City Council

B.13. ISSUE A SUPPLEMENTAL FINANCING LOAN COMMITMENT LETTER\nAMENDING THE TERMS OF THE FINANCING AND LOAN FROM THE\nAFFORDABLE HOUSING TRUST FUND FOR CONSTRUCTION AND\nPERMANENT FINANCING AT 910-916 N WETHERLY DRIVE AND\n$300,000 FOR ASSOCIATED PLAN CHECK FEES [S. CAMPBELL, B.\nLEAGUE, A. BARTLE]:\nSUBJECT: The City Council will consider issuing a supplemental financing\nloan commitment letter to the West Hollywood Community Housing\nCorporation (“WHCHC”), a non-profit housing developer and operator, to\namend the terms of already committed funds in the amount of $10,000,000\nfor Construction and Permanent Financing at 910-916 N. Wetherly Drive.\nRECOMMENDATIONS: 1) Authorize the City Manager to sign a\nsupplemental commitment letter in substantially the form attached, pledging\n$10,000,000 to the modified terms and conditions for the affordable housing\ndevelopment of 89 units at 910-916 N. Wetherly Drive; 2) Authorize the\nDirector of Finance and Technology Services to allocate $300,000 from the\nAffordable Housing Trust Fund to cover the costs associated with plan\ncheck services; and 3) Authorize the City Manager or designee to execute\nall documents incident to the agreement.