HomeMy WebLinkAboutReso 20-04 LoanToSrLtdPrtnershp RESOLUTION NO. 20 - 04
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING A LOAN TO DUBLIN SENIOR LIMITED PARTNERSHIP
FOR AFFORDABLE sENIOR HOUSING
WHEREAS, the City Council finds that there is a severe shortage in the City of Dublin of housing affordable to
lower-income seniors; and
WHEREAS, development of affordable senior housing in close proximity to a senior center will serve a public
purpose; and
WHEREAS, the City intends to develop a senior center at 7606 Amador Valley Blvd (the "Senior Center"); and
WHEREAS, the City Council selected Eden Housing, Inc. ("Eden") to develop a 54-unit affordable senior
housing project (the "Project") adjacent to the Senior Center; and
WHEREAS, Eden has formed Dublin Senior Limited Partnership, a Califomia limited partnership (the
"Partnership") for the purpose of developing and operating the Project, arid Eden is the Parmership's general parmer; and
WHEREAS, Eden and the Parmerslfip have received an allocation of Low-Income Housing Tax Credits and a loan
commitment from Citibank (Wes0 FSB, a federal savings bank ("Citibank") for construction and permanent financing for
the Project; and
WHEREAS, pursuant to a commitmem Ic~er dated july 15, 2003, the City has agreed to provide a loan for the
Project in the maximum mount of $2,248,248 from the City's Inclusionary Zoning In Lieu Fee Fund in order to partially
finance the development of affordable units within the Project.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin, a mmficipal corporation,
authorizes the provision of a loan to the Parmership in the amount of Two Million Two Hundred Forty-Eight ThoUsand,
Two Hundred and Forty-Eight Dollars ($2,248,248) ("Loan") for the purposes of providing construction and permanent
financing for the Project, and approves a Budget Change allocating monies from the Inclusionary Zoning In Lieu Fee Fund
to fund the Loan.
BE IT FURTHER RESOLVED, the City Council approves the Loan Agreement, the Secured Promissory Note,
and the Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust") and
authorizes and directs the Mayor, the Mayor Pro Tern or the City Manager to execute the Loan Agreement substantially in
the form at~tached hereto with such changes as may reasonably be necessary as approved by the City Manager and the City
Attorney, and to undertake such further action as may be necessary and desirable to carry out the intent of this resolution,
including ~x4thout limitation, the execution of (i) an easement agreement providing certain parking, utility, access and
drainage easements for the benefit of the Project and the Settlor Cemer in accordance with the Parcel Map filed for the
Project and Senior Center sites, and (ii) a Subordination Agreement and an Estoppel Agreement for the benefit of Citibank,
pursuant to which the Deed of Trust will be subordinated to the Citibank deed of trust, and certain rights of the City,
including the right to receive payments from Project cash flow, will be subordinated to the rights of Citibank.
PASSED, APPROVED, AND ADOPTED this 3~a day of February 2004.
AYES: Counciimembers McCormick, Oravetz, Sbranti and Zika~ and Mayor Lockhart
NOES: None ~~/~M ~kay~r~~~~/
ABSENT: None .
ATTEST: ~ \~)_ .....
City Clerk