City Council

A.\nAPPROVE THE REQUEST FOR FINANCIAL ASSISTANCE AND LOAN COMMITMENT\nFOR DEVELOPMENT OF AN 82-UNIT AFFORDABLE HOUSING PROJECT LOCATED\nAT 305 WEST SAN RAFAEL\nRECOMMENDATION:\n1. Approve a funding commitment in the amount of Three Million Eight Hundred\nThousand Dollars ($3,800,000) to Red Tail Multifamily Land Development for the\nconstruction of an 82-unit affordable rental housing development at 305 W. San\nRafael Drive.\n2. Authorize the City Manager to execute all loan documents and related agreements,\nsubject to approval by the City Attorney, consistent with the terms described herein.\n3. Acknowledge that the project is eligible for fee reductions pursuant to Resolution No.\n24654, the Affordable and Multi-Family Housing Incentive Program, which provides a\n100 percent reduction of applicable Development Impact Fees and Developer Fees\nfor projects that are 100 percent affordable.\n4. Direct staff to schedule, at a future date, a Tax Equity and Financial Responsibility Act\n(TEFRA) hearing pursuant to Section 147(f) of the Internal Revenue Code, issue\npublic notice, and return to the City Council for consideration of approval of qualified\nprivate-activity bonds to be issued by an outside issuer.