2004-09-01 Special Joint CIC HABOC PacketCITY OF ALAMEDA•CALIFORNIA
SPECIAL JOINT MEETING OF THE COMMUNITY IMPROVEMENT COMMISSION
AND HOUSING AUTHORITY BOARD OF COMMISSIONERS
WEDNESDAY - - - SEPTEMBER 1, 2004 - - - 5 :40 P.M.
Time: Wednesday, September 1, 2004, 5:40 P.M.
Place:
Council Chambers, City Hall, corner of Santa Clara Avenue
and Oak Street.
Roll Call
Public Comment
Anyone wishing to address the Commission/Board on agenda items only
may speak for a maximum of 3 minutes per item.
Consent Calendar
Consent Calendar items are considered routine and will be enacted, approved
or adopted by one motion unless a request for removal for discussion or
explanation is received from the Commission /Board or a member of the
public.
1. Recommendation to approve First Amendments to the Owner
Participation Agreements between the Community Improvement
Commission, Housing Authority and Resources for Community
Development for Development of 52 Units of Affordable Rental
Housing and Ten Units of Affordable For -Sale Housing at the
Former Fleet Industrial Supply Center.
Regular Agenda Items
None.
Adjournment
Beverly Jo so.' C : ir, Community
Improvement ssi +n and Housing
Authority Board of Commissioners
City of Alameda
Memorandum
August 26, 2004
To: Honorable Chair and Members of the Housing Authority Board of Commissioners
Honorable Chair and Members of the Community Improvement Commission
From:
Subject:
Background
James M. Flint
Chief Executive Officer
Recommendation to Approve First Amendments to the Owner Participation
Agreements between the CIC, Housing Authority and Resources for Community
Development for Development of 52 Units of Affordable Rental Housing and Ten
Units of Affordable For-Sale Housing at the Former Fleet Industrial Supply
Center.
On December 16, 2003, the Housing Authority Board of Commissioners (HABOC) and the
Community Improvement Commission (CIC) approved an Owner Participation Agreement
(OPA) with Resources for Community Development (RCD) for the construction of 52 affordable
rental units at the former Fleet industrial Supply Center (FISC).
On June 15, 2004, the HABOC and the CIC approved an OPA with RCD for the construction of
10 affordable for-sale units at the former FISC property.
Both projects have been moving forward and escrow is scheduled to close on each property by
early September, 2004. Financing for both projects is completed. Key financing sources for the
52-unit project include State Multi-Housing Program funds and equity raised through the Federal
affordable housing tax credit program. Wells Fargo is providing the construction loan for the 10-
unit project and Catellus affordable housing fees will provide the borrower equity for the Wells
Fargo loan. Both OPA's require technical revisions to meet lenderifunder requiretnents. These
revisions are contained in proposed first amendments to each OPA on file in the City Clerk's
Office.
Discussion
52- Unit Affordable Rental Housing Project: The primary proposed revision to the OPA is a
statement clarifying Section 7.7 of the original OPA (Loan Forgiveness). The First Amendment
acknowledges that the CIC loan will not be forgiven, but rather, if the loan is assumed by another
person or entity, RCD shall be relieved of its obligation to repay the CIC loan.
10-Unit Affordable For-Sale Housing Project: The First Amendment to the OPA provides a new
Section 4.9, Performance Under Loan Documents. The new section requires RCD to assume all
Dedicated to Excellence, Committed to Service
Honorable Mayor and Members
of the Housing Authority Board of Commissioners and
Members of the Community Improvement Commission
August 26, 2004
Page 2
of the Owner's (Housing Authority's) obligations under the construction loan that may be
required by the lender.
Fiscal Impact
Approving the First Amendments to the 52-unit and 10-unit OPA's as described above has no
fiscal impact.
Recommendation
The Chief Executive Officer recommends that the Housing Authority Board of Commissioners
authorize the Chief Executive Officer to execute the First Amendments to the Owner
Participation Agreements between the Housing Authority, CIC and Resources for Community
Development for development of 52 units of affordable rental housing and ten units of affordable
for-sale housing at the former Fleet Industrial Supply Center.
The Executive Director recommends that the Community Improvement Commission authorize
the Executive Director to execute the First Amendments to the Owner Participation Agreements
between the Housing Authority, CIC and Resources for Community Development for
development of 52 units of affordable rental housing and ten units of affordable for-sale housing
at the former Fleet Industrial Supply Center.
On file with the City Clerk:
First Amendment to Owner Participation Agreement (10 Unit Project)
First Amendment to Owner Participation Agreement (52 Unit Project)
Respectfully submitted,
Leslie Little
Development Services Director
•
it4
eel
Michael T. Pucci
Executive Director
By:
Debbie Potter
Base Reuse and Redevelopment Manager
G:\Comdev\Base Reuse& Redevp\DebbiePotter\Staff Reports\CIC-RCD 1st. Amendment 8-26-04.doe
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