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Title:
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Resolution authorizing the Treasure Island Director of Treasure Island Development Authority (“Authority”) to execute an Affordable Housing Loan Agreement with the Bay Area Housing Finance Authority (“BAHFA”) under the Regional Early Action Planning Grant 2.0 (“REAP 2.0”) Priority Sites Pilot Program for a total award of up to $3,000,000 to be disbursed as an unsecured low-interest loan from BAHFA to the Authority to fund design, permitting, or construction of infrastructure improvements serving the affordable housing parcel E1.2 Senior Housing project on Treasure Island with a loan term of three years from the execution date of the Affordable Housing Loan Agreement, with the option for two one-year extensions; authorizing the Authority to accept and expend the funds of up to $3,000,000 for eligible costs approved by BAHFA; and authorizing the Treasure Island Director to execute and deliver any documents, including a Memorandum of Agreement with Treasure Island Community Development LLC, in the name of the Authority that are necessary, appropriate or advisable to accept and expend the Priority Sites funds from the BAHFA.
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