City Council

8) Mary McDonald Riley Street Senior Apartments Project Budget, Loan Agreement\n(ARPA), expenditure of Low- and Moderate-Income Housing Asset Funds\n(LMIHAF) and Affordability Covenants for the Project Located at 200 North Riley\nStreet\nAdopt A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE ELSINORE,\nCALIFORNIA, ACTING AS HOUSING SUCCESSOR TO THE FORMER\nREDEVELOPMENT AGENCY, APPROVING A CONSTRUCTION BUDGET, AN\nARPA LOAN AGREEMENT WITH RIVERSIDE COUNTY AND THE EXPENDITURE\nOF UP TO $3,687,500 FROM THE CITY’S LOW AND MODERATE INCOME\nHOUSING ASSET FUND (LMIHAF) FOR CONSTRUCTION AND DEVELOPMENT\nOF THE MARY McDONALD RILEY STREET SENIOR APARTMENTS PROJECT\nAND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH INCLUDING\nAPPROVAL OF LONG-TERM USE AND AFFORDABILITY COVENANTS.