City Council

16.\nRESOLUTION\n25:029\nCONSIDERATION TO ADOPT AN ACQUISITION AND\nDEVELOPMENT LOAN AGREEMENT AND REGULATORY\nAGREEMENT\nFOR\nAN\nAFFORDABLE\nHOUSING\nDEVELOPMENT AT 16635, 16675, AND 16683 PARAMOUNT\nBOULEVARD; CONSIDERATION OF AN ADDENDUM TO A\nPREVIOUSLY\nADOPTED\nMITIGATED\nNEGATIVE\nDECLARATION AND ASSOCIATED MITIGATION MONITORING\nAND REPORTING PROGRAM FOR THE PROPOSED PROJECT\nRecommended Action:\n1) Approve a budget adjustment to increase the proposed affordable\nhousing project budget to $2,075,000; by allocating an additional\n$75,000 in general funds; and\n2) Adopt Resolution No. 25:029 adopting the addendum to a\npreviously adopted Mitigated Negative Declaration and associated\nMitigation Monitoring and Reporting program in conjunction with\nCity funding of a proposed 17-unit single-family residential project\nat 16635, 16675, and 16683 Paramount Boulevard as required by\nthe California Environmental Quality Act; and\n3) Approve an Acquisition and Development Loan Agreement with\nGold Key Development, Inc. to support the development of\naffordable housing units at 16635, 16675, and 16683 Paramount\nBoulevard; and\n4) Approve and authorize execution of a Regulatory Agreement\nensuring long-term affordability for designated units, and associated\nattachments’ and\n5) Authorize the City Manager to make non-material changes to the\nabove documents that do not increase costs to the City and\nauthorize the execution of all other documents needed to complete\nthe loan transaction.