City Council

Item No. 21. 2024-0732 CONSIDER 1ST AMENDMENT TO SECOND AMENDED AND RESTATED PROMISSORY NOTES FOR VILLAGGIO 1 AND VILLAGGIO 2 PROJECTS LOCATED AT 535 EAST CARSON STREET AND 555 EAST CARSON STREET, WITH GRACE HOUSING RESIDENTIAL PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP, AND CARSON HOUSING LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP, RESPECTIVELY (HOUSING AUTHORITY) Recommendation: 1. APPROVE the 1st Amendment to Second Amended and Restated Promissory Note with Grace Housing Residential Partnership, LP (Villaggio I), increasing the interest rate on the Note from 3% simple interest to 6.5% simple interest, and clarifying the project name to "Villaggio I - formerly Grace Residential Partnership" in project documents; and 2. APPROVE the 1st Amendment to Second Amended and Restated Promissory Note with Carson Housing Limited Partnership, LP (Villaggio II), increasing the interest rate on the Note from 3% simple interest to 6.5% simple interest; and 3. AUTHORIZE the Executive Director to execute the Amendments in a form acceptable to the Authority Counsel. Attachments: 1st Amendment to Second Amended Restated Promissory Note - Villaggio I_4860-9047-3939_CHA 1st Amendment to Second Amended Restated Promissory Note - Villaggio II_4882-5106-4531_CHA