City Council

14.2 Consideration and Adoption of a Resolution Approving the Purchase and Sale\nAgreement and Joint Escrow Instructions for Sale of Vacant Land Located at 11448\nLee Lane (APN 8567-023-900) Between the Successor Agency and Neighborhood\nHousing Partners, Inc., a California Nonprofit Corporation; and Adoption of a\nResolution Authorizing a Loan of $339,000 to NHP for Predevelopment Costs Related\nto the Proposed Affordable Housing Development.\n[This Staff Report has been prepared for the consideration and action of the City\nCouncil of the City of El Monte serving as the Governing Board of the Successor\nAgency to the former El Monte Community Redevelopment Agency at the City Council\nmeeting scheduled for May 21, 2024.]\nRECOMMENDATION OF BUSINESS ITEM UNDER CONSIDERATION:\nIt is recommended that the City Council and Successor Agency:\n1. Adopt a Resolution approving the Purchase and Sale Agreement and Joint Escrow\nInstructions by which the Successor Agency will sell the property located at 11448 Lee\nLane (APN 8567-023-900) between the Successor Agency and Neighborhood Housing\nPartners, Inc., a California nonprofit corporation in accordance with the Department of\nFinance approved Long Range Property Management Plan and Dissolution Law;\n2. Adopt a Resolution certifying NHP as a Community Development Organization; and\nauthorizing a Predevelopment Loan of $339,000 to NHP for costs related to\npredevelopment work for the proposed affordable housing development located at\n11448 Lee Lane of HOME funds previously allocated by the City Council for\ndevelopment of affordable housing projects; and\n3. Approve the terms of the PSA and Predevelopment Loan and authorize the City\nManager, or her designee, to make all conforming edits, finalize, and execute in final\nform the Purchase and Sale Agreement and Escrow Instructions, and Predevelopment\nLoan Agreement Promissory Note and Assignment of Agreements, Plans and\nSpecifications by and between the Successor Agency and NHP to effectuate the PSA\nand predevelopment loan.\nTotal Cost: N/A Account No: N/A\nIs the cost of this item budgeted? N/A\nResolution No. SA-95\nResolution No. 10536