City Council

8I. Budget transfer for the funding commitment of a $400,000 loan to the Fox\nPoint Farms project for the affordable housing units that secured tax credit\nfinancing from the California Tax Credit Allocation Committee on May 15,\n2024. Environmental Considerations: The action being considered by the City\nCouncil is not subject to the California Environmental Quality Act (CEQA)\npursuant to Section 15060(c)(3) of the CEQA Guidelines because it is not\ndefined as a "project" under Section 15378(b)(5). The action involves an\norganizational or administrative activity of government that will not result in\ndirect or indirect physical change in the environment. Contact Person:\nHousing Services Manager Dacey\nRecommended Action: 1) Adopt Resolution No. 2024-120, titled "A\nResolution of the City Council of the City of Encinitas, Amending the Fiscal\nYear 2024-25 Budget" appropriating $400,000 from the Affordable Housing\nAcquisition Work Project Budget (WC18C) for a loan to the Fox Point Farms\nproject; and 2) Authorize the City Manager, or designee, in consultation with\nthe City Attorney, to execute the applicable loan documents and agreements,\nin substantial form.\n2024-10-16 Item 08I Budget Adjustment_Fox Point Affordable Loan