Report to City Council and Housing Authority
Tuesday, February 21, 2017
Special Orders of the Day
SUBJECT:
Title
A JOINT PUBLIC HEARING TO CONSIDER ADOPTING CARSON HOUSING AUTHORITY RESOLUTION NO. 17-06-CHA AND CITY OF CARSON RESOLUTION NO. 17-022 APPROVING A DEVELOPMENT AND LOAN AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND 21205 CARSON ARTS LP, FOR A 46 UNIT AFFORDABLE HOUSING DEVELOPMENT AT 21205 MAIN STREET (CITY COUNCIL AND HOUSING AUTHORITY)
Body
I. SUMMARY
This action is to consider approval of Carson Housing Authority Resolution No. 17-06-CHA (Exhibit No. 1) and City Council Resolution No. 17-022 approving a Development and Loan Agreement (Agreement) by and between the Carson Housing Authority (Authority) and 21205 Carson Arts, LP (Developer) (Exhibit No. 2). The Agreement is for development of 45 units of affordable housing with leasing preference for artists and one (1) manager's unit at the privately-owned 1.8-acre property located at 21205 Main Street (Property) (Exhibit No. 3).
The Agreement describes the Authority's financial assistance to acquire the property and develop the proposed project. In addition to providing a $4,200,000 loan to the Developer to acquire the land, the Agreement also provides cash assistance in the form of a $2,800,000 grant to the Developer's non-profit partner. The loan will be evidenced by a promissory note and secured by a Deed of Trust.
II. RECOMMENDATION
Recommendation
TAKE the following actions:
1. OPEN the joint Public Hearing, TAKE public testimony and CLOSE the joint Public Hearing.
2. WAIVE further reading and ADOPT RESOLUTION NO. 17-06-CHA, "A RESOLUTION OF THE CARSON HOUSING AUTHORITY MAKING CERTAIN FINDINGS AND APPROVING A DEVELOPMENT AND LOAN AGREEMENT BY AND BETWEEN THE CARSON HOUSING AUTHORITY AND 21205 CARSON ARTS, LP RELATING TO THE DEVELOPMENT OF THE PROPERTY LOCATED AT 21205 MAIN STREET."
3. WAIVE further reading and ADOPT RESOLUTION NO. 17-022, "A RESOLUTION OF THE CITY...
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