City Council

11. FINANCE COMMITTEE: AMEND THE HOUSING DEPARTMENT’S FISCAL YEAR 2025 OPERATING BUDGET IN THE AMOUNT OF $3,237,000 FOR THE CENTENNIAL PLACE PROJECT AT 235 E. HOLLY STREET; APPROVE THE KEY TERMS OF AN AFFORDABLE HOUSING LOAN AGREEMENT WITH ABODE COMMUNITIES (Housing Dept.) Recommendation: It is recommended that the City Council: (1) Find that the proposed project activities in the agenda report in connection with the Centennial Place affordable housing project at 235 E. Holly Street (the "Project"), as described in the agenda report, do not have a significant effect on the environment and have been determined to be categorically exempt from the California Environmental Quality Act (“CEQA”) under Section 15301(e)(2) (Class 1, Existing Facilities), and that there are no features that distinguish this Project from others in the exempt class, and therefore, there are no unusual circumstances; (2) Approve a budget amendment appropriating a total of $3,237,000 consisting of: a) $2,231,097 from the unappropriated fund balance of the Other Housing Fund (238); b) $840,000 from the unappropriated fund balance of the Low and Moderate Inclusionary Housing Asset Fund (237); and c) $165,903 from the unappropriated fund balance of the Inclusionary Housing Trust Fund (239) to the Housing Department’s FY 2025 Operating Budget to fund the proposed City loan for the Centennial Place Project; (3) Approve certain key business terms, as described in the agenda report, of the proposed Affordable Housing Loan Agreement with Abode Communities; and (4) Authorize the City Manager or his designee to execute the Affordable Housing Loan Agreement any and all related documents necessary to effectuate the staff recommendation. City Council