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CITY OF GLENDALE, CALIFORNIA
REPORT TO THE JOINT MEETING: GLENDALE CITY COUNCIL AND
GLENDALE HOUSING AUTHORITY
AGENDA ITEM
Report: Execution of a Letter of Loan Commitment and Lease Option with EAH Housing for a 68-Unit Affordable Rental Housing Project for Seniors at 426 Piedmont Avenue and 507 Naranja Drive, Resolutions Approving a Cooperation Agreement Between the Housing Authority and the City of Glendale for the Purpose of Housing Authority Administration of PLHA Program Funds, and Approval of a Resolution of Appropriation for HOME-ARP Program funding in the amount of $2,181,500 for 426 Piedmont Avenue and 507 Naranja Drive.
1. Housing Authority Motion Authorizing the Executive Director to Execute a Letter of Loan Commitment and Lease Option with EAH Housing for 426 Piedmont Avenue and 507 Naranja Drive;
2. City Council Resolution Authorizing the City Manager to Execute a Cooperation Agreement between the Housing Authority and the City of Glendale for the Purpose of Administering PLHA Program Funds and Designating Individuals To Sign and Approve PLHA Program Documents;
3. Housing Authority Resolution Authorizing the Executive Director to Execute a Cooperation Agreement between the Housing Authority and the City of Glendale for the Purpose of Administering PLHA Program Funds and Designating Individuals To Sign and Approve PLHA Program Documents; and
4. Housing Authority Resolution of Appropriation in the Amount of $2,181,500 for the Funding of 426 Piedmont Avenue and 507 Naranja Drive.
COUNCIL ACTION
Item Type: Action Item
Approved for January 30, 2024 calendar
EXECUTIVE SUMMARY
Staff has negotiated and is bringing forth the terms of a Letter of Loan Commitment and Lease Option by and between the Housing Authority of the City of Glendale (Housing Authority) and EAH INC., a California nonprofit public benefit corporation (also known as EAH Housing). The Letter of Loan Commitment and Lease Option support 426 Piedmont Avenue and 507 Naranja Drive, a 100% affordable, 68-unit rental housing project reserved for extremely low, very low and low-income seniors. Staff is also bringing forth a Cooperation Agreement by and between the Housing Authority and the City of Glendale for the administration of Permanent Local Housing Allocation (PLHA) Program Funds.
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RECOMMENDATION
That the Housing Authority review and adopt a motion to authorize the Executive Director to execute a Letter of Loan Commitment and Lease Option for 426 Piedmont Avenue and 507 Naranja Drive and that the Housing Authority adopt a Resolution of Appropriation in the amount of $2,181,500 to fund the project. That the City Council and Housing Authority each authorize the City Manager/Executive Director, respectively, to execute a Cooperation Agreement whereby the Housing Authority would administer PLHA Program funds.
ANALYSIS
BACKGROUND
In September 2022, the Housing Authority acquired 426 Piedmont Avenue and 507 Naranja Drive (Exhibit 1) from the Berg family for $11,900,000. The Berg Family developed the site in 1973 and operated it as a 112-bed senior assisted living facility. In 2020, the Berg family relocated the residents and proceeded to perform a substantial rehabilitation of the existing buildings. Most of the rehabilitation work on the exterior of the property was completed. Only a limited amount of rehabilitation work was completed on the interior when the Berg family decided to sell the property. They initially marketed the property to other senior assisted living facility operators, but the size of the units and the secluded nature of the location were unappealing to operators who prefer highly visible locations with plenty of foot and vehicle traffic. Housing staff became aware of the Berg family’s desire to sell the property and began negotiating with the family with the authorization of the Housing Authority. The purpose of the Housing Authority’s acquisition was for a future affordable housing development.
The property is located within the City Center/Citrus Grove residential neighborhood, north of Colorado Street. The neighborhood encompasses the original town of Glendale Tract, and the property is located directly across from Piedmont Mini Park. The property consists of approximately 0.90 acres or 39,178 square feet, with a two-story building comprised of 36,266 square feet developed at 426 Piedmont (Main Building). 507 Naranja Drive is a three-story building (Annex) attached to the northeast side of the property. The Main Building was originally developed in 1973 and features 91 bedrooms along with multiple community spaces. The Annex was developed in 1975 and features 21 bedrooms. The Main Building has elevator access to the subterranean garage, which consists of 46 parking spaces. The property includes open-air courtyards and a garden located at the center of the Main Building.
At its Joint City Council and Housing Authority meeting of April 18, 2023, the Housing Authority reviewed and approved the issuance of a Request for Qualifications (RFQ) to solicit proposals from development teams to convert the 112-bed senior assisted living facility into an affordable rental project for seniors. The RFQ was released in May 2023 to the development community (more than 100 organizations and 250 individuals) throughout the Southern California region. A site walk-through and predevelopment conference was held on the property shortly thereafter. The RFQ called for the conversion of the Piedmont site to 58-67 affordable rental housing units for senior 3{{section.number}}1
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households with extremely low and very low incomes, and a minimum of 15 units or 25% of the total units (whichever greater) to target 30% area median income (AMI).
Housing Division staff received five submittals in response to the RFQ. An RFQ Review Team consisting of staff from Community Development Department’s Planning, Economic Development and Housing Divisions as well as a staff member of the Community Services and Parks Department was formed shortly after the RFQ was issued for the purpose of evaluating the responses. After a thorough vetting process, a clear consensus was formed by the RFQ Review Team in identifying one development team that stood out as exceptional in responding to the RFQ – EAH Housing. EAH Housing was able to identify a significant number of team members, all of whom have had years of experience working together. EAH Housing also ranked first in the lowest subsidy request of the Housing Authority, scored highest in sustainability goals, second in AMI targeting, and overall had an excellent vision for the site.
At its Joint City Council and Housing Authority meeting of October 10, 2023, the Housing Authority unanimously authorized the Executive Director to enter into an ENA with EAH Housing to develop a 100% affordable, rental senior housing project on the site. Staff has negotiated with EAH Housing and is bringing the deal points of a 100% affordable housing development in the form of a Letter of Loan Commitment and Lease Option in time to apply for an allocation of 9% low income housing tax credits (9% Tax Credits) from the California Tax Credit Allocation Committee (CTCAC) in February 2024. Approval of the Letter of Loan Commitment and Lease Option are necessary for EAH Housing to apply for the 9% Tax Credits. See draft Letter of Loan Commitment (Exhibit 2) and draft Lease Option (Exhibit 3).
PROJECT DESCRIPTION
Since ENA issuance, EAH Housing has worked with Planning and Housing staff to entitle the 100% affordable housing project. The proposed project involves the adaptive reuse of an existing 112-bed senior assisted living facility to a 47,493-square-foot, three-story,100% affordable senior rental housing project housing. The project consists of 67 affordable senior dwelling units, one manager’s unit, and 45 on-site vehicular parking spaces. Strategically optimizing the operational performance of the existing built assets, the project prioritizes intentional design that is consistent with applicable development standards and drives placemaking. The overall concept for the project is twofold: (1) develop an affordable senior housing community that fosters health and wellness for residents; and (2) incorporate sustainable design elements for an existing legal, non-conforming use. The project includes no change to the building envelope, which includes two levels of Type V building for the Main Building and three levels of Type V building for the Annex, including one level of below grade/subterranean parking.
Units
The 47,493 square feet of affordable housing provides a mix of primarily two dwelling unit types designed to meet the needs of senior residents. On average, the studio units have an area of 350 square feet each, the one-bedroom units are roughly 400 square feet each, and the two-bedroom manager’s unit is 700 square feet. Room designs will 4{{section.number}}1
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incorporate basic kitchenettes, refrigerators, restrooms, and accessibility features. The one-bedroom units are located within the two-story Main Building. The three-story Annex primarily consists of studio units. The two-bedroom manager’s unit is located on southwest corner of the second floor of the Main Building, directly accessible to a common area and amenity room. Laundry facilities, roughly 130 square feet in area each, are provided on every floor for common use. Common areas and multi-purpose uses are located on the first and second floors of the Main Building. Two existing elevators provide access and connection throughout the entire development and the subterranean parking structure. The unit mix by type and count are provided in Table 1:
TABLE 1: Unit Mix
Unit Type Unit Count
Studio 21
1 Bedroom 46
2 Bedroom (Manager’s Unit) 1
Total 68
The proposed unit mix and layout maximizes the number of dwelling units on site while providing convenient amenities catered to the project’s residents.
Residential Amenities
Indoor amenity spaces including a new kitchen, dining rooms, lounge, and multi- purpose rooms, foster mindful engagement and address the needs associated with aging in place. The roughly 500-square-foot kitchen, located on the first floor of the Main Building, is designed to bring residents together through shared meals, healthy eating, learning opportunities, and celebrations. The additional amenity rooms distributed across the first and second floors provide convenient access to those with limited mobility and facilitate a variety of programming catered to the residents. The wide range of activities offered in these rooms encourage socialization, creativity, entertainment, mental stimulation, movement, and relaxation. The project’s indoor amenity spaces provide a socially vibrant environment that supports the physical, emotional, and mental well-being, improving the quality of life overall, for its senior residents.
Parking
The project is eligible to provide parking pursuant to AB 2097, which allows zero parking for qualifying sites within a Transit Priority Area. As such, no minimum parking is required as part of the project. However, because the project is adaptively reusing an existing building on the site, 45 existing legally non-conforming vehicular parking spaces will be provided in the subterranean garage. The existing single driveways on Piedmont Avenue and Naranja Drive will remain for vehicular access to parking. Two elevators, located on the northeast corner of the development and the southwest corner of the Main Building, will continue to provide access to all residential floors.
Architecture
The project rehabilitates an existing building with a variety of aesthetic improvements crafted to complement the surrounding community character. The roof forms, decorative 5{{section.number}}1
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styles, and color schemes build upon the most recent renovation to the existing assisted living facility. The project’s existing architectural character reflects Spanish Revival and mission-style architecture. Thus, designed parameters distilled from the form and character of the existing building, including the color palette and architectural styles, are retained to pay homage and add to the sense of place. An earth-toned, neutral colored plaster will reflect sunlight during the day, keeping the property cooler in the summertime and creating a light atmosphere for its residents. The existing arched doorways, entrances, and corridors are streamlined decorative elements that also provide efficient structural form. The façade is contrasted with terracotta-colored roofing that adds another layer of texture and dimension to the exterior; and lighter walls are offset by dark metal railings, and fixtures. The Project’s minor façade upgrades will enhance the existing building’s features while promoting a warm, modern, and welcoming appearance.
Landscaping
The project will retain existing landscaping on-site while incorporating functional improvements and additional native vegetation that will revitalize the property. The landscaping is intended to be layered with trees, shrubs, and other drought tolerant plants to complement adjacent buildings and soften edge conditions that feature retaining walls and masonry. The project will demonstrate an extensive native plant palette and be heavily landscaped to promote an open-air environment for residents to relax, improve focus, and connect with nature. The sustainable, low maintenance landscaping will feature senior-friendly gardens, surface improvements, a variety of ramps and steps, shading, and abundant seating options for respite along pedestrian pathways. Landscaping intentionally accounts for actions that get harder with age, such as bending down or reaching up, as well as the prevention of trip and fall hazards.
A diverse mix of materials will also add visual interest and promote a positive environment for seniors. All elements and materials listed have been integrated into the project’s landscape palette: water feature; concrete accent pavers; wooden and concrete benches; concrete planters; hanging plants; wooden pergolas, trellises, and shade structures.
Outdoor Open Space
The project offers several common outdoor open space areas, totaling 11,330 square feet, for residents to partake in a variety of personal and group activities. The project’s courtyards intend to foster serenity, with calming garden elements and sustainable materials, and encourage communal activities for both body and mind. The incorporated trellises, furnishings, planters, and lighting facilitate the active programming and varied uses anticipated such as social gatherings, events, picnics, meditation, and relaxation.
The naturally shaded portion of the courtyard will allow for low impact exercise stations.
Accessible planting boxes will be incorporated into a community garden for residents to use for nutrition, education, and social events. The produce grown in this space can be utilized in the new kitchen and shared at the picnic deck located on the southwest corner of the property. The northwest courtyard will become a quiet pocket with minimalist seating, wind chimes, a water feature, and thoughtfully placed plants throughout the shaded space. The project’s open space design features will not only 6{{section.number}}1
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promote serenity but also invite exploration by connecting to all the pedestrian pathways for easy navigation and wayfinding.
Sustainability
The plan for the property is rooted in sustainable principles and will be designed with the goal of achieving LEED Platinum certification. The project will incorporate sustainable building and resource-efficient technologies. Multiple strategies will be employed to enhance efficiency and reduce the Property’s environmental footprint through focusing on the building’s systems and material selection. The project will be designed with electrification as a priority. The electrical system load will be reduced by installing Energy Star™ rated appliances, high efficiency LED lighting with occupancy sensors, and highly efficient HVAC systems. The project will also include renewable technologies such as solar thermal water preheating systems and solar photovoltaic electrical panels with the aim of offsetting some of the building’s calculated electrical demand. Water usage reduction strategies will focus on the water demand for the resident’s use and the implementation of smart landscape technologies to reduce the exterior water usage. These strategies assume a combination of smart metering and weather sensors to ensure appropriate watering as needed with slow-growing, drought tolerant native/adapted plants for new landscaping and outdoor spaces.
Interior material finishes selection will focus on products that reduce off gassing to provide a higher level of indoor air quality. Pre- and post-consumer recycled content finishes will be selected with durability to reduce waste going into the landfills. Durability will be defined through the selection of cabinetry constructed from zero-formaldehyde plywood boxes and thermofoil finishes; new flooring and adhesives guaranteeing low level emissions of Volatile Organic Compounds (VOCs); and paint finishes specified with zero-VOC content to reduce off-gassing. The use of smart framing techniques will ensure adequate continuous insulation throughout the building exterior envelope.
Additionally, the selection of paint colors for the exterior of the building will be consciously made to reduce the heat island effect. The combination of these strategies will enable the Project to secure LEED Platinum certification, while allowing the delivery of a building that will provide health and wellness to senior residents, have minimal impact on the City’s infrastructure, and remain an asset to the Citrus Grove neighborhood and its surrounding community.
TARGET POPULATION, INCOME LIMITS AND RENT SCHEDULE
The Project will provide affordable housing for a period of at least 55 years to households having income ranging from 30% to 60% of area median income. Table 2 below sets forth the annual income limits for households at 30% to 60% of area median income, adjusted for household size in 2023.
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TABLE 2 Number of Persons in Household
Income limits 1 2 3
Extremely
Low
Income
0-30%
of
AMI
$26,490 $30,270 $34,050
Very Low
Income
31-
50%
of AMI
$44,150 $50,450 $56,750
Low
Income
51-
60%
of AMI
$52,980 $60,540 $68,100
Monthly rents (plus utilities) for the units will range from approximately $515 to $1,031 per month for the studio units before utility allowances are deducted and $589 to $1,418 per month for the one-bedroom units. The total number of rent restricted units is 67.
Table 3 shows the number of studio and one-bedroom units that will be available for each income level of households. One two-bedroom unit will be reserved for the resident manager and will not have rent restrictions.
TAX CREDIT PROGRAM FINANCING
The proposed project includes a financing plan that involves the utilization of 9% Tax Credits from CTCAC. EAH Housing will apply for approximately, $22,589,815 in 9% Tax Credits in February 2024. If not awarded 9% Tax Credits in the February 2024 round, EAH Housing will have another opportunity to apply for 9% Tax Credits in July 2024. 9% Tax Credits are considered the best leverage of funds for the project. Low-income housing tax credits were established by Congress in 1986. The program allows owners of qualified low-income rental housing developments to receive tax credits. Recipients of these credits can sell or syndicate the credits to profitable organizations and TABLE 3: Unit Mix and Rents
Unit No. of
Units % AMI Gross Rent Utility Allowance Net
Rent
Studio 16 30% $515 $65 $450
Studio 5 50% $1,031 $65 $966
1-
Bedroom 5 30% $589 $70 $519
1-
Bedroom 28 50% $1,178 $70 $1,108
1-
Bedroom 13 60% $1,418 $70 $1,348
2-
Bedroom 1 Manager's Unit - N/A -
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individuals that have federal income tax obligations. The sale proceeds are then used to help finance the project.
PROJECT ECONOMICS
The estimated project budget is $37,938,636. EAH Housing is requesting a long-term lease (valued at $11,900,000 or approximately, $175,000 per unit) from the Housing Authority to assist with development. EAH Housing is also seeking $2,181,500 from the Housing Authority in HUD HOME Investment Partnerships American Rescue Plan (HOME-ARP) Program funding. The remaining $22,589,815 will be financed with 9% Tax Credits and $1,267,221 will be accrued deferred interest. Table 4 shows the sources for the project.
TABLE 4: Sources of Funds
Permanent Project Cost Per Unit Cost
Low Income Housing Tax Credit
Equity $ 22,589,815 $ 332,203
City of Glendale Housing Authority
(Land Loan) $ 11,900,000 $ 175,000
City of Glendale Housing Authority
(Development Loan) $ 2,181,500 $ 32,081 Accrued Deferred Interest $ 1,267,221 $ 18,636 General Partner Equity $ 100 $ 1 Total Sources of Funds $ 37,938,636 $ 557,921
TERMS OF LETTER OF LOAN COMMITMENT AND LEASE OPTION
Summary of Terms of Letter of Loan Commitment
The key terms of the Letter of Loan Commitment are summarized as follows:
•EAH Housing will finance, adaptively re-use and construct a total of 68 residential dwelling units for seniors, 67 as affordable rental housing and one will be reserved as an on-site manager’s unit.
•The housing units will be reserved for rent by lower income, households at affordable rent levels between 30% and 60% area median income for a minimum period of 55 years from the date of recordation of the regulatory agreement by EAH Housing in favor of TCAC, or a longer period as mutually agreed upon by the Housing Authority and EAH Housing, upon terms and conditions approved by the Housing Authority.
•The Housing Authority’s total assistance to the project will be $14,081,500 (consisting of $11,900,000 for land and $2,181,500 development loan), or $207,081 per unit.
•The Housing Authority’s assistance will be in the form of residual receipt loans secured by a Leasehold Deed of Trust that will be subordinate to a Permanent Financing Loan.
•The Letter of Loan Commitment will expire December 31, 2024. 9{{section.number}}1
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•Additional terms and conditions will be detailed in an Affordable Housing Agreement to be brought to the Housing Authority for consideration prior to the expiration of the Letter of Loan Commitment.
Summary of Terms of Lease Option
The key terms of the Lease Option are summarized as follows:
•The term of the Lease Option will be for a minimum of 55 years at a rate of $1 per year. The term will begin concurrent with construction loan closing for the project and will continue for a minimum of 55 years following project completion. •The Lease Option will expire on December 31, 2024. The Lease Option will automatically expire if EAH Housing has not received an award of 9% Tax Credits from CTCAC in the 2024 awards.
•The fully capitalized value of the annual rent (land) will be $11,900,000 paid in the form of promissory notes by EAH Housing upon the terms set forth in the Affordable Housing Agreement to be brought to the Housing Authority for consideration.
•The Housing Authority and EAH Housing will execute a Ground Lease subject to conditions precedent to execution of the Ground Lease set forth in the Affordable Housing Agreement and upon EAH Housing’s exercise of the Lease Option. The Ground Lease will run with the affordability covenants.
NEXT STEPS
With Approval of the Letter of Loan Commitment and Lease Option, EAH Housing will apply for an award of 9% Tax Credits in February 2024. If awarded 9% Tax Credits the project will need to secure all remaining financing, secure building permits, and enter into an Affordable Housing Agreement which will be brought to the Housing Authority later this fall for consideration and approval. With an approval of the AHA, other funding and building permits, construction of the project would commence with a completion date in late 2025 or early 2026. Marketing and lease-up of the project would begin approximately six months prior to expected Certificate of Occupancy with the goal of having a fully leased and occupied project on or before March 31, 2026.
COOPERATION AGREEMENT AND PLHA PROGRAM FUNDS
Senate Bill 2 (SB 2) was part of a 15-bill housing package aimed at addressing California’s housing shortage and high housing costs. SB 2 established a permanent source of funding intended to increase the affordable housing stock in California. The revenue from SB 2 varies from year to year, as revenue is dependent on real estate transactions with fluctuating activity.
Beginning in calendar year 2019, the legislation directed the California Department of Housing and Community Development (HCD) to provide financial assistance to local governments for eligible housing-related projects and programs to assist in addressing the unmet housing needs of their local communities. The program is referred to as the 10{{section.number}}1
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PLHA Program. Pursuant to the PLHA Program, the City received its current allocation of $3,697,671 and allocated $3,512,787 to fund a portion of the acquisition for 426 Piedmont Avenue and 507 Naranja Drive. The City is anticipated to receive future allocations of PLHA Program funding in accordance with SB 2.
Historically, the Housing Authority has been the public entity responsible for coordinating, administering, and implementing low and moderate income housing projects in the City. Given the Housing Authority’s qualifications and experience to do so, staff recommends execution of a Cooperation Agreement by and between the Housing Authority and the City of Glendale that would grant the Housing Authority the responsibility of administering the PLHA Program Funds and the reuse of funds that are received by the Housing Authority in repayment of any PLHA Program funds.
In an effort to address the unmet housing needs of the City, Staff is bringing forth a draft Cooperation Agreement and recommending adoption of Resolutions whereby the City of Glendale would authorize the City Manager and the Housing Authority would authorize the Executive Director to execute the Cooperation Agreement authorizing the Housing Authority to administer PLHA Program funding and designating individuals to sign and approve PLHA program documents. See draft Cooperation Agreement (Exhibit 4).
STAKEHOLDERS/OUTREACH
Stakeholder outreach included the Joint City Council and Housing Authority meeting of April 18, 2023 authorizing staff to issue the RFQ, as well as the notice sent to more than 100 organizations and 250 individuals associated with the development of affordable housing. Moreover, at its Joint City Council and Housing Authority meeting on October 10, 2023, the Housing Authority unanimously authorized the Executive Director to enter into an ENA with EAH Housing to develop the 100% affordable, rental senior housing project.
FISCAL IMPACT
EAH Housing is requesting a long-term ground lease from the Housing Authority valued in an amount equal to the Housing Authority’s acquisition price of $11,900,000. The Housing Authority and Council previously appropriated Low and Moderate Income Housing Asset Fund (Low & Mod Fund), Measure S proceeds and Housing and Community Development (HCD) Permanent Local Housing Allocation (PLHA) Program funds for the acquisition of the site. In addition to the long-term ground lease, EAH is requesting $2,181,500 in HUD HOME Investment Partnerships American Rescue Plan (HOME-ARP) Program additional funding, which was not included as a part of the FY 2023-24 budget. Therefore, staff is requesting an appropriation of $2,181,500 from HOME-ARP grant revenue. The appropriation request is outlined below:
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Requesting Appropriation
Amount From (Account
String)
To (Account String) Funding Source
$2,181,500 31240-2030-CDD-
0020-P0000-
CDD00914DG
43112-2030-CDD-
0020-P0000-
CDD00914DG
Home Grant Fund
The use of HOME-ARP funding is conditioned on meeting all requirements of the HUD HOME-ARP Program requirements. Currently, there is no fiscal impact associated with the Cooperation Agreement.
ENVIRONMENTAL REVIEW (CEQA/NEPA)
The 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 15301 of Title 14 of the California Code of Regulations (CEQA Guidelines) as a Class 1 “Existing Facilities” project because no additions to the existing building are proposed, and pursuant to CEQA Guidelines Section 15332 as a Class 32 “In-Fill Development Project” as it meets all threshold criteria set forth in sections 15332(a) through (e). Additionally, the action authorizing execution of the Cooperation Agreement for future funding outside of this affordable housing project is not a project pursuant to Section 15378(b)(4) of the CEQA Guidelines because it constitutes the creation of government funding mechanisms or other government fiscal activities, which do not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment.
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 5, in accordance with the City Campaign Finance Ordinance No. 5744.
ALTERNATIVES TO STAFF RECOMMENDATION
Alternative 1: Elect to change terms of the Letter of Loan Commitment such as Housing Authority funding levels, income targeting or the term of the Lease Option. In order to meet the February 2024 deadline for the 9% Tax Credit application, any of these changes could be incorporated into the Affordable Housing Agreement, which will be brought to the Housing Authority for consideration later this fall. Elect to change the terms of the Cooperation Agreement, which may be brought to the City Council and Housing Authority for consideration at a later date.
Alternative 2: Elect not to authorize execution of the Letter of Loan Commitment and Lease Option in any form. If this option is chosen, the Housing Authority could terminate its involvement in the potential joint development of the project. Elect not to authorize execution of the Cooperation Agreement. If this option is chosen, the Housing Authority would not be responsible for administering PLHA Program funds. 12{{section.number}}1
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Alternative 3: Consider any other alternative not proposed by staff.
ADMINISTRATIVE ACTION
Submitted by:
Bradley Calvert, Director of Community Development
Prepared by:
Peter Zovak, Assistant Director of Community Development Michael Fortney, Deputy Director of Community Development Michelle Yekikian, Senior Housing Project Manager
Approved by:
Roubik R. Golanian, P.E., City Manager
EXHIBITS/ATTACHMENTS
1. 426 Piedmont Avenue and 507 Naranja Drive Site Map
2. Draft Letter of Loan Commitment
3. Draft Lease Option
4. Draft Cooperation Agreement
5. Campaign Disclosures