City Council

Item No. 21. 2024-0732 CONSIDER 1ST AMENDMENT TO SECOND\nAMENDED AND RESTATED PROMISSORY NOTES\nFOR VILLAGGIO 1 AND VILLAGGIO 2 PROJECTS\nLOCATED AT 535 EAST CARSON STREET AND 555\nEAST CARSON STREET, WITH GRACE HOUSING\nRESIDENTIAL PARTNERSHIP, A CALIFORNIA\nLIMITED PARTNERSHIP, AND CARSON HOUSING\nLIMITED PARTNERSHIP, A CALIFORNIA LIMITED\nPARTNERSHIP, RESPECTIVELY (HOUSING\nAUTHORITY)\nRecommendation: 1. APPROVE the 1st Amendment to Second Amended and\nRestated Promissory Note with Grace Housing Residential\nPartnership, LP (Villaggio I), increasing the interest rate on the\nNote from 3% simple interest to 6.5% simple interest, and\nclarifying the project name to "Villaggio I - formerly Grace\nResidential Partnership" in project documents; and\n2. APPROVE the 1st Amendment to Second Amended and\nRestated Promissory Note with Carson Housing Limited\nPartnership, LP (Villaggio II), increasing the interest rate on the\nNote from 3% simple interest to 6.5% simple interest; and\n3. AUTHORIZE the Executive Director to execute the Amendments\nin a form acceptable to the Authority Counsel.\n\nAttachments: 1st Amendment to Second Amended Restated Promissory Note - Villaggio I_4860-9047-3939_CHA\n1st Amendment to Second Amended Restated Promissory Note - Villaggio II_4882-5106-4531_CHA