RESOLUTION NO. 23-___
Resolution Of The City Council Of The City Of Emeryville Appropriating A Total Of $4,264,320 From The Low And Moderate Income Housing Fund (Fund 298), The Affordable Housing Fund (Fund 299), And The Affordable Housing Impact Fee Fund (Fund 239) To The Fiscal Year 2022-2023 Operating Budget To Support The 3600 San Pablo Avenue Affordable Housing Project; With A Total Of $3,529,891 To Be Reimbursed To Funds 298, 299 And 239 By Proceeds From The Sale Of The City Of Emeryville 2023 General Obligation Bonds
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, of the total $14,747,486 in funding allocated to the Project by the Expenditure Plan, $3,529,891 is proposed to be funded by the general obligation bonds authorized by Measure C; and
WHEREAS, on February 21, 2023, the City Council adopted Resolution No. 23-22, authorizing the issuance and sale of up to $50,000,000 of the City’s 2023 General Obligation Bonds, and related actions; and
WHEREAS, on April 4, 2023, the City Council adopted a resolution authorizing the distribution of a Notice of Intention to Sell Bonds, Notice of Sale, and a Preliminary Official 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
Statement in connection with the issuance and sale of up to $50,000,000 in 2023 General Obligation Bonds; and
WHEREAS, the authorizing resolutions and other documents approved for the 2023 General Obligation Bonds provide that the City may advance funds for the activities and projects to be funded by the 2023 General Obligation Bonds and, upon the receipt of proceeds from the sale of the 2023 General Obligation Bonds, be reimbursed for those advances; and
WHEREAS, the 2023 General Obligation Bonds are anticipated to be sold in May 2023; and
WHEREAS, Developer has received entitlements for the Project and has assembled the necessary financing to proceed with construction of the Project; and WHEREAS, the City wishes to advance funds from available fund balances for the purposes of funding the City’s commitment to the Project as memorialized in Resolution 21-01 and to allow the Project to proceed to construction without delay, now, therefore be it
RESOLVED, that the City Council of the City of Emeryville hereby appropriates $1,346,240 From The Low And Moderate Income Housing Fund (Fund 298) To The Fiscal Year 2022- 2023 Operating Budget For Loans To Developers (Account 298-88120); and be it further RESOLVED, that the City Council of the City of Emeryville hereby appropriates $1,800,080 From The Affordable Housing Fund (Fund 299) To The Fiscal Year 2022-2023 Operating Budget For Loans To Developers (Account 299-88120), and be it further RESOLVED, that the City Council of the City of Emeryville hereby appropriates $1,118,000 From The Affordable Housing Impact Fee Fund (Fund 239) To The Fiscal Year 2022-2023 Operating Budget For Loans To Developers (Account 239-88120); and be it further RESOLVED, that the City Council of the City of Emeryville hereby appropriates $1,346,240, $1,799,980 and $383,671 (total $3,529,891) to Funds 298, 299 and 239, respectively, upon the City’s receipt of proceeds from the sale of the City Of Emeryville 2023 General Obligation Bonds, which appropriations represent reimbursement of the advances appropriated herein.
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
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