RESOLUTION NO. 2023-
A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF MERCED, CALIFORNIA,
AUTHORIZING JOINT APPLICATION TO AND
PARTICIPATION IN THE HOMEKEY PROGRAM
WHEREAS, The Department of Housing and Community Development ("Department"') has issued a Notice of Funding Availability, dated March 29, 2023 ('NOFA"), for the Homekey Program ("Homekey" or "Program"). The Department has issued the NOFA for Homekey grant funds pursuant to Health and Safety Code section 50675.1.3 (Assem. Bill No. 140 (2021-2022 Reg. Sess.), § 20); and,
WHEREAS, The City of Merced ("Co-Applicant"') desires to jointly apply for Homekey grant funds with Shangri-La Industries LLC, a Delaware Limited Liability Company ("Corporation"). Therefore, Co-Applicant is joining Corporation in the submittal of an application for Homekey funds ("Application") to the Department for review and consideration; and,
WHEREAS, The Department is authorized to administer Homekey pursuant to the Multifamily Housing Program (Chapter 6.7 (commencing with Section 50675) of Part 2 of Division 31 of the Health and Safety Code). Homekey funding allocations are subject to the terms and conditions of the NOFA, the Application, the Department-approved STD 213, Standard Agreement ("Standard Agreement"), and all other legal requirements of the Homekey Program.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MERCED
DOES HEREBY RESOLVE, DETERMINE, FIND, AND ORDER AS
FOLLOWS:
SECTION 1. Co-Applicant is hereby authorized and directed to submit a joint Application to the Department in response to the NOFA, and to jointly apply for Homekey grant funds in a total amount not to exceed $35,000,000.
SECITON 2. If the Application is approved, Co-Applicant is hereby authorized and directed to enter into, execute, and deliver a Standard Agreement in a total amount not to exceed $35,000,000 any and all other documents required or deemed necessary or appropriate to secure the Homekey funds from the X: \Resolutions|2023\Housing|Resolution Homekey 3 - Shangri-La V3.docx 1 Department and to participate in the Homekey Program, and all amendments thereto (collectively, the "Homekey Documents").
SECTION 3. Co-Applicant acknowledges and agrees that it shall be subject to the terms and conditions specified in the Standard Agreement, and that the NOFA and Application will be incorporated in the Standard Agreement by reference and made a part thereof. Any and all activities, expenditures, information, and timelines represented in the Application are enforceable through the Standard Agreement. Funds are to be used for the allowable expenditures and activities identified in the Standard Agreement.
SECTION 4. The City Manager, or Deputy City Manager, and the City Clerk are hereby authorized to execute and attest to the Application and the Homekey Documents on behalf of Co-Applicant for participation in the Homekey Program.
PASSED AND ADOPTED by the City Council of the City of Merced at a regular meeting held on the _day of 2023, by the following vote:
AYES: Council Members:
NOES: Council Members:
ABSENT: Council Members:
ABSTAIN: Council Members:
APPROVED:
Mayor
X: \Resolutions\2023\Housing|Resolution Homekey 3 - Shangri-La V3.docx ATTEST:
STEPHANIE R. DIETZ, CITY CLERK
BY:
Assistant/Deputy City Clerk
(SEAL)
APPROVED AS TO FORM:
6-7-2023
City Attorney Date
X: \Resolutions|2023\Housing \Resolution Homekey 3 - Shangri-La V3.docx 3