City Council

B.\nAPPROVE THE REQUEST FOR FINANCIAL ASSISTANCE AND LOAN COMMITMENT\nFOR DEVELOPMENT AND CONSTRUCTION OF A PROJECT LOCATED AT\nMcCARTHY ROAD AND SAN RAFAEL, A 110-UNIT AFFORDABLE HOUSING\nPROJECT\nRECOMMENDATION:\n1. Approve a funding commitment in the amount of Two Million Two Hundred Fifty\nThousand Dollars ($2,250,000) to Pacific West Communities, Inc. (“Developer”) to\nassist with acquisition of approximately five acres located at the northwest corner of\nMcCarthy Road and San Rafael Drive for the development of a 100 percent\naffordable housing community.\n2. Authorize the City Manager to structure applicable Development Impact Fees and\nDeveloper Fees as a City loan, not to exceed $2,500,000, subject to repayment from\nresidual receipts and documented through separate loan and regulatory agreements,\nconsistent with the Affordable and Multi-Family Housing Incentive Program.\n3. Authorize the City Manager to execute all necessary loan documents and related\nagreements, subject to approval by the City Attorney, consistent with the terms\ndescribed herein.