RESOLUTION NO. R-2022-106
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PISMO BEACH,
CALIFORNIA AUTHORIZING A REVISED LOAN AGREEMENT AND ASSOCIATED
DOCUMENTS WITH THE HOUSING AUTHORITY OF SAN LUIS OBISPO FOR FUNDING, CONSTRUCTION, AND MANAGEMENT OF A 25-UNIT AFFORDABLE SENIOR HOUSING PROJECT AT 2655 SHELL BEACH ROAD
WHEREAS, the City Council previously approved a loan agreement and associated documents with the Housing Authority of San Luis Obispo (HASLO) in support of the development of a 25-unit affordable senior housing project at 2655 Shell Beach Road; and
WHEREAS, as a result of inflation, increasing interest rates, and decreased demand for tax credit investments, HASLO has requested modifications to the City's deferred fee amount to a total of $443,676; and
WHEREAS, HASLO is additionally requesting to increase the interest rates for City funding from 0% to 4%; and
WHEREAS, City Development Impact Fees can be deferred to further assist with project funding.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Pismo Beach hereby approves and authorizes the City Manager to execute a loan agreement to the Housing Authority of San Luis Obispo for $1.0 million, a regulatory agreement, note, and deed of trust, and deferral of City Development Impact Fees related to project development not to exceed $443,676, in substantially the form attached to the December 6, 2022, report to the Council.
BE IT FURTHER RESOLVED that the City Council of the City of Pismo Beach hereby sets up notes receivable and deferred revenues for the promissory note in the amount of $443,676, including any related accounting adjustments.
UPON MOTION OF Council Member Blake, seconded by Council Member Guthrie, the foregoing resolution was adopted by the City Council of the City of Pismo Beach this 6'h day of December 2022, by the following vote:
AYES:
5 Blake, Guthrie, Newton, Reiss, Waage
NOES:
0 ABSENT:
0 ABSTAIN:
0 RECUSED:
0 PAGE 1 OF 2
R-2022-106
Ap v'ed�:1
W
Ed Waage, Mayor
Atte t:
AA V
Erica Inderlied, City Clerk
"ad
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R-2022-106