LE PETIT ELEPHANT LOAN DEAL POINTS
1. Parties to Loan Agreement (Legal Counsel):
City: City of Napa ("City")
Legal Counsel - City Attorney/ BBK
LPDC: Le Petit Elephant (“LPE”)
Legal Counsel - ________________ [TBD]
2. Site Description
Street 15 Chapel Hill Drive, Napa CA
[APN: 006-162-001]
3. Proposed Uses of Site/Improvements:
The City of Napa has approved a use permit for a day care center for up to 250 children. LPE will be renovating an existing church facility into multiple classrooms.
4. Required Approvals/Status:
City: City Council approval of Loan Agreement/ AB 562 [TBD] Building Permit (in process)
Use Covenant for Childcare
Impact Fees
LPE: Construction Contract
SBA Loan Close
5. Commitments of Parties/ Responsibilities:
City: - Loan $175,000
- Terms: No interest for 3 years
3-year Balloon payment from Certificate of Occupancy or TCO Subordinated to all other loans on property.
- AB 562 Report [TBD- incentive?]
LPE - Satisfaction of Items in No. 4
6. Other Sources of Funding
- ARPA County Loan [Approved and funded]
- SBA Loan [In process]
- Other [TBD]
7. Other Issues:
- Prevailing Wage [Required by other loans]
8. Timing for Approval of Approvals and Agreement
- City Council authorization for loan execution June 17, 2025
9. Contingencies to Closing
Satisfaction of Items in No. 4
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