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CITY COUNCIL AGENDA ITEM NO. 18

Meeting Date: November 14, 2000

Subject/Title: City Contribution for Housing Development at 613 First St.

Submitted by: Jon Elam, City Manager

Approved by: Jon Elam, City Manager

RECOMMENDATION 
The Economic Development Subcommittee recommends the support of a request from Mr. Fred Valverde (Representing Nanval Inc.) for a loan of $500,000 from the City Housing Fund to build 16 affordable housing units in downtown Brentwood.

PREVIOUS ACTION
None

BACKGROUND
State law requires the City to set aside up to 20% of all redevelopment funding to facilitate the creation of affordable housing in the City. As of June 30, 2000, the fund has a balance of $774,028. Recently, the City has reviewed its housing element and is presently processing an amendment to allow the creation of additional affordable housing in the downtown area. 

With that in process, the City received a request from the new owners of the former Brentwood Furniture building to rebuild the building and incorporate 16 rental units for senior housing on the second floor.

While the details of the proposal are not finalized, any proposal would need to be reviewed by City Staff and the Planning Commission. The developers have requested conceptual support before proceeding further.

The Council’s Economic Development Subcommittee agreed, in concept, to support a loan in the amount of $500,000. This would be backed by a First Note and Deed of Trust on the property located at 613 First Street.

Terms and Conditions proposed would include interest rates of 2% for the first 48 months (4 years) with the remaining 72 months (6 years) at 4%. No principle or interest would be paid during the first 48 months, but interest would be charged on the unpaid balance. Payments would be based on an amortized schedule of 30 years. The loan would sunset at 10 years with a balloon payment due on all unpaid loan balances. However, the applicant may apply for up to two-twelve month extensions with all requirements remaining the same.

Mr. Valverde will be present to answer any questions and briefly present his proposal to the Agency Board.

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