RESOLUTION NO. 23-___
Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Execute The Amended And Restated Loan Agreement By And Between The City Of Emeryville And Evoy, L.P., An Affiliate Of Resources For Community Development, A California Nonprofit Public Benefit Corporation, For The Development Of Affordable Housing At 3600, 3610 And 3620 San Pablo Avenue, Increasing The Loan Amount By $12,247,486 To A Total Amount Not To Exceed $16,747,486 (CEQA Determination: Exempt Pursuant To California Government Code Section 8698.4(a)(4) And State CEQA Guidelines Sections 15268(a), 15269(c), 15332, And 15061(b)(3))
WHEREAS, on June 5, 2018, the voters in the City of Emeryville approved Measure C, which provides for the issuance of up to $50,000,000 in general obligation bonds for affordable housing programs in the City of Emeryville; and WHEREAS, on November 5, 2019, the City Council adopted Resolution No. 19-150, authorizing the City Manager to execute a $2,000,000 pre-development loan agreement with Resources for Community Development (“Developer”) to acquire 3600, 3610 and 3620 San Pablo Avenue (collectively herein referred to as the “Site”) and on November 22, 2019 the Developer entered into a Predevelopment Loan Agreement with the City to acquire the Site for affordable housing; and
WHEREAS, Developer requested a zoning application be processed under Senate Bill (“SB”) 35 and Assembly Bill (“AB”) 1763 and on October 20, 2020 the Community Development Director approved the zoning application for a seven-story building with 89 affordable residential units and one resident manager’s unit, with ground floor commercial space (the “Project”); and
WHEREAS, on January 19, 2021, the City Council adopted Resolution No. 21-01, authorizing the commitment of an additional $14,747,486 in permanent financing for a total amount of $16,747,486 in loan funds committed to support the development of the Project; and
WHEREAS, on March 2, 2021, the City Council adopted Resolution No. 21-13 approving the Affordable Housing Bond Administration and Expenditure Plan (the “Expenditure Plan”), which includes the City’s commitment of $14,747,486 of additional funding for the Project; and
WHEREAS, on June 1, 2021, the City Council adopted Resolution No. 21-48, authorizing the execution of the First Amendment to Predevelopment Loan Agreement, providing an additional $1,500,000 for predevelopment expenses for the Project; and WHEREAS, on November 14, 2022, the City and Developer entered into that certain Second Amendment to Predevelopment Loan Agreement, extending the term of the agreement and modifying the development milestones for the Project; and DocuSign Envelope ID: 6AA7AB3C-3A99-45E9-8294-47BF3EFED06A Resolution No. 23-___
3600 San Pablo Avenue Amended and Restated Loan Agreement City Council Meeting | April 18, 2023
WHEREAS, on December 16, 2022, the City and Developer entered into that certain Third Amendment to Predevelopment Loan Agreement, which provided an additional $1,000,000 for predevelopment expenses for the Project; and WHEREAS, Developer has assembled the necessary financing to proceed to construction of the Project; and
WHEREAS, Developer and City have negotiated the Amended and Restated Loan Agreement to implement the City’s commitment of permanent financing memorialized in Resolution No. 21-01; now, therefore, be it
RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute the Amended and Restated Loan Agreement increasing the loan amount by $12,247,486 to a total amount not to exceed $16,747,486 for development of the Project, in substantial form as attached hereto as Exhibit A, and be it further RESOLVED, that the City Council of the City of Emeryville hereby authorizes the City Manager to execute any amendments to the Amended and Restated Loan Agreement as may be necessary to effectuate its purpose and as agreed upon by the City Manager and City Attorney provided such amendments do not materially increase the obligations of the City thereunder.
ADOPTED by the City Council of the City of Emeryville at a regular meeting held on Tuesday, April 18, 2023, by the following vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
ATTEST:
MAYOR
APPROVED AS TO FORM:
CITY CLERK CITY ATTORNEY
DocuSign Envelope ID: 6AA7AB3C-3A99-45E9-8294-47BF3EFED06A