RESOLUTION NO. SHA 2022 - XXXX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, CALIFORNIA, ACTING IN ITS CAPACITY AS THE SUCCESSOR HOUSING AGENCY, AUTHORIZING A MODIFIED PROJECT LOAN AMOUNT FOR PHASE 2 OF THE VILLA SERENA II AFFORDABLE HOUSING PROJECT IN THE RICHMAR NEIGHBORHOOD WHEREAS, the City Council of the City of San Marcos (“City”) serves as the legislative body of the Successor Housing Agency to the former San Marcos Redevelopment Agency (“SHA”) for purposes of handling the assets and obligations of the former San Marcos Redevelopment Agency (“RDA”) following its dissolution; and WHEREAS, as the legislative body of the SHA, the City Council takes action on post-redevelopment matters, and is responsible for decisions governing land previously owned by the RDA; and WHEREAS, the SHA and the City both have a state mandate for the construction of affordable housing; and WHEREAS, National CORE (“Developer”), has approached the SHA about the redevelopment of its ageing Villa Serena affordable housing project within the Richmar neighborhood (“Project”); and WHEREAS, this Project will assist in meeting the City Council’s goal of neighborhood revitalization in the Richmar neighborhood by expanding the stock of decent, safe, and affordable housing; and WHEREAS, the RDA previously authorized a project loan to the Developer for the acquisition and rehabilitation of the original Villa Serena affordable housing project in 1997; and later approved the rollover from that loan with SHA Resolution 2019-037 WHEREAS, Phase 1 of the Villa Serena project was granted gap financing in February 2020 with SHA Resolution 2020-039 and an additional project award in March 2021 with SHA Resolution 2021-8867 WHEREAS, the SHA agreed to provide gap financing in the restated and approved Development and Loan Agreement approved in prior resolutions and the SHA desires to provide additional financial assistance to Phase 2 of the Villa Serena II project by approving an adjusted project loan totaling $5,300,000 and the updated Replacement Housing Plan; and NOW, THEREFORE BE IT RESOLVED, by the Successor Housing Agency of the City of San Marcos:
1. The foregoing recitals are true and correct and are hereby incorporated into this Resolution by reference.
2. Approves modified financing in the form of a project loan for Phase 2 in the amount of 5,300,000 and the updated Replacement Housing Plan.
3. Authorizes the City Manager to finalize and conclude all required regulatory agreements and financing arrangements consistent with the parameters set forth herein.
4. Authorizes the City Manager to modify and finalize the Development and Loan Agreement
5. The authorization granted herein is not subject to subsequent approval by the Oversight Board of the Successor Housing Agency or the California Department of Finance.
PASSED, APPROVED AND ADOPTED by the City Council in its capacity as the legislative body of the Successor Housing Agency this 22nd day of March, 2022, by the following roll call vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
Rebecca D. Jones, Mayor
City of San Marcos
ATTEST:
Phillip Scollick, City Clerk