City Council

6. FINANCE COMMITTEE: APPROVE KEY BUSINESS TERMS OF AN AFFORDABLE HOUSING LOAN AGREEMENT WITH HHP-WALNUT, LLC FOR A SHORT-TERM CITY CONSTRUCTION LOAN IN AN AMOUNT NOT-TO-EXCEED $3,250,000 IN BURBANK-GLENDALE-PASADENA REGIONAL HOUSING TRUST FUNDS FOR AN AFFORDABLE HOUSING PROJECT AT 1878 E. WALNUT STREET AND AMENDMENTS TO THE HOUSING DEPARTMENT’S FISCAL YEAR 2025 OPERATING BUDGET (Housing Dept.) Recommendation: It is recommended that the City Council: (1) Find that the action proposed in the agenda report is not a “project” subject to the California Environmental Quality Act (CEQA) pursuant to State CEQA Guidelines Section 21065 and within the meaning of Section 15378(b); (2) Approve certain key business terms, as described in the agenda report, of the proposed Affordable Housing Loan Agreement with HHP-WALNUT, LLC in connection with the development of an affordable housing project at 1878 E. Walnut Street (the “Project”); (3) Authorize the City Manager to execute any and all documents necessary to effectuate the staff recommendation, including a funding agreement with the Burbank-Glendale-Pasadena Regional Housing Trust for a funding award in the amount of $3,250,000, which is designated to support the Project; and (4) Amend the Housing Department’s Fiscal Year (FY) 2025 Operating Budget by recognizing revenue and appropriating $3,250,000 in the Other Housing Funds (Fund 238).