City Council

8I. Budget transfer for the funding commitment of a $400,000 loan to the Fox Point Farms project for the affordable housing units that secured tax credit financing from the California Tax Credit Allocation Committee on May 15, 2024. Environmental Considerations: The action being considered by the City Council is not subject to the California Environmental Quality Act (CEQA) pursuant to Section 15060(c)(3) of the CEQA Guidelines because it is not defined as a "project" under Section 15378(b)(5). The action involves an organizational or administrative activity of government that will not result in direct or indirect physical change in the environment. Contact Person: Housing Services Manager Dacey Recommended Action: 1) Adopt Resolution No. 2024-120, titled "A Resolution of the City Council of the City of Encinitas, Amending the Fiscal Year 2024-25 Budget" appropriating $400,000 from the Affordable Housing Acquisition Work Project Budget (WC18C) for a loan to the Fox Point Farms project; and 2) Authorize the City Manager, or designee, in consultation with the City Attorney, to execute the applicable loan documents and agreements, in substantial form. 2024-10-16 Item 08I Budget Adjustment_Fox Point Affordable Loan