Set Aside Funds Recommended Action Motion to 1 Adopt Resolution No oZ0 authorizing funding support by the Huntington Beach Redevelopment Agency with a grant of Agency-owned land acquired at a cost of $885,000 and a loan of$100,000 in redevelopment housing set aside funds for the construction of senior apartments by Orange Housing Development Corporation 2 Approve and Authorize the Agency Chairman and Agency Clerk to execute the Option Agreement with Orange Housing Development Corporation (OHDC) 3 Waive the required liability insurance for OHDC only as they apply to the site control document and only for purposes of applying for tax credits This waiver will not be requested if a DDA is approved at a later time a REQUESTS-6R REDEVELOPMENT AGEIZ:Y ACTION MEETING DATE: December4, 1995 DEPARTMENT ID NUMBER: ED 95-46 4. Authorize Agency staff to negotiate a Disposition and Development Agreement (DDA) and a HOME program funding agreement with Orange Housing Development Corporation if tax credits are awarded to the proposed project by the TCAC. Altemative Action(s): Do not approve support for the transaction, thereby canceling a tax credit application at this time. Analysis: Orange Housing Development Corporation (OHDC) met with staff on Oct. 16, 1995. At that meeting, OHDC requested staff support for a tax credit application to TCAC. This application to TCAC is due by December 11, 1995, and must have preliminary evidence of City/Agency support (in the form of resolutions) and site control submitted with the application. OHDC —not the City or Redevelopment Agency—is the applicant for the tax credits. There are no monetary deposits required from the Agency for the application. However, there is an application fee that is being paid by OHDC from a previously approved $35,000 CDBG loan-grant. A draft copy of the tax credit application is on file with the Agency Clerk. Funding support for a project with OHDC is contingent upon the awarding of tax credits and on successful negotiation of a DDA. The Proposed Project: Bowen Court Senior Apartments As it is currently designed, the project will consist of a maximum of 23 one bedroom apartments in a two story building. Ten units will be on the first floor(at grade)with the remaining 13 on the second floor, accessible by stairs. All of the units will be approximately 565 square feet and will provide full kitchen facilities and private outdoor space. The complex will have a small clubhouse that includes central mail delivery and laundry facilities. This project will not provide dining or medical services as it is meant for seniors capable of independent living. Bowen Court will be owned and managed by Orange Housing Development Corporation, a certified nonprofit housing sponsor. All of the units will be occupied by very low income seniors with for a minimum affordability period of 30 years will be required. A preliminary pro forma is attached for your review(Attachment No. 4). More detailed financial information and precise deal points will be provided should tax credits be approved and, subsequently, a DDA is negotiated and presented to the Council- Redevelopment Agency. The proposed project is consistent with the California Health and Safety Code (redevelopment law), which requires redevelopment agencies to provide (or assure provision by others) of new affordable housing amounting to 15% of the total of new units provided by private development and 30% of any agency-provided units. In the Yorktown- Lake project area, the Agency's required need is for at least 13 new affordable units. ED95462.DOC -2- 11/27195 12:55 PM REQUEST"i rr R REDEVELOPMENT AGE6LY ACTION MEETING DATE: December 4, 1996 DEPARTMENT ID NUMBER: ED 95-46 This project is also consistent with the broader City stated goal of provided housing to all economic segments of the community (City Goal #8); the City's Housing Element; and Consolidated Plan. Environmental Status: Not applicable to this action; however, a CEQA review has been completed as part of the pre-entitlement process. Attachments : Lisf attachment(s) below. Page No. Description Start Numbedno 'I. Resolution No Agency Resolution 2. Site Control Document 3. Site Plan and Renderings 4. Preliminary Development Pro Forma 5. Fiscal Impact Statement ED95462.DOC -3- 11/27/95 12:55 PM OPTION AGREEMENT BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AND ORANGE HOUSING DEVELOPMENT CORPORATION THIS OPTION AGREEMENT("Option Agreement")is made and entered into as of the"Effective Date" (as that term is hereinafter defined),by and between the Redevelopment Agency of the City of Huntington Beach("HBRDA", sometimes also referred to herein as "Agency"), and Orange Housing Development Corporation, and its assignees or nominees ("Optionee"). RECITALS HBRDA is a public body, corporate and politic, organized and existing under the California Community Redevelopment Law(Health& Safety Code § 33000 et 5eMc .). HBRDA desires to assist affordable housing projects; and Optionee is a California nonprofit 501(c)(3) corporation which has as one of its purposes the provision of affordable housing for households; and HBRDA is the owner of real property consisting of approximately .75 acres, located at 1968, 1972, 1976, 1978 and 1982 Lake Street in the City of Huntington Beach(the "Property"). Attached hereto as Exhibit "A" and incorporated herein by this reference is the legal description of the Property; and Optionee desires to obtain an option to acquire the Property and accept the grant of the Property from HBRDA, and HBRDA desires to grant an option to acquire the Property to Optionee, on the terms and conditions set forth in this Option Agreement, and thereafter to transfer and convey the Property in order for Optionee to develop 23 one(1)bedroom affordable rental apartment units for seniors only on the Property(the "Project"), NOW, THEREFORE, the parties hereto agree as follows: 1. Grant of Option. HBRDA and Optionee agree that for the entire "Option Period" set forth in Paragraph 2 below, Optionee shall have the right, but not the obligation, to acquire the Property and to accept the grant of the Property subject to the terms and provisions set forth in this Option Agreement. 2. Option Period. The term of the option provided to Optionee by HBRDA pursuant to this Option Agreement shall commence on the Effective Date hereof and terminate at 5:00 p.m. on July 31, 1996, unless sooner terminated as provided herein("Option Period"). 3. Manner of Exercise of Option. Provided Optionee is not in default hereunder, Optionee may exercise its right to acquire the Property by delivering written notice to HBRDA of Optionee's exercise of the option. 1 gWagceloh ffi ris 95-7 S7 3. Failure to Exercise Option. In the event Optionee fails to exercise the option in accordance with the terms hereof by the expiration of the Option Period, or if Optionee delivers to the HBRDA written notice that Optionee desires to cancel this Option Agreement during the Option Period, Optionee shall have no interest whatsoever in the Property and this Option Agreement shall become null and void of no force and effect, provided, however, Optionee shall, within fifteen(15) days after the expiration of the Option Period, deliver to HBRDA all tests and studies and reports related to the Property prepared by or for Optionee, including but not limited to soil tests, engineering reports, and marketing plans. a. Terms of Acquisition. Optionee shall acquire the Property and HBRDA agrees to convey and transfer the Property by grant at no cost to Optionee. The parties acknowledge and agree that the fair market value of the property is S885,000 and the parties further acknowledge and agree that the justification for a grant of the Property at no cost is to allow HBRDA to provide a "land write-down" subsidy to assist the development of this affordable rental housing project for the elderly. Additional terms of the acquisition shall include but not be limited to: HBRDA loans to Optionee in the aggregate amount of V00,000 from sources available to HBRDA and the City of Huntington Beach, but excluding HOME Investment Partnership funds. Such loans will be made on terms to be later negotiated. As conditions precedent to the Optionee's exercise of this Option, Optionee must obtain approval of its application to the State of California Tax Credit Allowance Committee for reservation of Low Income Housing Tax Credits, as more further described below; and Optionee must be in compliance with the terms and conditions of Redevelopment Agency Resolution No. II—q• 5. Reservation gf Low Income Housing, Tax Credits. HBRDA acknowledges that Optionee is submitting an application with respect to the Property to the State of California Tax Credit Allowance Committee("TCAC") for a preliminary reservation of Low Income Housing Tax Credits ("LIHTC") for an affordable housing project for elderly persons. Within(10)days after receipt of notice from TCAC as to whether or not the Project has received a preliminary reservation of LIHTC, Optionee shall notify HBRDA whether or not the Project has been granted a preliminary reservation of LIHTC. HBRDA agrees to fully cooperate with Optionee in fulfilling the requirements for the application for LIEITC by taking all necessary actions required of it in connection with the application for LIHTC. HBRDA further agrees that if Optionee does not receive a preliminary reservation of LIHTC, during the Option Period HBRDA will cooperate in subsequent applications for LIHTC reservations or in Optionee's attempts to obtain other suitable financing for the Project. 6. Title Polics:. Within thirty(30) days following notification by TCAC to Optionee than the Project has received a preliminary reservation of LMC, HBRDA shall furnish Optionee with a preliminary title report from a title company selected by Optionee. This report shall be paid for with funds previously made available to Optionee for pre-development costs. Optionee shall notify HBRDA of any objectionable items within thirty(30) days of receipt of the 2 e41agrcc1Dadaptn tls 95-717 preliminary title report and HBRDA shall use its best efforts to remove such items. Within ten (10) days thereafter Optionee shall either accept the condition of title or terminate the option, provided, however, such acceptance shall not extinguish any rights Optionee shall have to further review subsequent preliminary title reports and request that HBRDA remove items from the title during the period prior to which HBRDA transfers title to the Property to Optionee. 8. Right to Enter. During the Option Period, Optionee, and through Optionee its designated agents and independent contractors, shall have the right, Capon reasonable prior notice to HBRDA, to enter upon any portion of the Property for the purpose of conducting soil tests, engineering and boundary surveys, environmental studies and hazardous waste determination, and other investigations relating to the Property and Optionee's acquisition thereof and development of the Project thereon, as are deemed necessary and required by Optionee, subject to the possessory interests of any lawful occupants of the premises. Optionee agrees to indemnify, defend, and hold HBRDA, and the Property free and harmless from and against any and all liabilities resulting from Optionee's activities as provided in this Section 8, including but not limited to mechanic's liens. Optionee shall provide general liability insurance in the coverages and amounts required by Huntington Beach City Council Resolution No. 6277, and shall name the Agency as an additional insured on all such insurance policies. Optionee agrees to bear all costs in connection with all work performed by Optionee or by others on behalf of Optionee. Optionee agrees to promptly repair within two (2)weeks any damage or disturbance it or its agents or independent contractors cause to the Property and to restore the Property to its pre-existing condition. HBRDA agrees to provide to Optionee all studies, reports, analyses, or other similar documents and information HBRDA may have in its possession and control which relate to soil condition, boundaries, emironmental issues, hazardous wastes, and the like. 9. Commissions. HBRDA and Optionee each represent to the other that neither has entered into any agreement or incurred any liability which might result in the obligation to pay a finder's or broker's or sale's fee or commission with respect to the transaction contemplated hereby. HBRDA and Optionee each agree to indemnify the other for the cost incurred as a result of any claim for such fee or commission caused by the acts of the indemnifying party whether or not such claim is successful. I0. Exchan e. Optionee agrees to cooperate with HBRDA in any IRC Section 1031 exchange, provided Optionee shall have no expense or liability by reason thereof and provided that the time for performance is not extended thereby. 11. Notice. Any notice or demand to be given by one party to the other shall be delivered by(i)personal service, (ii) a reputable document delivery service such as Federal Express that provides a receipt showing date and time of delivery, (iii)facsimile transmission if confirmation of transmission receipt is available and the original is delivered by one of the other means set forth in this Section 11, or(iv) United States mail, postage prepaid, certified, addressed to the parties at their respective addresses as follows: If to Agency: The Redevelopment Agency of the City of Huntington Beach Department of Economic Development 3 ew'=gr«�ohdcopu, TIs 93-7 1 7 200 Main Street Huntington Beach, CA 92648 Attention: Executive Director With Copy To: Agency Attorney If to O tionee:Orange Housing Development Corporation 217 East Chapman Avenue Orange, California 92666 Attention: Linda Boone Executive Director With Copy To: Sheldon B. Chemove, Esq. Arter R Hadden 700 South Flower Street Suite 3000 Los Angeles, California 90017 Notices delivered by personal delivery document delivery service providing acknowledgment of receipt as described above, or facsimile transmission with confirmation of transmission shall be deemed received on delivery or transmission. Notices delivered by mail shall be effective at Noon on the second business day following deposit with the United States Postal Service. Either party may change the address at which it desires to receive notice by giving written notice of such request to the other party in accordance with the terms of this Section 11. 12. Attorneys'Fees. In the event of any litigation between the parties to this Option Agreement, each party shall bear its own costs and attorney's fees. The prevailing party shall not be entitled to recover its reasonable attorneys'fees and costs. 13. Applicable_Law; Forum}Service of Process. This Option Agreement shall be governed by, and construed under, the laws of the State of California. The parties hereto agree that the Municipal and Superior Courts of the State of California in and for the County of Orange shall have exclusive jurisdiction of any litigation between the parties arising out of or connected to this Option Agreement. Service of process on 1IBRDA shall be made in accordance with the requirements for service of process on a public entity. Service of process on Optionee shall be made in any manner permitted by law and shall be effective whether served inside or outside of Californ'sa. 4 gW%A-R a VJC0Pun rls 95-717 14. InteMretation. This Option Agreement shall not be interpreted for or against either party notwithstanding any rule of construction that might apply. 15. Waiver or Modification. A waiver of a provision hereof, or other modification of any provision contained herein, shall be effective only if said waiver or modification is in writing, and signed by the party waiving its rights. No waiver of any breach or default by any party hereto shall be considered to be a waiver of any breach or default. 16. Successors and Assigns. Optionee shall not have the right to assign its interest under this Option Agreement without the prior written consent of the Agency first had and obtained, which consent shall not be unreasonably withheld. No assignments by Optionee shall be effective unless and until the proposed assignee has agreed in writing to accept the terms and conditions hereof. 17. _ everabilitx. In the event that any provision of this Option Agreement is void, illegal, or unenforceable, the balance of this Option Agreement shall be performed and be enforceable to the extent the same can be accomplished consistent with the intent of the parties. 18. Survival of Covenants. The covenants, representations, and warranties of HBRDA and Optionee set forth in this Option Agreement shall not merge with any grant deed for the Property. 19. Amendments. This Option Agreement may be amended only by an instrument in writing signed by all of the parties hereto, after all required actions of the parties'governing authorities. 20. Entire Agreement. This Option Agreement contains the entire agreement between the parties relating to the subject matter hereof. 21. Time of the Essence. Time is of the essence in the performance of the terms of this Option Agreement. 22. Effective Date. The "Effective Date" of this Option Agreement shall be date this agreement is adopted by the Agency. 23. Recording _of Memorandum of Option. Upon request of either party, the parties shall execute and record a Memorandum of Option in a form acceptable to counsel for HBRDA and Optionee. 5 s14vsm`*hd0Wtn rls 93-717 t 24 Quitclaim Deed If this Option Agreement expires by its terms or is terminated for any reason and a Memorandum of Option has been recorded Optionee agrees within five (5) days of request therefor by HBRDA to execute acknowledge and deliver to HBRDA a quitclaim deed and any other documents or instruments required to remove the cloud of this Option Agreement from the title to the Property IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the Effective Date OPTIONEE AGENCY ORANGE HOUSING DEVELOPMENT THE REDEVELOPMENT AGENCY OF CORPORATION THE CITY OF HUNTIN ON BEACH By its tindaBoone Executive Director Chairman ATTEST APPROVED AS TO FORM Agency Clerk Agepcy Attorney -7/4� ,2�-i-5s INITIAT APPRO D REVIEWED AND APPROVED recto Econ mic Develo ment Executive Director 6 g\4\agree\ohdcoptn rls 95 717 CERTIFIED COPY OF RESOLUTION OF THE BOARD OF DIRECTORS OF ORANGE HOUSING DEVELOPMENT CORPORATION I, the undersigned, am the Chief Financial Officer of Orange Housing Development Corporation, a California nonprofit public benefit corporation , duty organized and in good standing under the laws of the State of California, and I hereby certify that the following is a true and correct copy of the resolution adopted by the Board of Directors per Article III, Section 10 of Orange Housing.Development Corporation Bylaws dated February, 1995: Linda Boone, Executive Director of Orange Housing Development Corporation, is authorized to act on behalf of OHDC to enter into joint venture with for profit developer to request funds from City of Huntington Beach and funds from Tax Credit Allocation Committee to bQd senior rental housing located at Yorktown Avenue and Lake Street. In addition, Executive Director is authorized to negotiate and execute syndication, permanent mortgage documents and other documents needed for development of project. IN witness whereof the undersigned has executed this Certificate on September 21, 1995. 5 2,=.= s" James E. Hansen [thief Financial Officer Orange Housing Development Corporation :nn" t�auam�+an �txn�ni� oac- 0Q7 rir Tva az:ct ins► ca,jxsr RESOLUTION NO. ,fig A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING FUNDING SUPPORT FOR ORANGE ROUSING DEVELOPMENT CORPORATION TO CONSTRUCT AN AFFORDABLE HOUSING PROJECT WHEREAS, the Redevelopment Agency of the City of Huntington Beach(the Agency) has State mandates to construct affordable housing; and Affordable housing is needed to provide housing for our citizens;and Orange Housing Development Corporation(OHDC) has identified a project site known as the Bowen Court Project; and OHDC will need to acquire funding assistance from Federal and State tax credit programs; and The Agency's funding assistance is required and has been requested by OHDC to construct the Project; and Based on the funding assistance, the Agency will require a Disposition and Development Agreement (DDA)for regulation of the Project; and A funding commitment from the Agency is necessary to allow OHDC to apply for the Federal and State tax credit program; and The Agency's funding assistance is available, conditioned upon: I) OHDC receiving Federal and State tax credits, and 2) OHDC reaching agreement with the Agency on the DDA. NOW, THEREFORE, The Redevelopment Agency of the City of Huntington Beach does hereby resolve as follows: y Y 1. That a grant of approximately$885,000 in Agency-owned land and a loan of $100,000 in housing set aside funds as a residual receipts loan(terms to be negotiated)is committed to this Project, conditioned as indicated above. 2. That the Executive Director is hereby authorized and directed to assist OHDC in its tax credit application and to execute any and all documents on behalf of the the Agency as necessary or appropriate thereto. PASSED AND ADOPTED by the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held this 4th day of December, 1995. �aCrt� Chairman ATTEST: // APPROYED AS TO FORM: Agency Clerk 12_6-,Qs- �ne cyAttorney TX- lrCL7�gr AND APPROVED. 1MTT ED P xecutive Director Direc of conomic Development 2 g�4',reso4dat,ome2 r1s 95-712 v �1 Res. No. 269 STATE OF CALIFORNIA } COUNTY OF ORANGE ) CITY OF HUNTINGTON BEACH } I, CONNIE BROCKWAY, Clerk of the Redevelopment Agency of the City of Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by the Redevelopment Agency of the City of Huntington Beach at a meeting of said Redevelopment Agency held on the:dth day of Decemb 1995, and that it was so adopted by the follo%%ing vote: AYES: Members: Harman, Leipzig,Bauer, Sullivan,Dettloff, Green, Garofalo TOES: Members: None ABSENT: Members: None Clerk of the Redevelopment Agency of the City of Huntington Beach, Ca. G/reso1utilresbkpg2 v v ATTACHMENT #1 � v ATTACHMENT #2 v v ATTACHMENT #3 r • M i o MC lA! V1 R '� crMrx w,utml \ \ SUM TAMM 1 K p� in, R K SITE - ADANN MMANAMM ! ATAANU � r ,� • sAraa�c r I' i i CUP 94-39 HUNTIN'CMN BEACH PLANNING DIVISION FIIOJ,CT TA•VLATIONS Lw ARM wwwl ...ww.. IONS CON OisAAHGE WAIF" �i+rwli wri+ws w wnl .... -_ _t��'w��� : 0+ rre.«.ten w or—; d i r were+ ■wnw•L.r :..ram..... .»..�r�� ... AArA«Jw•1><-tJ.J.y wrs.►IK►�e.. ww e,n. +.e wa • ♦ • r.Mn. a wL nrwu lu+ • w • __ ... J • •.tl.LL..0 W RAW 7w+L `... . jj �► ♦ f • A.wr•.•a0 w •w JS A#1114�rOAMW, ♦ 0�/AIldr �IVf.✓ , + twmwww wlwpwl«.clwIf J C a ♦ � �VI{f «iw Mir Wia. . JIev�AlJ��♦ MIA./ ' few«.ewe P • «.^-"'^' AeuM....+ ne,•.a.Kf► 1-=•i:� M O R/• R .T.,T w ♦.w• - IP _ _— •iwr%...'...�.. � � /.Air♦' ` Nyf�v� '� � � [ Al IJO • A ww..�r _ � A!. - K - t'{JA , V•, Jr.Wr lsi/ /.A• �► J..APA j • �'�L•�r� L , L MAO 59 rOc-e Oman 6mN wiser AlAw.MA♦T AO! ♦ ~ ♦ • T MY OF HLN NOTCW KACH r .n ~AW J!r•O [CONOWC O"LOPIAM OLPAe11LWO Son MAN wlweLY LI•wSKw♦Iq ? _� • I" A'wM+r71w/. 1AAJTIwpIOw*LAC"CA goo LAKE STREET olourr.s> fiD • FNM- *APEW"n ma"m two 'Bowen Coins �" b... CA ra c,a w. 1M.er plat slrawAs HI!NT lNrTnN RF ArH PP,errr.r,Stier U rt� tN� !�[IEL.la•ItR i� E ONo►wG DE ELOPM ENT New mAUDU O1NlNGrum r�` 4 WING R LMNG BEDROOM ar nF• rNsK t - DINING '•� r� CIA,WE m r.i n.s 565 SOFT. [r=31 565 SOFT. yrt�ti- 1M MMAN l4kou ►wMr�hyq+Mcfll6ch Su1r 700 q 19GM SNM 'Bowen Courfs �u.4w IT H NTNGTON BEACH vaaTA!�A1T(?� 8ONOANC DEVELaPMENT f � r�-war:..nM�.:-d�.l� ` �$)��... •ai,�.� �_--�-------- 3Y�'7���. _ IL A ' TVIC LEU TIO pf T r,►`i��. f !off�i a�i , '1 WL lie Y �I � r. / w r ■. '� �ww � � . r YORKT4WIV L - UATl�N ..I4 r.uwS *r 1� r.(;�•i'rf'. + r' "f;:'ti.. :" •:...x- ' +:• �' .M .�a . r'��f�1'..�.�"w"'Rill. ������� � �� '�`" •.�• — —t�.�' •�f- •': �fll�l. � •II j�1�� �i i��� r :�t`Q�j����'+��F'.'1111`�7r. . .+r-•�� '��fi„��M•.d`�r�l� r.�i. K S T - �!L • FE=1015LOPMENT V V ATTACHMENT #4 s. 1 y . 1 , s, �.� _�• Y' s" I •wJ-:MK.;< fir�•X `.� wF• •.t,:S+_,'+s ';.:t cy:►1 -.t.. L.J• 'Y�:�`r: N, `..• - -•' _4•.'_ s'- , .r. i): 3• ,.r; _ c'�, +hZ ��.. w n.s^�k K-•11;w� �.);#4ii;k..*�:•r ,r s.;i� :��• - f.+•. i:. .: . i', _ a: .0 „r�:w.. a.<•.:.ii fL:IHi;:..i?,...�i••i•-' , � .�i,rrr 5'� ;,5. DRAFT: NOT FOR MSTRIBUTION PROJECT SUMMARY '{�f r I Run No. a.YRr.•wrL' }.. a / S. T ..4f.;� 01000 * .�.M e+.s;•-wr,nr..�.-'-r[:-:s�. s *., ) , 4rL•yl�Ct s�+.•F;3:�i;3,�tvt`�t��`1,�,ee��%�.��':`::E- *f'f!�li:.;:"T'".�,�►� � r •,.w�..�3 M.90.959 low, s . Nct Evaty1, r a . �fi......,t .f 1 49.1% �-tir jn .I':.�i::': �^,•ram • .. w- t� is stme CPO& rw.f�.il�.... �+•Ttdrr , '•..'i`ya. y A Y.{i wJ.yr'.Y7 �tir��Cf.ry T� cei . �� .�.'}...�.. ,.: }• L� .4� 4. )'-.1)�' ''.�+ •!'+:t�ltYR='. ' •)' .l J�);+w••.'E;i•.it' .i, _ .!'R�•4...f, .�' C.ti-.3 A;�'`sr.\�.Y"1'Y P. Yyt.� ',.b. .1.•:.:.4k.. .,.t�:L.r i... ,f..T -'«' r..`.-.•.,^ _ •f. .." FI':C.'• a,•' - r+ ..„.;j -•..-r7*r.,-•.. �... "'+ Y':r- r{•.. rl. g��/�. •n '.� rr r r, •»..,..r ......�.•.o-..,.. -.'."; :<;.+,... :�•� -+;: .s ...• r. 1«i, •F..t .T.. �f _.. :fir: .:T•' ma's�+"�-1j-�- M.ri'•.#.?.J+.S �: �,� �-•ice•'-1? .•.:+�.i.i-3.:..,:•-..•.'e'.^ °'{;'.4J:':'s',: �r: ..j.i.. ..t'•1.�'-.� �'y1;�y{.� l!.. A t.l. .. -.� :��.,e•r� �����:] :.5:'ram: .• y1 f;.. I arc:; •�.:��' ��:I?F.']�� -�"',..'�C`..;r IL '17n�Zilii k F.-. T E, L wit- � v ATTACHMENT #5 ue � 4CITY OF HUNTINGTON BEACH INTER-DEPARTMENT COMMUNICATION Ht*MW CoN BEACH TO: Michael T Uberuaga City Administrator FROM: Robert J. Franz, Deputy City Administrator SUBJECT: Requested Appropriation towards Construction of Bowen Court Senior Apartments F.I.S. 96-09 DATE: November 22, 1995 As required by Resolution 4832, a Fiscal Impact Statement has been prepared for the proposed appropriation of$100,000 for purposes of formally committing Redevelopment funds to facilitate the likelihood of Federally-approved Tax Credits to aid in the construction of a Senior Housing Project at Yorktown and Lake Street.. , Upon approval of the City Council, the balance of the Cash and Investments in the Housing Set-Aside Fund would be reduced toS713,000. l ROBERT J. FRANZ Deputy City Admihnistrato RCA ROUTING SHEET INITIATING ECONOMIC DEVELOPMENT DEPARTMENT: SUBJECT: FINANCIAL SUPPORT FOR ORANGE HOUSING DEVELOPMENT CORPORATION: COUNCIL MEETING DATE: December 4, 1995 RCA ATTACHMENTS STATUS Ordinance (w/exhibits & legislative draft if applicable) Not Applicable Resolution (w/exhibits & legislative draft if applicable) Attached Tract Map, Location Map and/or other Exhibits Attached Contract/Agreement (wlexhibits if applicable) (Signed 'rL�(by the City Attome ) Attached Subleases, Third Party Agreements, etc. (Approved as to form by CityAttome ) Not Applicable Certificates of Insurance (Approved by the City Attome ) Not Attached (Explain) Financial Impact Statement (Unbudget, over$5,000) Attached Bonds (If applicable) Not Applicable Staff Report (1f applicable) Attached Commission, Board or Committee Report (If applicable) Not Applicable Findings/Conditions for Approval and/or Denial Not Applicable EXPLANATION FOR MISSING ATTACHMENTS 1. Agreement pertains to a real estate transaction--will be executed if approved; 2. Asking Agency for insurance waiver(for this action only) REVIEWED RETURNED FOR RDED Administrative Staff ( ) { ) Assistant City Administrator (Initial) City Administrator (Initial) ( ) ) City Clerk { ) EXPLANATION FOR RETURN OF ITEM: ($elow Space For City:Clerk's Use • Project Name Bowen Courts City, State Huntington Beach, Date 1 lf2Zl93 Time 01:14 PM Run No. 1 Page Name Tw Credits Notebook Name Bow=4 DPart VULD Income Informatt"(Page 22) Low Inconw Tenant Mo. Total Monthly Total Mo 100'/. Total 100% Fair Total No. No. Average Rent Monthly Utility Rent w/ row Income Median Median Market Fair Mid Bedroom Units Sq Ft (w/o,utils) Rent Allowance Utilities Bedrooms Rerifs Rents Rent Rent 1 23 565 $384 S8,821 $27 $9,442 23 $1,103 ' $25,434 $677 $15,571 1 0 565 $0 $0 $27 $0 0 $1,022 $0 $677 $0 3 0 565 $0 $0 S37 $0 0 $1,180 30 $940 SO 3 0 565 $0 $0 $37 $0 0 $1,180 $0 $940 SO 3 0 565 $0 $0 $37 SO 0 $1,180 $0 $940 $0 4 0 565 $0 $0 $49 $0 0 $1,317 $Q $1,109 $o 0 0 0 $0 SO -$13 $0 0 $0 $0 0 0 0 SO S0 $13 $0 0 SO $0 0 0 0 SO $0 $13 SO 0 $0 i0 2 0 0 . $0 $0 $25 $0 0 $1,022 $0 $677 $0 Total 23 $8,821 $9,442 23 $25,484 $15,571 Average AfI'ordabifity 37.0497*/• Tlucshold Affordability 56.00000/6 Anwunt Slow Threshold 18.9513% Avg Affordability Points 10.0000 Fait Market Rent% 39.3648% FUR Tiebreaker Points 39.3648 Project Name Bowen Courts City, State Huntington Beach, Date 11/22/95 Time 01.-14 PM Run No. 1 Page Name TaxCredits NotehoakName Bowen4 Credit Utilization Paints Basis Increase Factor in Effect? yes L I S TCACs Basis w/featurts No. Basis x Basis w/features Unit Sir-.e Basis Limits x 1.15 Units Units x Units 1 S76,019 $97,422 23 $1,749,437 S2,010,703 1 $76,019 S87,422 0 $o $o 3 S1150533 $132,886 0 $0 $o 3 $115,553 S132.886 0 $0 so 3 $115,553 $132,886 0 $o $o 4 S128,731 $148,041 0 SO $o 0 $o 0 SO $0 0 $0 0 S0 $o 0 $0 0 $o $0 0 $0 0 S0 $o Total 23 $I,748,437 $2,Oi0,703 Total Requested Eligible Basis $2,010,703 Credit Utilization%Belo WBasis Limit 0.0000% Credit Utilization Paints 0.0000 i • - •�_i`;:�i: :,;;_��..�+��a�Cs�i3r�:..,:�i}tiii;�ht';► ��,.;..'�� a:'%i!•°i+�.l:si ,:py;:r*t:r>;;5;,{•7� a :,1{E'ei:t'L;a.;.a:vrS�r.'i+��ie":3�:isi;^.�:cl��o'ii:';+:'•x.i�`yr:Sf.,or?:l';7c':'',;�; .t S f rn � tisrr✓�i� DRAM NOT FOR , UTION �a�:_.rlV..� �]Yw N,:7.� --:�i..4 n.l:M-� '.� •'.LL�.r��=.w..... 11i; S ^s:�:r:,�•.f��•..,q....r,-.•..����;:fL:ti�;.s�y: r f.�-•L.+Fier '~ .:t,�{ r..�!�'+.c:�4*%:t:3« •>4i ri r:JLq I.r't.W-iy"7.�S�if(•#:Tri!'r;.�. .{[w..a.:h,.J.: _ .. �. ..n...J :.-.�!i..Y.:ia ity r .3 t 20 4 • ... r Ciw "t L23 • • bma city $100im 1•�1- • 23 - Gap 26 I tDavI Fee Hoic Dcvdqm L. 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F•,,:y`� ii nY'a Y'1"a',1�fi``11 {( rr i>✓; y r` C }.. ✓ :Y..L :rrt ,., .1H �° t s"L+ f>'�.S '3!rg.i..'y^t' .s 3 ..+ i -t i, si .ki ^ ., } DISTRIBUTION NOT FOR r SCHEDULE C - OPERATING EXPENSE ESTIMATE rij? �.;�i .y ``t'3✓{14.y''L;�^ •�._ ,� °.. xi�.+)'r'�•' .�'+..�:.a�... �.','„�'.'i r tr :�� 5�1•��,fr ..}•` Yv.�ai..i S�;;' S..�'�`r ji 1 'ti��" � ! .�.';-'W4T�'?�Y?r��nS•i•'i�,���Y'.5��'%,:�"...�Z .!ni�:�:5^f.�.l +•a:'��.- 'i.:. tf7'�.'4,"T+F �ri�:'�i��^�:r^,' �i•_�•. I , ,;� I Item Coitegoryl-f' •j4r Unit 23 Cost Cost •,++,� .y iw�•. AdminWradve �:a#tit Y.•+1+'� ` .r4,.•L. Adverdsinp/Marketing $1,21 L•;. ji. w , 90 T Total Administrative $745 r1,f t 10 Utilities ..... 12 Fuel so 14 Gas ...,.ice.• •1 t .r Total1 20 22 24 r 27 Maintenance .yam Y{•�, r - ,fa'.YM r f,�•J{. .f� :. 35 36 •• ti:.�. 34 Total Maintenance U,7.91 3738 Other •l.. ', .�.�� Expenses +. yam.•,\.;,�.. 40 Manager's.Rent Discount so 41 Miscellaneous Expenses $587 42 Total Other �. .2 n� •-� ✓=1« a' 45 Total Expenses :S29U2 S659596 M.7::'i Total Com ercial Space Expense r y A..�»w •rrw+i �vr r.�r.,h-•w r•F'�."1 .Y.}:::y •. y��. ";':`.�S`.�.T'."-'-",t�S:r..'1•n�'���',ro:,`�.1.,+�'•�'��� ,��;';"�.:"Jr w!':�rS1�•��'^�:c��;-:Aiti�,1:��:1'.6.:t'�:f:+2.a`�""i•.:. 4\ :.:(,.�;L:!' `.",C•+r:; ippsok . 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'*._..r5r.',-:sf f .p, .r: .a.a->,. < >,r. )k' .•. rSr; :�+:�—.�r:•;.1.. r' -�'.y' •w,^ ,+•/��...+a�.;•%..� •r:,••t.i•i%����: 't...- =)w .r >�ir :4 r -r r. .;•}. ..r.. .- '�: .,...r.L.! rn,�?-.- .S s..a s•�,..'?'is >.:t�:}TiT�+� h• r.,.:r. �:r'�?*S"^' r SS -^ r.....,......ro-^:v., n• ✓•s•.:,y.'r� ,f., .�/� �•.r e'J'a r'I�Y v 9+,...h�.l.r,11.Y....�•.+J.w.r]•B.SS•.".'):r .3}.-..5... ba'."{' L •.5 Pmject rlamt Ba^vcn Courts City,State Huntington Beach,C Date 1 Mr1.7195 Time 01:14 PM Rin No. I Page Name TaxCredits Notebook Name Bo►ueM DRAFT: NOT FOR DISTRIBUTION ' Schedule K Bowen Courts Huntington Beach, CA Low Income Tax Credit Summary 1 Total Project Costs S2,960,859 2 Moble Basis(Sch E) $2,010,703 3 High Cost Area Adjustment(ScM SO 4 Applicable Fraction 100-M/o 5 Total Qualified Basis $2.010,703 6 Applicable Credit%(a) 8.650/. (a) 7 Mwdmum Atmuel Federal Credits Pomible S173,926 8 Fed Credits Allocated by TCAC(b) S 173,926 (b) 9 State Credits Allocated by TCAC S603,211 9 Ten Year Total Crodits S2,342,468 10 %Credits Syndioa'ed 99.00% S2,319,044 I 1 %GP Ownership/Credits Retained I AO'/o $23,425 12 Amount GP Capital CotributionRegpired(c) $14,523 8.65% 3.71% Total Total Construction Shell Comer shell Federal State Year . Year Year Basis Basis Credit Credit Crodits(b) Credits ;Month 1996 ' 1997. - 1996 $2,010,703 So $0 S0 Jan 100=6 1997 S2,010,703 $173,926 $173,926 S 180,963 Feb 100.W/0 1998 $2,010,703 $173,926 $173,926 $180,963 Mar 100.0054 1999 S2,010,703 S173,926 S173,926 S180,963 Apr 100.00°.: 2000 S2,010,703 $173,926 S173,926 SM.321 MAY I00.000.: 2001 $2010.703 $173,926 S173,926 Jun 100.00'/0 2002 $2,010.703 S173,926 $173,926 Jut 100.00°/+ 2003 $2,010,703 $173.926 $173,926 Aug IOO.00°.: 2004 $2,010.703 $173.926 S173,926 Sep 100-VIVO 2005 52,010,703 $173,926 $173,926 Oct 100.W/0 2006 S2,010,703 S173,926 SIM926 Nov 100.001/0 $1,739.258 $603.211 Dec 100-W/0 11rm Total 0.W/o 100.000h 1st Yr 0.00% 11 th Yr I00-W/. a. £'er TCAC Application Form b_ Amin that TCAC recommends allocation as requested c. Vet proceeds•/a factor x GP Credit.;Shirt 11 1 11 • ' 1 ► _r 1: �Ai.�'ti�.:A.rI�'w�•.Y�S:-f}1M.r+✓w!<.,•iN'MW��w�4a' f.-4N� 6�;y��41•<./.... •i.•�s...v ...1w•a�.:.' � .�..��. r .••�•.....�..... 1. : f/+.•r✓ e1./r�,• .y,rwLJl r-.�. yl.�:.yy i.wfli::y:•. .•�<� 4 ..fit+/ '(' 4:.. Net 'r•r..ry•r..,..,,.:w..� i•S: .MJ...,1,: , .C�,..,s.,k.,,r:'.+r.r'' h.y.��...,.,.�.<....<-�., '•••�:'S':� a; .ti:1: ,�i Si •��ibti/. <:4 N%<:.�..•{'vNYrrYt!rtw v-�. 414'. '1: r/v ;•r•: '•:# r'F'v:•��3'',' �'r J.kifiY.l�..er]Wl.vl.w r-, :��.ri4l'SWwwiti•r!'r<.w�'•Nwti• tJc•I_M_'."iSr' �Y r+..:iy i'S- r #y- .yy 4, r N �- '\ \;.r'' - -F-.,x r a ;. � "<.tii w l.'„ !' ti tr ti.4' ' •. 'y:,L.: .- � :�'t •'t w'h, ..?":±;:. 'x :ry ,S'_ r Y:•'�: :�.• '.�?:•.,�5�..3':..j+:--..c i:�r'�':-Fiq 3 x.. A.Calculating the Amount of Federal Credft Needed r.fq'•N,9y:.q'.�Y;i V r..y,.'y:�5::1_+S"'�. Funding Shottfall Tax Credit Factor 62.0M@1 Ma)dmurn Federal Tax Credits Needed S2,3 2,469 �4t r•.'`. 't:l r.t:;i r r .,:rr- }�-""r 1' [-' .1 . ,5 .!', T� .�Total Project Cost $2,960,859 Total Funds for Permanent Financing $1,508.528 r. i !•'�•••'( 1.;'•M..y' .t j•. `.ti :f+'a C !-::_hw.' ..}',,�•r r,{f.. a' ', �. ``�'(,', t•Y:.ai:.r,. j..,;.Sy•- .�. .'S .'L';,i ' 'i AmountB.Calculating the MaArnum,Federal Credb Supportable Quarified Basis $2.010.703 so Annual 1 %PV $173,926 $173,926 1 ,!,iAnnual Amount 30%PV so �wr r:E•�,ti •. .. ..?•y�-r �W-rye+v Total Annual Federal Cf edit S173.926 a'4a;i•rry•i^•�=�7;;;h'.1y_t?yj%'.1:'�Y�K's ,., r...a.:•,:n,:.rfi,}r � 1.:�or.1 f'�f:� L�•rr b"Y`.r fr - r yy A '•' rw .lu•: .LX ,: _ r•�r..r�...•,+.r'. .w+,w._ • �irwe:nneil���li'Y1i1i'r`�iW'irt�•!!r►WI.'YwrN, uw., • �rk••.+r •.w.orr i''�.ir. rr.:s."rw+ra.•.wr..w. w w«i.'•:'`�•'•/•^+n( vtw»,.>••'.n..:. r:s. r, ••r,. R, w-...r... ...,^.;},�'Y�T.Y'}:Aw}. ,�<�y��y✓ �` �}}�yp �y���yyy�� yy55.��•• �.rr��r+w�n�w•.r 'Y..�ry�µ�:ryy.:��"a•....• �'IN••I+�<-wHMfr ',.ti.�.•►i:«��i..��'/� '1 yw'w4.r+M 1'N�h�4'vti,�'� <,�.rr.�H4 �o�w�..r:..�.,,w�(��.[ La S<:Lr1 c.ztnlf�rT•wla n+ .rswr•w,+r w +••w:•syw.y. ..R•„t.• l f 3 3 w a (,f Y //7,tL ,#.�i,:3�'lr 3`s.t.'r<+r. �•y 7r•• f=.•••�.ri.�:.wir a"Y:.��:';' �z':',�." K. -r .•e :X< w •� J3p�`;,y J' ry r ; g •_ .,....✓r• .S ,L / r. :2' ': �Y'� -y�y ... �li.•w� '+�.. . k^.����/�.f;jej:r� 1 in.�.I:,1.• ' • 1,C. he Sur• y�� ...iL.y �:f` `S:y�Zjt�.+l..,f�:'...:.'•«.M:.i'.f. Ma)dmum Federal - • a 259 Tax ;r1rr''j'.`}w..:�.'.l�i'yf%�•ia'�a' h�i�'�#h'ti:.i+lryr.."n":~1r?. rfh !s-'✓ri/.�'w.0 },.- •�r *{..fir' - :4�r.'_,• Credit • 0.6200 S ., .. '�'tr'•�•4Ly r�s.�.s oi'.'ts'..t`t`....., r'�!4 .:1'1.!•�.�+t,�Ar'Ji'f Yi iYr,. rrS�:rf •...rak.i•y 1'.r:..l f.i�� Estimated Proceeds Syndication S1,078,340 '..►1'•Y tirin'ti�./ S ■,ir•. .�j i '•!y• .:4�,''.a��'y�R� Not Sir"'3�'�1 rj' 1 </4w•:'• �57 Less Shortfall from A above Sur �w ice..a''i.�:•...."-3'"Ly`..S.i..�r..-�':°'",.:.i',•,%.r�:«''t;i."r• ���j4:tt�: • 1rtfall 1• 41. '.�, k. /.fir+., ,•y s x y<' 'f. ti.,t7 '�,� '�i •u y3:�..:r::�'.,ir„'h Y•i',r.W'.i1r r{,i ��.��. �.r�.�y.'t�'.�.'•,'�~# •djustmeiftif Surplus TotalFederal • •. Needed 1 f.1: fS t.�yt':S ."�.•9�.Z�..`°r:��::�„S�nsy,...r.rZr^•nr•A•.w�• .ern .3�.rAn�s. ... �t..t•-..t....,: � -it' ny r r{ is ds.; � ��<. .,,.��. 4ry',•i.V SS.%�':J. 'L".-x- t .r1r -� 1 /t :' � ,:- 'ti. 'c ..<„ ..j�Js, ';'.:1:f, 'r�:�:�v- e.i;it- w�.1•ak C.� •'R ..larr< .t 1.-..r 3", .s, .r,.2,..4 Lt.r-'f4.,,;..t....L .r. .�. i• Datereiring the State • t • "AtRiskq Quallfted Basis S2,010,703 so for 0.30 0.13i {`•Y�1iy` so Maximum State Tax Credh 14503,211 Tax Credid Factor0.6200 -w EsUmated Net Proceeds State :• r_ S373XI LLB%' Jar• .r. Surplus(Deficfl) fter late 'tin, Proceeds _ s r.. sv.... ..,.a.y �.•r4 a. S':F:''�-'t S: w+> ,�:,,- �•,�� ,^� ti;[,j'r� •;s,'=.:.5•. .,.!`tw„*T•'�Y 1s'?'S •y. X•.,a'.«1: 7'a...s.9�,:'' r,�,._ `""+ �: e3 Summary Tax Credit An Avtilabla Total Federal Credits Requesled $1,739zg Estmated Net -.1.1;'�� ;y.; •r,+.`4.•,r t-,,' y:<-. 11 Wi: ,. .���yf t"1"a:. :i✓ �i', 'r� nit:-tt�...•-eti i';".• �..v�...ems,y�•.< � r 4 ,_�,.>,.,�jF�a:re-�."7,'�'�r:::fir<.ti-e,.:•.+n'�3:.'� : .r.ti „5vb[♦ nvyy r ,qj. .1 r n t r �w i r ri.'. ProceedsS1,452,330- Total Other Permanent Financing Sources1: .:;:�yl: ,:•:yr::�rf3w p� i.3'e�r a_Oti 4�. 7otal Financing F All romSources '•f • '?ice;~ 'xaai '3y r7 • t a 1r;1 c" Total ! 1 '• S2.960,859 Ca • �i*a�^t�t.fi�.x��"►��y� r{-�'.:'�i.�.k>,1,+,5 j. �� t /f 1 �..m�y .'. .- .y.,.t.rr *�♦ 44 i ! - -01•W � 4�.4'r M4. M� . � J 4 �JF-!'' ''°'';s,�Ja4:.,f-::Y _,�•k.a4�..i3'YA,Mw'P4..;ri.. -rr.:fr,;t;'.C 'E', 4'."i 40, MY,.,rr�i.lri y. F,5•.Eligible Basis per Unk $V,422 1 ��:��'>��h��i':":.�",y:•�::N`r..:�..�s} L•�•` ..s..�+riMN.y':'S.•:�r 1 Mamurn Credftper Bdrm ;:•i•wy;' yv •y.» .�•a y,i• w�s;.5t r 1-.af rf•yti�.i�•,, ,rti�r; •• S10,185 n'r�:.1,•�.�1.2�t•. l,yr r, fr•w ws. 7. !�)•a �.wi M�.S�r _'.r rr.'r.�� 'IC,'."'ft._.•K Sri;r,jti'rr`y,..Y.ri.�f .�lr:-r't�r.�.'l A'-. yy, .� of _.nxx .. tN y-• �.i y3 � ,� i � _ ern v n1+ ,.yyyy y7•':r L1. ssyy r'•NyN•�wa•`_!•�tMF•w wN.�V+-.�4v-n5'i hn•r...�' .:�aQy/f 7y�1p:./,f. 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