City Council

DEPARTMENTAL REPORTS DR-1. CITY MANAGER’S OFFICE Staff report recommending the Mayor and Council Members adopt a resolution updating the City’s Investment Policy Statement. Recommendation: 1. Adopt resolution. Documents: DR-1.PDF DR-2. DEVELOPMENT SERVICES DEPARTMENT Inglewood Comprehensive General Plan Draft Land Use Plan, Citywide. Recommendation: 1. Receive and file. Documents: DR-2.PDF DR-3 & H-3. HOUSING SERVICES & CDBG DEPARTMENT Staff report recommending the Mayor/Chairman and Council/Housing Authority Members authorize transactions and agreements for the refinance and partial repayment of the Inglewood Redevelopment Agency Loan (“Agency Loan”) with Regency Towers Senior Housing, L.P. (“Owner”), for the property located at 151 North Locust Street Inglewood, CA 90301 (“Project”). Recommendation: 1. Authorize the following transactions and agreements: a. Approve a partial repayment of approximately $2,297,878 in net capital proceeds from the refinancing transaction; b. Re-subordinate the City’s new loan and affordability covenants to a new first mortgager; c. Modify and restate the current loan to reflect a principal amount equal to the remaining unpaid principal at the current 3% interest rate; d. Execute the new Low-and Moderate-Income Housing Funds (LMIHF) subordinate loan agreement; e. Execute an Amended Promissory note; and f. Approve and execute the Amended and Restated Regulatory Agreement extending affordability covenants; 2. Adopt a resolution amending the Fiscal Year 2025-2026 Operating Budget to receive approximately $2,297,878 in net capital proceeds (Low-and Moderate Income Housing Funds); -AND- 3. Allow the Mayor/Chairman or his designee to sign additional implementation documents reasonably necessary for the refinance, repayment, and execution of the new loan agreement. Documents: DR-3, H-3.PDF DR-4 & H-4. HOUSING SERVICES & CDBG DEPARTMENT Staff report recommending the Mayor/Chairman and Council/Housing Authority Members approve development agreements and contract with Sankofa Place, LP (Owner) for the development of a new 120-unit affordable rental housing community located at 400–410 Centinela Boulevard, Inglewood, California 90302 (“Project”). Recommendation: 1. Approve the following development agreements and contract with Sankofa Place, LP (Owner): a. HOME Investment Partnerships Program Loan Agreement (“HOME-ARP”) in the amount of $2,800,000 funded through an award from the U.S. Department of Housing and Urban Development (“HUD”), Office of Community Planning and Development (“CPD”); b. Regulatory agreement and Declaration of Restrictive Covenants (Density Bonus and SB35) requiring forty-one (41) affordable housing units to remain income-restricted for a minimum period of fifty-five (55) years, consistent with California Density Bonus Law; and c. HUD Section 8 Project-Based Voucher Program Agreement to enter into a Housing Assistance Payments Contract (“AHAP”) and the Housing Assistance Payments Contract (“HAP Contract”), authorizing the Inglewood Housing Authority (IHA) to provide rental assistance payments for up to fifty-nine (59) eligible households for a term of up to twenty (20) years pursuant to HUD’s Project-Based Voucher Program; -AND- 2. Adopt a resolution to authorize the Mayor/Chairman, or designee, to execute any additional agreements, certifications, amendments, and implementation documents necessary to facilitate the development and completion of the Project. Documents: DR-4, H-4.PDF