City Council

12.5 Adoption of a Resolution Approving a Housing Density Bonus Agreement and a Home\nProgram Predevelopment Loan Agreement by and Between the City of El Monte and\nLinc Ramona Apts., LP for the Development of a 39-Unit Affordable Rental Housing\nProject Located at 11730 Ramona Boulevard\nRECOMMENDATION OF BUSINESS ITEM UNDER CONSIDERATION:\nIt is recommended that the City Council:\n1. Adopt a Resolution approving a Housing Density Bonus Agreement and a HOME\nProgram Predevelopment Loan Agreement by and between the City of El Monte and Linc\nRamona Apts., LP for the development of a 39-unit affordable rental housing project\nlocated at 11730 Ramona Boulevard;\n2. Approve a Housing Density Bonus Agreement;\n3. Approve the HOME Program Predevelopment Loan Agreement in the amount of\n$700,000; and\n4. Authorize the City Manager, or her designee, to execute the Agreements and make\nnecessary modifications as approved by the City Attorney to comply with U.S. Housing\nand Urban Development (HUD) requirements.\nTotal Cost: N/A Account No: N/A\nIs the cost of this item budgeted? N/A\nResolution No. 10430