City Council

2. REQUEST FOR FINANCING COMMITMENT LETTER AND\nAUTHORIZATION TO ISSUE LOAN FROM THE AFFORDABLE HOUSING\nTRUST FUND IN THE AMOUNT OF $5,145,000 FOR ACQUISITION\nFINANCING AT 1238 AND 1244 N. LARRABEE DRIVE [S. CAMPBELL, B.\nLEAGUE, A. BARTLE]:\nSUBJECT: The City Council will consider issuing a commitment letter and\nloan from the Affordable Housing Trust Fund to Linc Housing Corporation, a\nnon-profit housing developer and operator, in the amount of $5,145,000 for\nacquisition financing at 1238 and 1244 N. Larrabee Drive.\nRECOMMENDATION: 1) Authorize the City Manager or designee to execute\na commitment letter in substantially the form attached, pledging $5,145,000\nfor acquisition financing for the development of between 45 and 50 affordable\nhousing units at 1238 and 1244 N. Larrabee Drive and authorize the City\nManager, or designee, to execute all documents incident to the Agreement;\n2) Authorize the Director of Finance and Technology Services to allocate\n$5,145,000 in the Affordable Housing Trust fund to account 216-3-05-62-\n537015 for the purposes of funding the loan; and 3) Authorize the Director of\nFinance and Technology Services to make annual transfers from the General\nFund to the Affordable Housing Trust Fund, based on expended amounts for\napproved funding commitments for affordable housing developments, if\nactual expenditures in Affordable Housing Trust Fund exceed the fund\nbalance.