NVF:HAH:CEG
5/5/2023
T-43033 / 2019869 1
Council Agenda: 05/16/2023
Item No.: 3.4(b)
DRAFT--Contact the Office of the City Clerk at (408)535-1260 or [email protected] for final document.
RESOLUTION NO. ______________
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN
JOSE AUTHORIZING AN INCREASE OF UP TO $500,000
FROM MEASURE E FUNDS TO INCREASE THE CITY
COUNCIL-APPROVED CONSTRUCTION -PERMANENT
LOAN COMMITMENT TO TAMIEN AFFORDABLE, L.P.,
FROM $16,750,000 TO $17,250,000 TO PROVIDE FUNDS
FOR TENANT IMPROVEMENTS TO THE COMMERCIAL
SPACE FOR A COMMERCIAL CHILDCARE FACILITY
WHEREAS, the Tamien Station Affordable Development, located at 1197 Lick Avenue will consist of a five-story building with the 135 affordable residential units and a 3,200 square foot commercial space to be used as a childcare center (“Project”) ; and
WHEREAS, the sources of funding for the City Loan will consist of the following:
$4,342,593 from Inclusionary Fee Funds and $12,407,407 from the Low- and Moderate- Income Fund; and
WHEREAS, the borrower has partnered with the Low-Income Investment Fund and Santa Clara County Office of Education to solicit proposals for Title 5 childcare providers to offer subsidized childcare services to a certain number of residents; and
WHEREAS, Staff recommends City Council authorization to increase the City Loan commitment by $500,000, composed of Measure E 30% Low-Income funds, to bring the total commitment total to up to $17,250,000; and
WHEREAS, the additional $500,000 will assist the Development in completing necessary tenant improvements to construct commercial space to be reserved for the childcare facility;
NVF:HAH:CEG
5/5/2023
T-43033 / 2019869 2
Council Agenda: 05/16/2023
Item No.: 3.4(b)
DRAFT--Contact the Office of the City Clerk at (408)535-1260 or [email protected] for final document.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF SAN JOSE THAT:
(a) An increase of the of the City loan commitment for the Project of $500,000 composed of Measure E 30% Low-Income funds in order to complete the necessary tenant improvements to construct a childcare facility in the commercial space is hereby authorized.
ADOPTED this _____ day of ___________, 2023, by the following vote:
AYES:
NOES:
ABSENT:
DISQUALIFIED:
MATT MAHAN
Mayor
ATTEST:
TONI J. TABER, CMC
City Clerk