1st Amendment to Loan Agreement
with Baden Station Investors LLC
City Council Presentation
March 8, 2023
1 Baden Station
36 affordable units
50% for IDD households
23 parking spaces
4-stories
2 428-432 Baden
• 428 Baden, privately-owned site acquired by a market rate developer • Market rate developer entered into a Purchase and Sale Agreement with the Successor Agency to buy 432 Baden
• Market rate developer entitled the combined site in Aug 2020 • Oct 2021 Council approved assignment of the PSA to Baden Station Investors LLC and a $4,050,000 loan, converting the project to fully- affordable housing 3 Original Loan Terms
Amount Terms
$2,000,000 Short Term
- To be repaid at construction financing
$2,050,000 Long Term
- To be repaid through residual receipts
- Payable 55 years from certificate of occupancy
$4,050,000 Total
4 Proposed Loan Terms
5 PROPOSAL: Change $1.1 million from short term, to long term Amount Terms
$900,000 Short Term
- To be repaid at construction financing
$3,150,000 Long Term
- To be repaid through residual receipts
- Payable 55 years from certificate of occupancy
$4,050,000 Total
Action for consideration
Adoption of a resolution approving of the first
amendment to the loan agreement, reducing the shortterm component by $1.1 million and increasing the long-term component by the same amount.
If approved, construction will begin by March 27th
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