Resolution of the Governing Body
RESOLUTION NO._BBBBBBBBBB_
A RESOLUTION OF THE GOVERNING BODY OF _____________________ SUPPORTING THE APPLICATION OF _____________________ FOR THE LOCAL GOVERNMENT MATCHING GRANTS PROGRAM; APPROVING _______________
BUDGET FOR THE LOCAL GOVERNMENT MATCHING GRANTS PROGRAM WHEREAS:
$ On January 15, 2019, Governor Gavin Newsom signed Executive Order No. 119, which allows the production of $ffordable housing on state-owned (xcess 6ites (“Excess Sites”).The Executive Order authorizes the Department of General Services (“DGS”) and the Department of Housing and Community Development (“Department”)to identify and prioritize Excess Sites for sustainable, cost-effective, and innovative multi-family $ffordable housing projects. % On ___________ DGS and the Department selected ___________________ to develop $ffordable housing at _______________________________ (“selected project”) pursuant to Executive Order No. N-06-19. & Chapter 111, Statutes of 2021 (Assembly Bill (AB) 140) makes several statutory changes for the purpose of implementing the housing and homelessness provisions of the Budget Act of 2021, which establishes the Excess Sites Local Government Matching Grants (“LGMG”)Program (hereafter, “Program”)to be administered by the Department.
' The Program was allocated up to $30 million to provide funds for 3redevelopment and 'evelopment &osts to selected projects that receive a financial contribution from a Local Government, as defined pursuant to Health and Safety Code section 50704.80(b). Funding for the Program is made available pursuant to Health and Safety Code section 50704.81(a)(2).
2022, for the Program pursuant to Health and Safety Code section 50704.83(f).
) The Program requires contribution from ________________________________ to ____________________ for ____________________________ (“A Applicant”) to apply
for Program funds pursuant to Health and Safety Code section 50704.82. Towards that end, Applicant is submitting an $pplication for Program funds (“
Application”) to the Department for review and consideration. ( The Department has issued a Notice of Funding Availability (“NOFA”), dated November 15, The City of Stockton
Visionary Home Builders of CA, Inc.
La Passeggiata
07/29/2020 Visionary Home Builders of CA, Inc.
622 E Lindsay Street, Stockton, CA 95202 (La Passeggiata) The City of Stockton
La Passeggiata Visionary Home Builders of CA, Inc.
__________________________________
G. The Program requires a resolution from __________________________BBBB_ pursuant to Health and Safety Code section 50704.82(b(1)(A) approving the ___________BBBBBB__ budget, including all sources, and demonstrating the amount of Local Government &ontribution to the Applicant for 3redevelopment and 'evelopment &osts for ____________BBBBB___, and the requested amount from the Program.
THEREFORE, IT IS RESOLVED THAT:
ϭ͘ The ____________________________________________ supports _______________________ submitting an Application to the Department to receive Program funds for ________________________ to develop $ffordable housing on the state-owned Excess Site.
Ϯ͘ The ____________________________ is authorized to submit the approved _________________ Project Budget (“Attachment 1”) and Anticipated and Committed Project Sources (“Attachment 2”) to the Applicant to include in their Application. Attachment 1 and Attachment 2 demonstrate the requested amount from the Program, __________________ that will be allocated to the Applicant, and all other sources for 3redevelopment and 'evelopment &osts associated with the development of $ffordable housing on the state-owned Excess Site.
Attachment 1: BBBBBBBBBBBBBBBB Budget
Attachment 2: Anticipated and Committed Project Sources PASSED AND ADOPTED at a regular meeting of the __________________ of the ___________ of ___________ held on ________ by the following vote:
Instruction: Fill in all four vote-count fields below. If none, indicate “0” for that field.
AYES: _____ NOES: _____
ABSENT : _____ ABSTAIN: _____
The City of Stockton
Visionary Home Builders of CA, Inc.
La Passeggiata
The City of Stockton
La Passeggiata
Local Loan and Fee waivers
City Council
City Stockton
The City of Stockton
La Passeggiata
La Passeggiata
La Passeggiata
City Council
_________________________________________
STATE OF CALIFORNIA
BBBBBBBBB of ________________
I, __________________, ________ Clerk of the _________ of ________________, State of California, hereby certify the above and foregoing to be a full, true and correct copy of a resolution adopted by said _________________ on this ___ day of _____________, 20____.
_ , Clerk of the of
_____________________, State of California
By: _____________________________________
Note: The attesting officer cannot be the person identified in the Resolution as the authorized signer.
Stockton
City Council City Stockton
City Council
City Counci
Stockton
City Council City
ATTACHMENTS
Attachment 1: Project Budget
Attachment 2: Anticipated and Committed Project Sources Attachments
Attachment 1: Project Budget (from Program Application) Development Budget 11/9/2022
v1
Total Project
Costs
LAND COST/ACQUISITION
Land Cost or Value
Demolition
Legal
Land Lease Rent Prepayment
Total Land Cost or Value $0
Existing Improvements Cost or Value
Off-Site Improvements
Total Acquisition Cost $0
Total Land Cost / Acquisition Cost $0
Predevelopment Interest/Holding Cost $25,000
Assumed, Accrued Interest on Existing Debt
(Rehab/Acq)
Excess Purchase Price Over Appraisal
REHABILITATION
Site Work
Structures
General Requirements
Contractor Overhead
Contractor Profit
Prevailing Wages
General Liability Insurance
Other: (Specify)
Other: (Specify)
Other: (Specify)
Other: (Specify)
Total Rehabilitation Costs $0
Total Relocation Expenses
NEW CONSTRUCTION
Site Work
Structures $37,200,000
General Requirements $1,860,000
Contractor Overhead $2,604,000
Contractor Profit
Prevailing Wages
General Liability Insurance $372,000
Other: (Specify)
Other: (Specify)
Other: (Specify)
Other: (Specify)
Total New Construction Costs $42,036,000
ARCHITECTURAL FEES
Design $872,300
Supervision $417,000
Total Architectural Costs $1,289,300
Total Survey & Engineering $25,000
CONSTRUCTION INTEREST & FEES
Construction Loan Interest $3,195,359
Origination Fee $409,071
Credit Enhancement/Application Fee
Bond Premium $372,000
Cost of Issuance $219,091
Title & Recording $65,000
Taxes
Insurance $241,000
Other: Lender expenses $45,000
Other: (Specify)
Other: (Specify)
Total Construction Interest & Fees $4,546,521
PERMANENT FINANCING
Loan Origination Fee
Credit Enhancement/Application Fee
Title & Recording $10,000
Taxes
Insurance
Other: (Specify)
Other: (Specify)
Total Permanent Financing Costs $10,000
Subtotals Forward $47,931,821
LEGAL FEES
Legal Paid by Applicant $105,000
Other: Borrower Legal - Transaction $80,000
Total Attorney Costs $185,000
RESERVES
Operating Reserve $159,503
Replacement Reserve
Transition Reserve
Rent Reserve
Other: Operating Subsidy Reserve $814,011
Other: (Specify)
Other: (Specify)
Total Reserve Costs $973,514
CONTINGENCY COSTS
Construction Hard Cost Contingency $4,240,800
Soft Cost Contingency $461,944
Total Contingency Costs $4,702,744
OTHER PROJECT COSTS
TCAC App/Allocation/Monitoring Fees $67,995
Environmental Audit $50,000
Local Development Impact Fees $1,393,019
Permit Processing Fees $540,000
Capital Fees
Marketing $100,000
Furnishings $50,000
Market Study $15,000
Accounting/Reimbursable $16,000
Appraisal Costs $20,125
Other: Utility Connection Fees $650,000
Other: Predev loan interest and fees $1,234,431
Other: Syndication consulting $75,000
Other: (Specify)
Other: (Specify)
Other: (Specify)
Total Other Costs $4,211,570
SUBTOTAL PROJECT COST $58,004,649
DEVELOPER COSTS
Developer Overhead/Profit $2,200,000
Consultant/Processing Agent
Project Administration
Broker Fees Paid to a Related Party
Construction Oversight by Developer
Other: (Specify)
Total Developer Costs $2,200,000
TOTAL PROJECT COST $60,204,649
End of Document
Attachments
Attachment 2: Anticipated and Committed Project Sources General Partner Equity
Tax Credit Equity
Deferred Developer Fee
Total Sources
MHP/Committed $18,914,643
IIG/Committed $2,400,000
City of Stockton/Committed $600,000
City of Stockton impact Fee Waiver/Committed $1,393,019 $30,896,987
LGMG-Uncommitted $6,000,000
$60,204,649