City Council

4.\nAPPROVAL OF OMNIBUS AMENDMENT TO THE LOAN DOCUMENTS BETWEEN\nTHE CITY OF ALHAMBRA AND CHAPEL HOUSING PARTNERS, L.P. – F2M20-71,\nM2M25-147\nOn January 31, 2022, Chapel Housing Partners, L.P. (“Borrower”), and the City entered\ninto a Disposition, Development, and Loan Agreement, under which the City agreed to\nloan the Borrower the original principal amount of $6,520,000 (the “City as Housing\nSuccessor Loan”) to support the development of 44 units. Construction of the project was\ncompleted on January 30, 2025, and the final construction costs were under budget. The\ntotal savings are estimated to be $2,713,855. From the savings, the Borrower has\nproposed applying the funds to pay down the loan to the City and one of the other lenders,\nas outlined in the proposed Omnibus Amendment to the City’s Loan Documents, a copy\nof which is attached the October 13, 2025 staff report by the Director of Community\nDevelopment.\nRecommended Action:\nCity Council approve the Omnibus Amendment, subject to\nfinal language approval by the City Manager and City Attorney, to the Loan Documents\nbetween the City of Alhambra and Chapel Housing Partners, L.P. (“Borrower”). The\nBorrower has proposed construction cost savings be used to pay down the Borrower’s\nloan from the City and from another lender, as outlined in the Omnibus Amendment; City\nCouncil authorize the City Manager, with the concurrence of the City Attorney, to approve\nand execute any future amendments to the City’s Loan Documents pertaining to\nprepayments and refinancings of the City as Housing Successor Loan and related matters,\nso long as the City’s security position and percentages of the residual receipts due to the\nCity remain the same as set forth in this Amendment, or the City’s position is improved by\nsuch future amendment; and, City Council direct staff to undertake the steps necessary to\nfinalize the Council’s action. (M2M25-147)