Agenda packet, joint meeting — Glendale City Council, June 28, 2022

A G E N D A
JOINT MEETING: GLENDALE CITY COUNCIL AND GLENDALE HOUSING AUTHORITY

COUNCIL CHAMBERS
613 E. Broadway, 2nd Floor
Glendale, CA 91206
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JUNE 28, 2022

ROLL CALL
- 3:00 PM
- Report of the City Clerk of the City Council and Housing Authority, re: Posting of Agenda.

The Agenda for the Tuesday, June 28, 2022 joint public meeting of the City Council and Housing Authority was posted on June 22, 2022 on the Bulletin Board outside City Hall. 1 TYPED 6/23/2022 8:19:28 AM
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A JOINT PUBLIC MEETING of the City Council and Housing Authority is hereby called to meet at 3:00 PM on Tuesday, June 28, 2022 , in the Council Chamber, 613 E.

Broadway, 2nd Floor, Glendale, CA 91206 to Consider the Following Item(s) of Business, to wit;

1. Community Development, re: Amended and Restated Letter of Loan Commitment with LINC Housing and National CORE
a. Council Resolution of Appropriation in the amount of $6M for additional funding of 515 Pioneer Drive
b. Housing Authority Motion to Authorize the Executive Director to Execute an Amended and Restated Letter of Loan Commitment

2. CLOSED SESSION
a. Conference with Real Property Negotiators. Agency negotiators attending the closed session are: Roubik Golanian, Mike Garcia, Gillian van Muyden, John Takhtalian, Peter Zovak, Mike Fortney, Michelle Shahnazarians, and Jason Bradford. Instructions to the negotiator(s) will concern the price and terms for the acquisition of property Property No. 1 Location: 332-346 W. Cerritos and 341 Mira Loma. Negotiating parties:

Kefalonia Holdings, LLC
Property No. 2 Location: 426 Piedmont Avenue. Negotiating Parties: Berg Senior Services, LLC

ADJOURNMENT
2 TYPED 6/23/2022 8:19:28 AM
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1 CITY OF GLENDALE, CALIFORNIA

REPORT TO THE JOINT MEETING GLENDALE CITY COUNCIL AND

GLENDALE HOUSING AUTHORITY

AGENDA ITEM
Report: Amended and Restated Letter of Loan Commitment with LINC Housing and National CORE

1. Resolution of Appropriation in the amount of $6M for additional funding of 515 Pioneer Drive; and

2. Housing Authority Motion to Authorize the Executive Director to Execute an Amended and Restated Letter of Loan Commitment.

COUNCIL ACTION
Item Type: Action Item
Approved for June 28, 2022 calendar

EXECUTIVE SUMMARY
On August 10, 2021, the Housing Authority approved funding for 515 Pioneer Drive, a 340-unit 100% affordable housing project for seniors and small families, in the amount of $22,400,000. Since then, the project has been awarded $5M in CalHFA MIP funds, $65,462,102 in Federal Tax Credit proceeds, $74,970,489 in bonds, and $11,882,498 in State Tax Credit proceeds from the California Debt Limit Allocation Committee (CDLAC) and California Tax Credit Allocation Committee (CTCAC).

Since then, a combination of record inflation and rising interest rates has jeopardized the financial feasibility of affordable housing projects all across the State of California.

Specific to 515 Pioneer Drive, it has created a $12.3M gap on the project. Linc Housing and National CORE (Developer) has until July 5, 2022 to accept the award of tax credits and bonds but is unable to do so with such a large financial gap. The Developer has requested an additional $6M from the Housing Authority and City Council. If approved, the Developer will accept the credits and bonds and take responsibility for the remaining $6,327,621. The Developer will contribute its Developer fee to the extent necessary, while seeking any additional funds to offset the fee reduction.

COUNCIL PRIORITIES
Housing - By providing an additional $6M to 515 Pioneer Drive, the Housing Authority and City Council are providing the needed financial support to construct the 340-unit, 100% affordable rental housing project for seniors and small families. 3 of 44
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RECOMMENDATION
The Community Development Department (CDD) recommends the Housing Authority and City Council approve a Resolution of Appropriation in the amount of $6M and authorizes the Executive Director to execute an Amended and Restated Letter of Loan Commitment with LINC Housing and National CORE.

BACKGROUND
In Fall, 2019, the Housing Authority acquired 515 Pioneer Drive from AT&T for $12.4M.

The purchase was for the purpose of developing affordable housing. On July 29, 2020, the Housing Authority issued a Request for Proposals (RFP) to solicit developers’ interest in partnering with the Housing Authority. LINC Housing and National CORE (Developer) were selected and awarded an Exclusive Negotiating Agreement on February 16, 2021.

On August 10, 2021, the City Council approved the Density Bonus and Inclusionary Housing Plan. At the same meeting, the Housing Authority approved a Letter of Loan Commitment with LINC Housing and National CORE in the amount of $22.4M which included $12.4M in land and $10M in cash for the development of 340 units of housing affordable to extremely low, very low and low income seniors and small families at 515 Pioneer Drive. That represents a per unit subsidy of $65,882. That is under half the average subsidy of $140k per unit the Housing Authority has provided to projects over the past 20 years.

Since then, LINC Housing and National CORE have applied for and received a $5M award from CalHFA through its Mixed Income Program (MIP). An application for bonds from CDLAC and tax credits from CTCAC was made in September of 2021, but the project was not awarded. A second application for bonds and tax credits was made in February, 2022 and the project was awarded $74,970,489 in bonds, $65,462,101 in Federal Tax Credit proceeds and $11,882,498 in State Tax Credit proceeds on June 15th of this year. The Developer has 20 days from the award date to accept these Tax Credits and Bonds (July 5, 2022).

ANALYSIS
The application for MIP funds was submitted February 11 th, relying on latest cost estimates generated in January, Since January, California construction costs have increased 10.4%. Hard costs for 515 Pioneer Drive have increased from $95,523,843 to $104,446,850, a difference of $8,923,007, a 9.34% increase. This results in a higher construction cost contingency as well.

At the same time as hard costs have increased, so too have interest rates. The assumed interest rate for the permanent loan at the time of the February, 2022 application was

4.98%. The current assumption for that rate is 6.50%, a 152-basis point increase. This has the effect of lowering the permanent loan proceeds by $5,580,307. The construction loan interest rate increased from 3.75% to 5.2%, a 145-basis point increase. This has increased the cost of the construction loan by $2,756,955. 4 of 44
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The increase of hard costs and interest rates results in a total project gap of $16,485,957.

However, the increased costs are partially offset with the introduction of additional Federal Tax Credits. The additional credits lower the total gap to $12.327,621. The Developer is seeking a commitment of $6M from the Housing Authority and City Council and will itself commit sufficient developer fee to address the remaining $6,327,621. The Developer will seek to fill the gap of $6,327,621 through a combination of additional state tax credits, the Federal Home Loan Bank’s Affordable Housing Program, as well as any other eligible funds. The table below describes the increases in costs and lower permanent loan as a result of higher interest rates.

As previously stated, the Developer was awarded these tax credits and bonds on June 15, 2022. The Developer has 20 days, or until July 5, 2022, to accept these proceeds.

The Developer is not in a position to accept without the additional commitment from the Housing Authority and City Council.

An Amended and Restated Letter of Loan Commitment has been drafted and is attached.

The draft Letter of Loan Commitment provides for an additional $6M, as well as extends the term of the commitment one year, to expire December 31, 2023 versus December, 2022.

STAKEHOLDERS/OUTREACH
Public hearings were conducted on August 10, 2021 to approve the Density Bonus and Inclusionary Housing Plan, Letter of Loan Commitment and Lease Option. A Design Review Board hearing was also conducted on September 23, 2021. All hearings were properly noticed. In addition to public hearings, staff and select Council Members 5 of 44
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communicated and/or met with 515 Pioneer Drive neighbors regarding the proposed project.

FISCAL IMPACT
The Housing Authority’s total cash contribution to 515 Pioneer will cost $16M, of which $10M was approved as a part of the FY 2021-22 budget. With this action, staff is requesting an appropriation of $6M, shifting from the existing Affordable Housing Land Acquisition Measure S project. This action will bring the total Housing Authority cash commitment to 515 Pioneer to $16M.

Existing Appropriation
Amount Account String Funding Source
$4,620,781 GL: 43112-2130-CDD-0020-P0000-
PL: CDD00717AN
Low and Moderate Income
Housing Asset Fund
$1,300,000 GL: 43112-2250-CDD-0020-P0000-
PL: CDD00717BN
2011 TABs Housing Fund
$4,079,219 GL: 43112-4011-CDD-0020-P0000-
PL: CDD00717CN
Measure S CIP Fund
Requesting Appropriation
Amount From (Account
String)
To (Account String) Funding Source
$6,000,000 GL: 43112-4011-
CDD-0020-P0000-
PL: CDD00487AN
GL: 43112-4011-
CDD-0020-P0000-
PL: CDD00717CN
Measure S CIP
Fund

ENVIRONMENTAL REVIEW (CEQA/NEPA)
The proposed Project has undergone review under the California Environmental Quality Act (CEQA) and has been determined to be exempt from any further CEQA review pursuant to section 15332 of Title 14 of the California Code of Regulations (CEQA Guidelines), as a Class 32 “In-Fill Development Project”, as the proposed project meets all the threshold criteria set forth in section 15332(a) through (e).

CAMPAIGN DISCLOSURE
The names and business addresses of the members of the board of directors, the chairperson, CEO, COO, CFO, Subcontractors and any person or entity with more than 10% interest in the company proposed for contract in this Agenda Item Report are attached in Exhibit #3, in accordance with the City Campaign Finance Ordinance No. 5744.
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ALTERNATIVES
Alternative 1: The Housing Authority and City Council could choose to provide no additional funding. This would cause the Developer to not accept the allocation of tax credits and bonds, and re-apply in August of this year for tax credits and bonds sufficient to make the project financially feasible. This is highly risky and could result in the project not being funded.

Alternative 2: The Housing Authority and City Council could choose not to extend the Letter of Loan Commitment term by one year. Without an extension, the Letter of Loan will expire at the end of this calendar year. That is insignificant if the Housing Authority and City Council provide the additional funding and the Developer accepts the current award of tax credits and bonds.

Alternative 3: The Housing Authority and City Council could consider any other alternative not presented by staff.

ADMINISTRATIVE ACTION
Prepared by:

Michael Fortney, Principal Housing Project Manager
Approved by:

Roubik R. Golanian, P.E., City Manager

EXHIBITS/ATTACHMENTS

1. Letter dated June 14 th Requesting Additional Assistance

2. Draft Amended and Restated Letter of Loan Commitment

3.Campaign Disclosures
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June 14, 2022
Michael Fortney
Principal Housing Project Manager
Community Development Department
City of Glendale
633 E. Broadway
Glendale, CA 91206
Subject: 515 Pioneer Drive, Update on Market Volatility and Request for Additional Funding
Dear Mike,
The Linc Housing and National CORE team is appreciative of your consideration of our June 7, 2022 request for $6,000,000 in additional funding from the City of Glendale for
its 515 Pioneer project. As a follow‐up to that request and our subsequent phone conversation, we collected various documentation and reports to support the interest rate assumptions and cost escalations. Through that exercise, we felt there was a need to build in additional cushio
n given the state of the industry. To that end, we increased the perm loan rate further, to 6.5% and the construction rate to 5.2%. We also increased our hard cost contingency to 6% (from 5%). As a result, our financial gap has increased to approximately $12.33 milli
on.

To close this gap, the Linc/Core team will agree to contribute additional developer fee.

Our request to the City for additional funds has not changed; it remains at $6 million.

Please also note that our team has had subsequent conversations with CalHFA and TCAC, and although they are extremely supportive of 515 Pioneer and want to work together to see the project proceed, they do not have additional subsidy to commit at this time.

Together with this letter, we submit the following Documentation to Demonstrate Market Volatility:
 California Construction Cost Index (CCCI): The original cost estimate was completed in January 2022 to meet the February 11 application deadline for CalHFA and was then carried forward into the March TCAC/CDLAC application. As we reported in our June 7th letter, our construction costs have increased $8.9 million, or 9.3% since then. As shown
in the in the CCCI, since January 2022 construction costs have increased by 10.4% across California (See Slide 1). This shows that our costs are tracking somewhat below the statewide average.
 Consumer Price Index and Inflation: Since February 2022 the Consumer Price Index has jumped 3.26%. In May 2022, year‐over‐year inflation was 8.1%. This is the highest annual inflation rate since 1981. (See Slide 2).

Exhibit 1
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 Gasoline Prices: In California gasoline prices have jumped from $4.66 per gallon to $5.87 per gallon between February and May 2022, amounting to a 26% increase. These prices are being transferred directly to projects through fuel surcharges and increased subcontractor bids. (See Slide 3).
 Interest Rates: Early in 2022 the Federal Reserve described inflation as transitory, and while they included one rate hike in March 2022 it was unclear whether there would be significant rates hikes throughout the year, which is what the Federal Reserve has since planned to do.
o At the time of application, the CalHFA permanent loan commitment included a rate of 4.96%, which included a 50 basis point cushion. As of June 14, CalHFA advised us that 6.5% is a better underwriting rate, which used up that cushion completely and further reduced loan proceeds by another $5,580,000. o The project’s construction loan interest rate increased from 3.75% at application to 5.20% today, which added another $2,745,000 in interest cost.

Funding Cushion in Original Pro Forma
At the time of the CDLAC and TCAC applications, we relied on our prior experience to build contingency and financing cushions into our assumptions. However, the sudden, unprecedented, and simultaneous increase in rates and construction costs over the last four months quickly overwhelmed the cushion that we had built into the original funding applications. Below are the funding cushions that were originally assumed:
 At funding application, the project included a 5% ownership hard cost contingency in the amount of $4,776,000. On top of that, the general contractor included a $1,331,000 design contingency in their budget. This amounts to a total hard cost contingency of $6,108,000.
 The project assumed a permanent loan rate of 4.96% which was based on the CalHFA loan commitment at the time and included a 50‐basis point cushion, which translates into a $2.5 million cushion.
 The budget also included a 5% soft cost contingency in the amount of $806,194.

Hedges Against Future Volatility
Going forward, we understand that extreme market volatility may continue to plague us until we are able to lock rates and construction pricing, so we have adjusted our pro forma assumptions to anticipate and absorb future market fluctuations:
 Process: As part of the development process, CORE’s general contracting group provides monthly updates on construction cost trends to the development team. They also provide updated schedule of construction costs for the project every 3 – 6 months or every time there is a new set of drawings or funding application. This practice will not change, and CORE’s general contracting team will continue to diligently track market trends and feed information to the development team as it arises.  Permanent Loan Rate: CalHFA’s quoted permanent loan rate was 6.03% as of June 13.

Current CalHFA policy does not allow for a rate lock until 30 days before closing, which is projected for December 2022. We have included a 6.50% rate in our underwriting with a 9 of 44

47‐basis point cushion from today’s CalHFA rate to account for increases between now and closing.
 Construction Loan Rate: Construction lenders are quoting a 4.20% floating interest rate if the project were to close today. We are including an additional 100 basis points in underwriting cushion with a rate of 5.20%.
 Hard Cost Contingency: The project is now including a 6% hard cost contingency in the amount of $6,267,000, increased from 5% previously.
 Soft Cost Contingency: The project’s underwriting also includes a 5% soft cost contingency in the amount of $998,000.

Linc and National CORE remain committed to 515 Pioneer, and are seeking to fill the gap resulting from the above‐mentioned market volatility. If the City were able to assist the 515 Pioneer project with an additional award of $6 million in capital, Linc/CORE would commit to finding a way to fill the remaining $6.4 million funding gap, with contributed developer fee as a backstop source for any amount we were unable to fill. Any additional sources we could secure for this project would be a dollar‐for‐dollar reduction of this funding gap, up to the full gap amount. We have always approached our relationship with the City as a partnership, and we are willing to carry that risk so that we can help deliver this much needed affordable housing to the city. We are also encouraged by the $95 million in commitments we have already secured from TCAC, CDLAC, and CalHFA for this project.

Thank you for your consideration in these matters, and your partnership in bringing 340 affordable homes to Glendale. If you have any questions please reach out to Michael Ruane ([email protected], 909‐204‐3451) and Suny Lay Chang ([email protected], 310‐963‐7008).

Sincerely,

Michael Ruane
Executive Vice President
National CORE
Suny Lay Chang
President & COO
Linc Housing Corporation

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Slide 1:

California Construction Costs increased 10.4% since January 2022

10.4% Increase
Source: https://www.dgs.ca.gov/RESD/Resources/Page-Content/Real-Estate-Services-Division-Resources-List-Folder/DGS-California-Construction-Cost-Index-CCCI 11 of 44
Slide 2:

Consumer Price Index – Percent Change
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Slide 3:

Gasoline Prices
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Slide 4:

Change in Prices for Inputs to Construction
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Slide 5:

BSBY Overnight Rate increased from .08% in Q1 of 2022 to .82% today, and continues to trend upwards

0.00000%

0.10000%

0.20000%

0.30000%

0.40000%

0.50000%

0.60000%

0.70000%

0.80000%

0.90000%
1st QE 21 2nd QE 21 3rd QE 21 4th QE 21 1st QE 22 6/14/2022 BSBY Rate Changes
Overnight
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Changes in Sources and Uses ‐‐ Detailed
Source CDLAC Application Current Variance Comments
Permanent Loan $34,931,674 $29,351,367 ($5,580,307) Increase Int Rate to 6.5% 515 Pioneer Drive Land Value $12,400,000 $12,400,000 $0 City of Glendale Loan $10,000,000 $10,000,000 $0
CalHFA Mixed‐Income Program Funds $5,000,000 $5,000,000 $0 Developer Fee Contributed to Project $5,079,342 $6,980,712 $1,901,369 Developer Fee Deferred $4,725,095 $4,850,375 $125,280
Federal Tax Credit Equity $65,462,102 $73,218,499 $7,756,397 State Tax Credit Equity $11,882,498 $11,882,498 $0
Financial Gap $0 $12,327,621 $12,327,621
TOTAL $149,480,711 $166,011,072 $16,530,361
Use Amount Current Variance
Acquisition $12,400,000 $12,400,000 $0
Hard Costs $95,523,843 $104,446,850 $8,923,007
Hard Costs Contingency $4,776,193 $6,266,811 $1,490,618 Increase Contingency to 6% Soft Costs $9,693,637 $10,735,934 $1,042,297 Increase Insurance Cost Construction Loan Interest and Fees $6,936,444 $9,681,665 $2,745,221 Increase Int Rate to 5.2% Soft Cost Contingency $806,194 $997,858 $191,664
Developer Fee Contributed to Project $5,079,342 $6,980,712 $1,901,369 Developer Fee Deferred $4,725,095 $4,850,375 $125,280
Developer Fee Capitalized $7,300,000 $7,300,000 $0
Reserves $1,144,629 $1,154,475 $9,846
TCAC/CDLAC Costs $1,095,334 $1,196,392 $101,058
TOTAL $149,480,711 $166,011,072 $16,530,361
Increase in Costs over CDLAC Proforma $16,530,361
Increase as Percentage 11.06%
Financial GAP 12,327,621$
Request for Additional City Funds 6,000,000$
Remaining Gap (Other Sources/Contributed Developer Fee) 6,327,621$ Increase of 9.34%
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June 28, 2022
Ms. Suny Lay Chang
President & Chief Operating Officer
Linc Housing Corporation
3590 Elm Avenue
Long Beach, California 90807
Mr. Michael Ruane
Executive Vice President
National Community Renaissance of California
9421 Haven Avenue
Rancho Cucamonga, California 91730
Re: Amended and Restated Loan Commitment in the amount of $28,400,000 APN: 5637-023-806
515 Pioneer Drive, Glendale, California
Dear Ms. Chang and Mr. Ruane:

On behalf of the Glendale Housing Authority (“Housing Authority”), I am pleased to inform you that the Housing Authority has approved a commitment to make a loan in the amount of $28,400,000 (consisting of $ 12,400,000 for land and a $16,000,000 development loan) to a partnership to be formed by and between Linc Housing Corporation, a California nonprofit public benefit corporation (or an affiliate approved by the Housing Authority), and National Community Renaissance of California , a California nonprofit public benefit corporation (or an affiliate approved by the Housing Authority), collectively referred to as the “ Borrower”, for the development of 340 units of affordable rental housing for extremely low, very low, and low income seniors and families (including three manager’s units) and ancillary facilities (the “Project”) on the site generally described as Assessor Parcel Number 5637-023-806 (“Site”), located at 515 Pioneer Drive in Glendale, California . As noted below, this com mitment is contingent on the Project being awarded 4% Low Income Housing Tax Credits, and is subject to the terms and conditions set forth in this letter.

Unless otherwise agreed in writing by the Housing Authority in its sole discretion, the Housing Authority’s approval of this financing commitment is subject to and contingent upon the following terms and conditions. In addition, the Housing Authority reserves the right, upon receipt, Exhibit 2
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Ms. Suny Lay Chang
Mr. Michael Ruane
June 28, 2022

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discovery, or notice of previously unidentified and materially relevant information, in the exercise of its sole discretion, to modify any of the terms, conditions or requirements set forth in this letter upon written notice to Borrower.

This commitment will expire at 5 p.m. on December 31 , 202 3, subject to extension as more particularly set forth in that certain Exclusive Negotiation Agreement dated February 16, 2021.

TERMS AND CONDITIONS

1. The Project will consist of Borrower’s ground lease of the Site and the new construction of 340 units of rental housing, consisting of 92 affordable senior units (a mix of 32 studio and 60 one-bedroom units) and 245 affordable family units (a mix of 200 one-bedroom units and 45 two-bedroom units) and three two-bedroom manager units. All units except the manager’s unit s must be occupied by and restricted to lower income households pursuant to the California Tax Credit Allocation Committee (80% of Los Angeles County area median income or lower), at affordable rents for at least 55 years. Additional restrictions will be placed on the gross rents (including a utility allowance) to be charged for certain of the units, as follows: a minimum of 14 units must be rented to extremely low income residents (as defined by the California Health and Safety Code (“HSC”) at 30% of 30% of area median income and a minimum of 68 units must be rented to low income residents (as defined by the HSC) at 30% of 60% of area median income.

2. This $28,400,000 loan commitment is contingent upon Borrower receiving a preliminary reservation of 4% Low Income Housing Tax Credits from the California Tax Credit Allocation Committee (“CTCAC”) to finance the Project approximately as follows (these are current projections and are subject to change) . At least two business days before submittal to CTCAC, the Borrower must submit to the Housing Authority a copy of its application for Low Income Housing Tax Credits substantially in the form that will be submitted to CTCAC.

Sources - Permanent

Permanent Loan $29,351,367
City of Glendale Housing Authority (Land Loan) $12,400,000 ($36,471/unit) City of Glendale Housing Authority (Development Loan) $16,000,000 ($47,059/unit) CalHFA Mixed-Income Program Funds $5,000,000
Developer Fee Contribution $13,279,419
Deferred Developer Fee $4,850,375
Federal Tax Credit Equity $73,203,009
State Tax Credit Equity $11,882,498
Total Sources of Funds $165,966,668

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Mr. Michael Ruane
June 28, 2022

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3. The Housing Authority Loan will be for the value of the land as evidenced by appraisal dated May 19, 2021 in the original principal amount of $ 12,400,000 and a development loan in the original principal amount of $ 16,000,000, each with simple interest at 3% per annum from the date of disbursal. Loan payments shall be payable exclusively from 50% (subject to adjustment proposed by Borrower and approved by the Housing Authority) of annual residual receipts, net sale proceeds and net refinancing proceeds. The terms of the Residual Receipts obligation, including identification of all of Borrower’s obligations having a priority over the Housing Authority’s right to receive Residual Receipts, will be set forth in the promissory note to be attached to the loan agreement.

4. This commitment is based on Borrower ’s current estimates of total development costs , including demolition costs, as shown in paragraph 2. Borrower will be responsible, without cost to the Housing Authority, for any additional sources of funds that may be needed to complete the Project. Borrower agrees that the Housing Authority Loan will be reduced to the extent the project is eligible for additional funding not needed to pay Project costs and to the extent that , upon completion, there are cost savings (all as to be set forth in more detail in the loan agreement).

5. Borrower will ground lease the Site for a term of 55 years from the date of recordation of the regulatory agreement by Borrower in favor of the California Tax Credit Allocation Committee, or such longer period as mutually agreed upon by the Housing Authority and Borrower and required by the tax credit investor, upon terms and conditions approved by the Housing Authority.

6. This letter is not intended to describe all of the requirements, terms, conditions and documents necessary for the Housing Authority L oan. A loan agreement, including the form of promissory note, deed of trust and related documents, will be prepared, and is subject to execution by the Borrower prior to its consideration by the governing body of the Housing Authority. The final form of the loan agreement approved by Borrower shal l be subject to the discretionary approval of Housing Authority and shall include all provisions and attachments customarily included in Housing Authority loan agreements.

7. The Housing Authority reserves the right to fund the Housing Authority Loan using HOME Funds and/or Low and Moderate Income Housing Asset Funds and/or Measure S F unds provided by the City of Glendale, or any combination thereof. The Borrower must comply with all applicable requirements relating to the funding source. Separate promissory notes will be used to evidence the repayment obligations relating to each funding source . The loan agreement will set forth all conditions precedent to the disburs ement of the Housing Authority Loan.

8. The P roject must be constructed in accordance with all ap plicable laws, rules and regulations.
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Ms. Suny Lay Chang
Mr. Michael Ruane
June 28, 2022

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9. The Borrower must comply with State Prevailing Wage and/or Federal Davis -Bacon requirements, as applicable.

10. Borrower must prepare and submit a “sources and uses” project budget for approval by the Housing Authority as an attachment to the loan agreement. Line item estimates of the uses of funds must be supported by such documentation, including appraisals and construction cost estimates, as may reasonably be requi red by the Housing Authority Executive Director. The final sources and uses of funds for the Project must be consistent with the approved Project budget except as otherwise approved by the Housing Authority Executive Director. The Housing Authority Loan will be disbursed to pay or reimburse Borrower for payment of costs in the approved p roject budget in accordance with disbursement procedures and requirements to be included in the loan agreement.

11. The Borrower must submit an audited cost certification follo wing completion of construction and after the completion of construction must submit for each year during the term of the Housing Authority L oan an annual audited income and expense statement, balance sheet and statement of all changes in financial positio n, signed by an authorized officer of Borrower.

12. The Housing Authority L oan will be evidenced by a limited -recourse promissory note (subject to customary non-recourse carve-outs), and will be secured by a deed of trust and other customary loan documents, wh ich will be subordinated to senior construction and permanent loan deeds of trust, provided the senior lender(s) agree to provide the Housing Authority with reasonable notice and cure rights that protect the Housing Authority ’s investment in the event of a default by Borrower.

13. The Housing Authority Loan promissory note will include definitions of “residual receipts” and related terms, consistent with other Housing Authority residual receipts loan documents.

14. The Housing Authority L oan documents will contain mutually agreeable provisions prohibiting direct or indirect transfers of Borrower’s interests in the Site, the Project and/or the Housing Authority Loan Agreement without the reasonable prior written consent of the Housing Authority Executive Director.

15. The Housing Authority Loan documents will describe events of default which will permit the Housing Authority, after notice and opportunity to cure, to pursue appropriate remedies, including acceleration of the Housing Authority Loan. These events may includ e, but are not limited to, failure to complete the development of the Project as required by the loan agreement, failure to comply with use restrictions, prohibited transfers of interests in the Borrower or in the Project without the reasonable prior consent of the Housing Authority, 20 of 44
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failure to comply with terms and conditions of the loan agreement, note or deed of trust, and similar occurrences.

16. At the closing, the Housing Authority will receive an ALTA lender ’s policy of title insurance, showing the Housing Authority deed of trust junior in priority only to deeds of trust to which the Housing Authority has agreed to subordinate its interests.

17. The Project must have received all discretionary approvals and all land use entitlements, approvals and permits necessary for its development and all City fees must have been paid in connection therewith at least two weeks before Borrower submits its CTCAC application.

18. The Borrower must prepare and submit a scope of development for approval by the Housing Authority as an attachment to the loan agreement. The scope of development must be consistent with the Project description contained in the Exclusive Negotiation Agreement dated as of February 16, 2021 , by and between the Housing Authority and LINC Housing Corpor ation/National Community Renaissance of California and must include designing the Project to receive a LEED Gold rating from the U.S. Green Building Council. The Housing Authority Executive Director will have the right to review and approve all design drawings and plans for the Project. All plans for the construction of the Project will be subject to applicable City of Glendale design review approval procedures, and must be consistent with and a logical evolution of the scope of development, except as otherwise approved by the Housing Authority Executive Director. The Housing Authority’s financial assistance to the Project will be predicated on the right of designated representatives of the Housing Authority to participate in weekly construction meetings during the construction of the Project and to approve proposed finishes, colors, fixtures, and all like matters.

19. The Project and the approval of the loan agreement will be subject to compliance with all applicable environmental requirements (e.g., CEQA or NEPA). The Borrower, at its sole cost and expense, will be responsible for compliance with CEQA in connection with the development of the Property and the Project. The Borrower will be solely responsible for paying any and all costs and expenses (taking into account the availability of applicable CEQA exemptions) associated with the Housing Authority’s compliance with applicable CEQA requirements (including, without limitation, any required Environmental Impact Report and/or other required environmental documents). The Borrower will respond fully and in a timely manner to requests for information from the Housing Authority and any of its consultants. The provision of any funds to the Project is conditioned on the Housing Authority’s and the City’s determination to proceed with, modify or cancel the P roject based on the results of the subsequent environmental review. Borrower must not undertake or unconditionally commit any funds to physical or choice -limiting actions, including 21 of 44
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property acquisition, demolition, movement, rehabilitation, conversion, repair or construction prior to the Project receiving environmental clearance.

20. The Borrower ’s General Contractor (including the bid process to be used) , architect, construction lender, permanent lender, Tax Credit investor, relocation consultant, Davis Bacon Wage Compliance consultant, if applicable, and other lenders, consultants and service providers, including but not limited to the property manager, will be subject to the reasonable approval of the Housing Authority ’s Executive Director . The Housing Authority will also have the right to review and approve any and all contracts and agreements with such entities for the Project. The Housing Authority approves National Community Renaissance of California as the project’s General Contractor and as the project’s property manager as of the date of this agreement. Any change in management and/or control of the approved General Contractor or property manager shall require approval by the Housing Authority’s Executive Director or designee.

21. The Borrower must prepare and submit a schedule of performance providing for the timely satisfaction of all conditions precedent to the closing and the timely commencement and completion of construction, for approval by the Housing Authority as an attachment to the loan agreement. Except as other wise approved by the Housing Authority Executive Director and subject to reasonable force maj eure dela ys, failure to comply with the schedule of performance will be a default under the terms of the loan agreement.

22. At the respective times provided in the sc hedule of performance, Borrower must submit for approval by the Housing Authority Executive Director evidence of financing consistent with the loan agreement and sufficient to completely finance the development of the Project.

23. At the closing, the Borrower must execute an Agreement Containing Covenants, restricting for at least 55 years the maximum income of tenants and the maximum rents that may be charged to tenants, which will be recorded in senior position against Borrower’s interest in the Site. The Agreement Containing Covenants will require Housing Authority approvals of the housing management company and the management plans relating to the management and operation of the Project and will set forth the Borrower’s compliance reporting obligations.

24. The Borrower will cooperate with the Housing Authority by providing preliminary title reports, market studies, soils reports, surveys, phase I environmental report and additional information and data relating to the Site, the Project, the proposed financing o r the Borrower, as the Housing Authority may reasonably request.

25. The Borrower must indemnify and hold the Housing Authority harmless for any costs relating to haz ardous materials affecting the S ite. Prior to the closing, Borrower will 22 of 44
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conduct such additional environmental testing as may be necessary to determine that hazardous materials are not present on the Site, or that any hazardous materials on the Site may be remediated without adversely affecting the feasibility of the Project. The Borrower must execute an environmental indemnity in favor of the Housing Authority similar to the form of environmental indemnity used in other Housing Authority transactions.

Notwithstanding the foregoing, Borrower shall have no obligation to indemnify an Indemnified Party , as defined herein, for loss, liability, claims, damages and expenses arising from Borrower’s mere discovery of hazardous substances already present on the Site prior to the commencement of this financing commitment, so long as Borrower has not co ntributed to the placement, release or migration of such pre -existing hazardous substances. Indemnified Party shall mean the Glendale Housing Authority, the City of Glendale, and their respective officers, employees, attorneys, agents, insurers and volunteers.

26. Borrower must submit for Housing Authority approval all applicable corporate and partnership or limited liability formation documents, agreements with the tax credit investor, evidence of good standing, and authorizing resolutions.

27. Borrower must obtain and maintain policies of insurance in the form and in the amounts required by the Housing Authority, not including earthquake insurance, naming the Housing Authority as an additional insured or loss payee, as applicable, and meeting the insurance requirements customarily included in Housing Authority loan agreements.

28. Prior to closing of construction financing, the Borrower must obtain and submit evidence of insurance, additional insured and loss payee endorsements, evidence of financing commitments, copi es of construction loan documents and such other documentation as required by the loan agreement.

[Remainder of this page intentionally left blank]
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If you have any questions, please do not hesitate to call Mike Fortney at 818-548-3723. Please acknowledge your consent to the foregoing terms and conditions by signing and returning a copy of this letter.

Sincerely,

GLENDALE HOUSING AUTHORITY

By:______________________
Roubik R. Golanian, P.E.

Executive Director

APPROVED AS TO FORM AND LEGALITY:

MICHAEL J. GARCIA, CITY ATTORNEY
General Counsel to the Authority

By: ______________________________
Michael J. Garcia

KANE, BALLMER & BERKMAN
Special Counsel to the Authority

By: ___________________________

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Linc Housing Corporation and National Community Renaissance of California each hereby acknowledge and consent to all of the terms and conditions set forth in this letter.

LINC HOUSING CORPORATION,
a California nonprofit public benefit corporation

By: Date: _______________
Suny Lay Chang
President & Chief Operating Officer

NATIONAL COMMUNITY RENAISSANCE OF CALIFORNIA,
a California nonprofit public benefit corporation

By: Date: _______________
Michael Ruane
Executive Vice President

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CONFLICT OF INTEREST DECLARATION || NATIONAL CORE
RFP 515 Pioneer Drive

CERTIFICA
TION
On behalf of the above-named Contractor Subcontractor:
• I acknowledge that I have a continuing obligation to update this disclosure form if I substitute― or if I select additional― architects, design professionals, contractors, or subcontractors within ten (10) days of the selection or change; and
• I hereby certify that:
 I have identified all persons for which the Ordinance requires disclosure;  The information in this disclosure form (and any attachment to this form) is true, accurate, c orrect, and complete; and
 I have been legally authorized to submit this disclosure form.

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

RFP 515 Pioneer Drive Campaign Finance Ordinance Disclosure EXHIBIT 2 – 515 PIONEER DRIVE CAMPAIGN FINANCE ORDINANCE DISCLOSURE City of Glendale
Disclosure - Campaign Finance Ordinance
In August 2011, City Council adopted Ordinance No. 5744, Campaign Finance Ordinance, which became effective on September 9, 2011 and amended it with Ordinance No. 5768 in February 2011. The Ordinance prohibits campaign contributions from parties who contract/subcontract with the City of Glendale (City) or the Housing Authority (HA) of the City of Glendale and prohibits Council Members from voting on matters pertaining to contracts with persons who have provided campaign contributions.

The Ordinance requires disclosure in staff reports providing the following information for the contractor and it’s subcontractor(s) receiving acontract, or a series or combination of contracts, from the City with a total value of $50,000 or more and $25,000 or more, respectively, in a fiscal year (July 1-June 30), excluding competitively bid contracts awarded to the lowest responsible Consultant:
• Name of the entity
• Name of the Chief Executive Officer/President
• Chief Operating Officer
• Chief Financial Officer
• Chairperson
• Any member of the board of directors
• Any person or entity that owns more than 10% of the contracting party or any subcontractor • Name of any campaign committee controlled or sponsored by the contracting party Please complete the following Information for contractors & subcontractors (including Consultants & Sub-consultants):

Contractor(s) *
Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer/
President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
Exhibit 3
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CONFLICT OF INTEREST DECLARATION || NATIONAL CORE
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515 Pioneer Drive || Glendale || RFP
CONFLICT OF INTEREST DECLARATION || NATIONAL CORE
RFP 515 Pioneer Drive

CERTIFICATION

On behalf of the above-named Contractor Subcontractor:
• I acknowledge that I have a continuing obligation to update this disclosure form if I substitute― or if I select additional― architects, design professionals, contractors, or subcontractors within ten (10) days of the selection or change; and
• I hereby certify that:
 I have identified all persons for which the Ordinance requires disclosure;  The information in this disclosure form (and any attachment to this form) is true, accurate, c orrect, and complete; and
 I have been legally authorized to submit this disclosure form.

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

28 of 44
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515 Pioneer Drive || Glendale || RFP
CONFLICT OF INTEREST DECLARATION || NATIONAL CORE
RFP 515 Pioneer Drive

CERTIFICATION

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

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515 Pioneer Drive || Glendale || RFP
RFQ 900 East Broadway Campaign Finance Ordinance Disclosure EXHIBIT C – 900 EAST BROADWAY CAMPAIGN FINANCE ORDINANCE DISCLOSURE City of Glendale
Disclosure - Campaign Finance Ordinance

In August 2011, City Council adopted Ordinance No. 5744, Campaign Finance Ordinance, which became effective on September 9, 2011 and amended it with Ordinance No. 5768 in February 2011. The Ordinance prohibits campaign contributions from parties who contract/subcontract with the City of Glendale (City) or the Housing Authority (HA) of the City of Glendale and prohibits Council Members from voting on matters pertaining to contracts with persons who have provided campaign contributions.

Name of the entity
Name of the Chief Executive Officer/President
Chief Operating Officer
Chief Financial Officer
Chairperson
Any member of the board of directors
Any person or entity that owns more than 10% of the contracting party or any subcontractor Name of any campaign committee controlled or sponsored by the contracting party

Please complete the following Information for contractors & subcontractors (including Consultants & Sub-consultants):

CERTIFICATION

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

RFP 515 Pioneer Drive Campaign Finance Ordinance Disclosure

EXHIBIT 2 – 515 PIONEER DRIVE CAMPAIGN FINANCE ORDINANCE DISCLOSURE City of Glendale
Disclosure - Campaign Finance Ordinance

• Name of the entity
• Name of the Chief Executive Officer/President
• Chief Operating Officer
• Chief Financial Officer
• Chairperson
• Any member of the board of directors
• Any person or entity that owns more than 10% of the contracting party or any subcontractor • Name of any campaign committee controlled or sponsored by the contracting party

Please complete the following Information for contractors & subcontractors (including Consultants & Sub-consultants):

Contractor(s) *
Name Address

Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer/
President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner

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2020-2021 Board of Directors
Updated July 23, 2020
Jay Prag, Chair
Jeff Lee, Vice Chair President, LA Urban Homes
Jill McCullough, Secretary
Everett Orrick, Treasurer
Ryan Altoon Executive Vice President, AndersonPacific, LLC Scott Anderson Managing Director, Asset Management, Saban Real Estate LLC Ryan Callahan Assistant Vice President of Finance and Administration, Claremont Graduate University
John Given Principal, City Build Advisors
Wendy Jacquemin Vice President, Community Redevelopment, City National Bank
Bonnie Lowenthal California Assemblymember, 70th District, Retired Timothy B. McOsker Chief Executive Officer, AltaSea at the Port of Los Angeles Minh Nguyen Trial Attorney, Nguyen Lawyers & The Law Office of Minh T.

Nguyen
Cathy Rooney Principal, A Bigger Container Consulting
Vice President, CoreLogic, Retired
For biographies on each of our board members, please visit our website.

West Coast Chief Executive Officer, BBVA Compass
Vice President, Government and Community Relations &
Community Development Manager, U.S. Bank
Professor, Peter F. Drucker and Masitoshi Ito School of Management
CONFLICT OF INTEREST DECLARATION || LINC
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RFQ 900 East Broadway Campaign Finance Ordinance Disclosure * For purposes of the Ordinance, the Contractor is any “person” who is the party or prospective party to the contract with the City or HA or any member of that party’s Board of Directors, its Chairperson, Chief Executive Office, Chief Financial Officer, Chief Operating Officer, any person with an ownership interest of more than ten percent (10%) in the party, and any campaign committee, that is sponsored or controlled by the party. Please disclose the name and addresses of these persons above.

Subcontractor(s) **
Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer/President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
** “Subcontractor” means a person who has entered into a contract for the performance of all or a portion of the work undertaken under an agreement with an architect, design professional, engineer, or general or prime contract, usually by a general or prime contractor. For purposes of the “subcontractor”, “Person” includes the subcontracting party as well as any member of that party’s Board of Directors, its Chairperson, Chief Executive Office, Chief Financial Officer, Chief Operating Officer, any person with an ownership interest of more than ten percent (10%) in the party, and any campaign committee, that is sponsored or controlled by the party. Please disclose the names and addresses of these persons above.

Campaign Committee Controlled/Sponsored by
Title Business Address City State Zip

Certification
I hereby certify, on behalf of the above-named contractor, that the names of all “person” of the contractor and subcontractor under the contract are fully set forth above. I further acknowledge that the Consultant has a continuing obligation to update this disclosure form if the Consultant selects additional or substitute architects, design professionals, contractor or subcontractors within ten (10) days of the selection or change. I hereby certify that I have been legally authorized by the contractor to submit this disclosure form and certify to the content hereof.

Executed on at , California
Contractor’s Signature , Print Consultants’ Full Name
Contractor’s Address
Contractor’s Contact Phone Number Contractors’ E-mail Address LR
CONFLICT OF INTEREST DECLARATION || LINC
RFP 515 Pioneer Drive

CERTIFICATION

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

32 of 44
119
515 Pioneer Drive || Glendale || RFP
RFQ 900 East Broadway

CERTIFICATION
On behalf of the above-named Contractor Subcontractor:

I acknowledge that I have a continuing obligation to update this disclosure form if I substi or change; and
I hereby certify that:

I have identified all persons for which the Ordinance requires disclosure; The information in this disclosure form (and any attachment to this form) is true, accurate, correct, and complete; and
I have been legally authorized to submit this disclosure form.

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

LR
, California.

CONFLICT OF INTEREST DECLARATION || LINC
RFP 515 Pioneer Drive

CERTIFICATION

In total, this disclosure form (including attachments) is pages.

Executed on: , 20 , at:
, California.

Signature: Print Full Name:

Address:

Phone Number: E-mail Address:

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515 Pioneer Drive || Glendale || RFP
RFP 515 Pioneer Drive Campaign Finance Ordinance Disclosure EXHIBIT 2 – 515 PIONEER DRIVE CAMPAIGN FINANCE ORDINANCE DISCLOSURE City of Glendale
Disclosure - Campaign Finance Ordinance
In August 2011, City Council adopted Ordinance No. 5744, Campaign Finance Ordinance, which became effective on September 9, 2011 and amended it with Ordinance No. 5768 in February 2011. The Ordinance prohibits campaign contributions from parties who contract/subcontract with the City of Glendale (City) or the Housing Authority (HA) of the City of Glendale and prohibits Council Members from voting on matters pertaining to contracts with persons who have provided campaign contributions.

The Ordinance requires disclosure in staff reports providing the following information for the contractor and it’s subcontractor(s) receiving a contract, or a series or combination of contracts, from the City with a total value of $50,000 or more and $25,000 or more, respectively, in a fiscal year (July 1-June 30), excluding competitively bid contracts awarded to the lowest responsible Consultant:
• Name of the entity
• Name of the Chief Executive Officer/President
• Chief Operating Officer
• Chief Financial Officer
• Chairperson
• Any member of the board of directors
• Any person or entity that owns more than 10% of the contracting party or any subcontractor • Name of any campaign committee controlled or sponsored by the contracting party Please complete the following Information for contractors & subcontractors (including Consultants & Sub-consultants):

Contractor(s) *
Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer/
President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
CONFLICT OF INTEREST DECLARATION || KFA
34 of 44
121
515 Pioneer Drive || Glendale || RFP
RFP 515 Pioneer Drive Campaign Finance Ordinance Disclosure * For purposes of the Ordinance, the Contractor is any “person” who is the party or prospective party to the contract with the City or HA or any member of that party’s Board of Directors, its Chairperson, Chief Executive Office, Chief Financial Officer, Chief Operating Officer, any person with an ownership interest of more than ten percent (10%) in the party, and any campaign committee, that is sponsored or controlled by the party. Please disclose the name and addresses of these persons above.

Subcontractor(s) **
Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer/President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
** “Subcontractor” means a person who has entered into a contract for the performance of all or a portion of the work undertaken under an agreement with an architect, design professional, engineer, or general or prime contract, usually by a general or prime contractor. For purposes of the “subcontractor”, “Person” includes the subcontracting party as well as any member of that party’s Board of Directors, its Chairperson, Chief Executive Office, Chief Financial Officer, Chief Operating Officer, any person with an ownership interest of more than ten percent (10%) in the party, and any campaign committee, that is sponsored or contr olled by the party. Please disclose the names and addresses of these persons above.

Campaign Committee Controlled/Sponsored by
Title Business Address City State Zip
Certification
I hereby certify, on behalf of the above-named contractor, that the names of all “person” of the contractor and subcontractor under the contract are fully set forth above. I further acknowledge that the Consultant has a continuing obligation to update this disclosure form if the Consultant selects additional or substitute architects, design professionals, contractor or subcontractors within ten (10) days of the selection or change. I hereby certify that I have been legally authorized by the contractor to submit this disclosure form and certify to the content hereof.

Executed on at , California
Contractor’s Signature , Print Consultants’ Full Name
Contractor’s Address
Contractor’s Contact Phone Number Contractors’ E-mail Address 10/27/20 3573 Hayden Avenue, Culver City
John Arnold, AIA
3573 Hayden Avenue, Culver City, CA 90232
310-399-7975 [email protected]
Please see the following attachment. KFA has never contributed to any political campaigns.

KFA Architecture 3573 Hayden Avenue, Culver City, CA 90232 CONFLICT OF INTEREST DECLARATION || KFA
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Full Name Title Business Address City State Zip
John Arnold, AIA Partner 3573 Hayden Avenue Culver City CA 90232 Lise Bornstein, AIA Partner 3573 Hayden Avenue Culver City CA 90232 Jonathan Watts, AIA Partner 3573 Hayden Avenue Culver City CA 90232 Wade Killefer, FAIA Partner 3573 Hayden Avenue Culver City CA 90232 Barbara Flammang, FAIA Partner 3573 Hayden Avenue Culver City CA 90232 Name Address
3573 Hayden Avenue, Culver City, CA 90232KFA Architecture CONFLICT OF INTEREST DECLARATION || KFA
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CONFLICT OF INTEREST DECLARATION || CHEE SALETTE
RFP 515 Pioneer Drive Campaign Finance Ordinance Disclosure EXHIBIT 2 – 515 PIONEER DRIVE CAMPAIGN FINANCE ORDINANCE DISCLOSURE City of Glendale
Disclosure - Campaign Finance Ordinance
In August 2011, City Council adopted Ordinance No. 5744, Campaign Finance Ordinance, which became effective on September 9, 2011 and amended it with Ordinance No. 5768 in February 2011. The Ordinance prohibits campaign contributions from parties who contract/subcontract with the City of Glendale (City) or the Housing Authority (HA) of the City of Glendale and prohibits Council Members from voting on matters pertaining to contracts with persons who have provided campaign contributions.

The Ordinance requires disclosure in staff reports providing the following information for the contractor and it’s subcontractor(s) receiving a contract, or a series or combination of contracts, from the City with a total value of $50,000 or more and $25,000 or more, respectively, in a fiscal year (July 1-June 30), excluding competitively bid contracts awarded to the lowest responsible Consultant:
• Name of the entity
• Name of the Chief Executive Officer/President
• Chief Operating Officer
• Chief Financial Officer
• Chairperson
• Any member of the board of directors
• Any person or entity that owns more than 10% of the contracting party or any subcontractor • Name of any campaign committee controlled or sponsored by the contracting party Please complete the following Information for contractors & subcontractors (including Consultants & Sub-consultants):

Contractor(s) *
Name Address
Full Name Title Business Address City State Zip
Chairperson
Chief Executive Officer/
President
Chief Operating Officer
Chief Financial Officer
Board of Directors
More than 10% interest owner
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CONFLICT OF INTEREST DECLARATION || CHEE SALETTE
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CONFLICT OF INTEREST DECLARATION || CHEE SALETTE
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3 2
1 0
RESOLUTION NO. ___________

RESOLUTION OF THE COUNCIL OF THE CITY OF GLENDALE

MAKING AN APPROPRIATION
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE:

SECTION 1: That the sum of $6,000,000 is hereby appropriated and/or transferred from the following accounts to the following accounts:

ACCOUNTS DESCRIPTION FROM TO
43112-4011-CDD-0020-P0000-
T0000-F0000-0000-0000-
CDD00487AN
43112-4011-CDD-0020-P0000-
T0000-F0000-0000-0000-
CDD00717CN
Direct Assistance, Capital Improvement
Fund (Measure S), Community
Development, Project,
Measure S Balance Project
Direct Assistance, Capital Improvement
Fund (Measure S), Community
Development, Project,
Pioneer Gap Fin - 4011 (Measure S CIP)
$6,000,000
$6,000,000
To appropriate funding in support of (515 Pioneer Drive) affordable housing project for seniors and small families.

SECTION 2: The Director of Finance / Information Technology is authorized to make such other revisions, individual appropriation line-items, changes in summaries, fund totals, grand totals, and other portions of the budget document as necessary to reflect and implement the changes specified in this resolution.

SECTION 3: The City Clerk shall certify to the adoption of this Resolution.

Adopted this________day of _______________, 2022.
_______________________________
Mayor
ATTEST:
___________________________________
City Clerk 06/21/2022
6,000,000
Director of Finance / Information Technology
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3 2
1 0

STATE OF CALIFORNIA )

COUNTY OF LOS ANGELES ) SS

CITY OF GLENDALE )
I, Aram Adjemian, City Clerk of the City of Glendale, do hereby certify that the foregoing Resolution No._________was adopted by the Council of the City of Glendale, California, at a regular meeting held on the__________ day of _______________, 2022, and that the same was adopted by the following vote:

Ayes:

Noes:

Absent:

Abstain:
________________________________
City Clerk
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C:\inetpub\wwwroot\Glendale\temp\JOINT_HACC_06142022_HA_Motion_1b.pdf MOTION
Moved by Housing Authority Member ____________________________, seconded by Housing Authority Member ___________________________, that the Executive Director, or his designee, is hereby authorized to execute an Amended and Restated Letter of Loan Commitment between the Housing Authority and LINC Housing Corporation and National Community Renaissance of California in support of a 340-unit affordable rental housing development on Housing Authority owned land at 515 Pioneer Drive. The Amended and Restated Letter of Loan Commitment shall be in substantially the form attached to the Joint Report to the Glendale City Council and the Housing Authority dated June 28, 2022.

Vote as follows:

Ayes:

Noes:

Absent:

Abstain:
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2 CITY OF GLENDALE, CALIFORNIA
REPORT TO THE JOINT MEETING: GLENDALE CITY COUNCIL AND GLENDALE

HOUSING AUTHORITY

AGENDA ITEM
Report: CLOSED SESSION
Conference with Real Property Negotiators. Agency negotiators attending the closed session are: Roubik Golanian, Mike Garcia, Gillian van Muyden, John Takhtalian, Peter Zovak, Mike Fortney, Michelle Shahnazarians, and Jason Bradford. Instructions to the negotiator(s) will concern the price and terms for the acquisition of property Property No. 1 Location: 332-346 W. Cerritos and 341 Mira Loma. Negotiating parties: Kefalonia Holdings, LLC Property No. 2 Location: 426 Piedmont Avenue. Negotiating Parties:

Berg Senior Services, LLC

COUNCIL ACTION
Item Type: Action Item
Approved for June 28, 2022 calendar

ADMINISTRATIVE ACTION
Submitted by:

Prepared by:

Reviewed by:

Michele Flynn, Director of Finance
Michael J. Garcia, City Attorney
Approved by:

Roubik R. Golanian, P.E., City Manager
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RECOMMENDATION

BACKGROUND/ANALYSIS

FISCAL IMPACT

ALTERNATIVES

CAMPAIGN DISCLOSURE

EXHIBITS
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Glendale City CouncilJune 28, 2022

Glendale City Council
June 28, 2022