RESOLUTION NO. 2026= 05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
POMONA, CALIFORNIA, ESTABLISHING THE POMONA
DEVELOPMENT ACCELERATOR FUND (" PDAF")
WHEREAS, the City of Pomonahas seenlimited investment in new developmentand new commercial tenancyin the city, particularly within Downtown; WHEREAS, this limited investment remains despite the City taking multiple actions to streamlinedevelopment, includinggeneroushousingdensitiesin thePomonaGeneralPlan, streamlined environmentalreview, reducedparkingminimumrequirements, andobjectivedesignstandardsfor plan review;
WHEREAS, the persistenceof high constructioncostsmatchedwith low marketrentsin the Pomona residential and commercial market creates "gaps" in development pro forma models that preclude developmentactivity;
WHEREAS, the City seeksto fill thesegapsin the interest of catalyzing affordable housing development, commercial tenancy, andadaptivereuseprojects; WHEREAS, the City seeksto investin thesegapmeasureswhile alsoensuringpublic benefits, suchas affordablehousingproduction, or local hire, or local businessattraction, as examples, and ensuring displacementavoidance, equitableand fair funding availability processes, local business support, and in-fill developmentthat reducesvehicle miles traveled and meetsthe goals of the Pomona GeneralPlanandHousing Element (ProHousing Pomona);
WHEREAS, the City has identified multiple funding sourcesthat could be deployedto investment in gapfinancing mechanisms;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Pomonaas follows :
SECTION 1 . TheCity CouncilestablishesthePomonaDevelopmentAcceleratorFund (PDAF) asoutlined in the PDAF ProgramGuidelines (AppendixA). Any useof SuccessorAgency bonddollars in the PDAF aregeographically restrictedto the Downtown Pomonaarea.
SECTION 2. The City Council further authorizesStaff to :
1 .Pursuethe SCAGREAP2 .0 Grantapplicationfor up to a $5M request, with a PDAF match commitmentof $5M, to be usedby the PDAF for catalyzingresidentialor mixed-use affordablehousingproductsin transit-orienteddevelopmentareasof the City, suchas Downtown or the Pomona North Station ( Metro A Line),
Resolution No. 2026- 05
January5 , 2026
Attachment No. 3
2. Establish a PDAF Loan Committee consisting of the City Manager, Deputy Director of Economic and Business Affairs, Director of Finance, Director of Development Services, and one additional representativefrom the finance or underwriting industry asmay be deemed necessary. The PDAF Loan Committee may establish individual Notices of Funding Availability (NOFA) in compliancewith thePDAF ProgramGuidelines.
SECTION 3. The City Clerk shall attest and certify to the passageand adoption of this Resolution, andit shallbecomeeffective immediatelyupon its approval.
PASSED, APPROVEDANDADOPTEDthis5`hdayof January, 2026
CITY OF POMONA*
Tim Sandoval
Mayor
APPROVED AS TO FORM : ATTEST :
Sonia Carvalho Rosalia A. Butl r, QC
City Attorney City Clerk
I, HEREBY CERTIFY that the foregoing resolutionwasduly adoptedby the City Council of the City of Pomonaat aregularmeetingthereofheld on January5, 2026by the following vote of the Council :
AYES : Martin, Preciado, Garcia, Ontiveros- Cole, Lustro, Canales, Sandoval NOES : None
ABSTAIN: None
ABSENT: None
Diana Robles, CMC
Deputy City Clerk
Resolution No. 2026- 05
January5, 2026