City Council

B. APPROVE ADDITIONAL FUNDING IN THE AMOUNT OF $2,200,000 FOR THE\nDEVELOPMENT AND CONSTRUCTION OF THE MONARCH PROJECT LOCATED AT\n3290 N INDIAN CANYON DR, A 60-UNIT MULTI-FAMILY PROJECT IN THE CITY OF\nPALM SPRINGS\nRECOMMENDATION:\n1. Appropriate funds in the amount of $2,200,000 from Housing Set-aside resources in\nthe Fiscal Year 2024 Budget.\n2. Approve a Funding Commitment in the amount of $2,200,000 for the Community\nHousing Opportunities Corporation for the Monarch Apartment Homes Project,\nsubject to terms and conditions of the Disposition and Development Agreement; and\n3. Authorize the City Manager to execute a Funding Commitment Letter for the Monarch\nApartment Homes Project, including making minor, non-substantive changes, and to\nsign all documents necessary.\nClick to View