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File #:
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250286
Version:
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Name:
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Multifamily Housing Revenue Note - Sunnydale Block 7 Housing Partners, L.P. - Sunnydale HOPE SF Block 7 - 65 Santos Street - Not to Exceed $53,305,000
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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Final action:
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4/25/2025
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Enactment date:
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4/25/2025
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Enactment #:
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162-25
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Title:
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Resolution approving for purposes of the Internal Revenue Codes of 1986, as amended, authorizing the execution and delivery of a multifamily housing revenue note in one or more series in an aggregate principal amount not to exceed $53,305,000 for the purpose of providing financing for the construction of a 89-unit (including one manager unit) multifamily rental housing project located at 65 Santos Street, known as “Sunnydale HOPE SF Block 7”; approving the form of and authorizing the execution of a funding loan agreement, providing the terms and conditions of the loan from the funding lender to the City, and the execution and delivery of the note; approving the form of and authorizing the execution of a borrower loan agreement providing the terms and conditions of the loan from the City to Sunnydale Block 7 Housing Partners, L.P. (the “Borrower”); approving the form of and authorizing the execution of an amended and restated funding loan agreement which amends and restates the funding loan agreement on and after conversion; approving the form of and authorizing the execution of an amended and restated borrower loan agreement which amends and restates the borrower loan agreement on and after conversion; approving the form of and authorizing the execution of a regulatory agreement and declaration of restrictive covenants; authorizing the collection of certain fees; approving modifications, changes and additions to the documents; ratifying and approving any action heretofore taken in connection with the back-to-back loans, the note and the project; granting general authority to City officials to take actions necessary to implement this Resolution; and related matters, as defined herein.
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Attachments:
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1. Leg Ver1, 2. DRAFT Funding Loan Agmt, 3. DRAFT Borrower Loan Agmt, 4. DRAFT Assignment Deed of Trust, 5. DRAFT AR Funding Loan Agrmt, 6. DRAFT AR Borrower Loan Agrmt, 7. DRAFT Regulatory Agmt, 8. Good Faith Estimate, 9. CDLAC Resolution 24-263 121124, 10. TEFRA Notice Proof of Pub 011525, 11. TEFRA Hearing Minutes 011525, 12. MYR Cover Ltr 032525, 13. Form 126, 14. MOHCD Presentation 040925, 15. Cmte Pkt 040925, 16. Leg Ver2, 17. Board Pkt 041525, 18. Form 126 Final, 19. Leg Final
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