Resolution of the Governing Body
RESOLUTION NO.____________
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:
A. On January 15, 2019, Governor Gavin Newsom signed Executive Order No.
N-06-19, which allows the production of Affordable housing on state-owned Excess Sites (“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 Affordable housing projects.
B. On ___________ DGS and the Department selected ___________________ to develop Affordable housing at _______________________________ (“selected project”) pursuant to Executive Order No. N-06-19.
C. 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.
D. The Program was allocated up to $30 million to provide funds for Predevelopment and Development Costs 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).
E. The Department has issued a Notice of Funding Availability (“NOFA”), dated May 5, 2022, for the Program pursuant to Health and Safety Code section 50704.83(f).
F. The Program requires contribution from ________________________________ to ____________________ for ____________________________ (“Applicant”) to apply for Program funds pursuant to Health and Safety Code section 50704.82. Towards that end, Applicant is submitting an Application for Program funds (“Application”) to the Department for review and consideration.
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 _______________________________ pursuant to Health and Safety Code section 50704.82(b(1)(A) approving the ___________________ budget, including all sources, and demonstrating the amount of Local Government Contribution to the Applicant for Predevelopment and Development Costs for ____________________, and the requested amount from the Program.
THEREFORE, IT IS RESOLVED THAT:
1. The ____________________________________________ supports _______________________ submitting an Application to the Department to receive Program funds for ________________________ to develop Affordable housing on the state-owned Excess Site.
2. 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 Predevelopment and Development Costs associated with the development of Affordable housing on the state-owned Excess Site.
Attachment 1: ________________ 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: _____
AB SENT : _____ ABSTAIN: _____
The City of Stockton
Visionary Home Builders of CA, Inc.
La Passeggiata
The City of Stockton
La Passeggiata
$10,000,000
City Council
City
Stockton
The City of Stockton
La Passeggiata
La Passeggiata
La Passeggiata
City Council
_________________________________________
STATE OF CALIFORNIA
_________ 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 Council
Stockton
City Council
City
ATTACHMENTS
Attachment 1: Project Budget
Attachment 2: Anticipated and Committed Project Sources
Attachments
Attachment 1: Project Budget (from Program Application) IV. SOURCES AND USES BUDGET - SECTION 1: SOURCES AND USES BUDGET TOTAL
PROJECT
COST
Land Cost or Value $0
Demolition $0
Legal $0
Land Lease Rent Prepayment $99
Total Land Cost or Value $99
Existing Improvements Value $0
Off-Site Improvements $2,011,369
Total Acquisition Cost $2,011,369
Total Land Cost / Acquisition Cost $2,011,468
Predevelopment Interest/Holding Cost $45,500
Assumed, Accrued Interest on Existing Debt
(Rehabilitation/Acquisition)
$0
Excess Purchase Price Over Appraisal $0
REHABILITATION
Site Work $0
Structures $0
General Requirements $0
Contractor Overhead $0
Contractor Profit $0
Prevailing Wages $0
General Liability Insurance $0
Third-party Construction Management $0
Other: (Specify) $0
Total Rehabilitation Costs $0
Total Relocation Expenses $0
NEW CONSTRUCTION
Site Work $0
Structures $37,200,000
General Requirements $2,976,000
Contractor Overhead $1,116,000
Contractor Profit $1,116,000
Prevailing Wages $0
General Liability Insurance $400,000
Third-party Construction Management $0
Other: (Specify) $0
Total New Construction Costs $42,808,000
ARCHITECTURAL FEES
Design $1,178,020
Supervision $120,000
Total Architectural Costs $1,298,020
Total Survey & Engineering $400,421
CONSTRUCTION INTEREST & FEES
Construction Loan Interest $3,438,157
Origination Fee $375,188
Credit Enhancement/Application Fee $45,000
Bond Premium $400,000
Cost of Issuance $203,918
Title & Recording $65,000
Taxes $0
Insurance $0
Other: (Loan Interest Tail) $386,109
Total Construction Interest & Fees $4,913,372
PERMANENT FINANCING
Loan Origination Fee $0
Credit Enhancement/Application Fee $0
Title & Recording $10,000
IV. SOURCES AND USES BUDGET - SECTION 1: SOURCES AND USES BUDGET TOTAL
PROJECT
COST
Taxes $0
Insurance $0
Other: (Closing) $5,000
Total Permanent Financing Costs $15,000
Subtotals Forward $51,491,781
LEGAL FEES AND
THIRD-PARTY CONSULTING FEES
Lender Legal Paid by Applicant $50,000
Financial Consulting,
Application Preparation/Review
$135,000
Entitlement Services, Building Permit Expediting $0
Tenant File Review Services $0
Other: (Bond Counsel) $55,000
Total Legal and Consulting Costs $240,000
RESERVES
Rent Reserves $0
Capitalized Rent Reserves $0
Required Capitalized Replacement Reserve $0
3-Month Operating Reserve $163,696
Other: (Specify) $0
Total Reserve Costs $163,696
CONTINGENCY COSTS
Construction Hard Cost Contingency $2,260,968
Soft Cost Contingency $303,727
Total Contingency Costs $2,564,695
OTHER PROJECT COSTS
CTCAC App/Allocation/Monitoring Fees $69,091
Environmental Audit $54,725
Local Development Impact Fees $0
Permit Processing Fees $1,080,000
Capital Fees $0
Marketing $100,000
Furnishings $150,000
Market Study $15,000
Accounting/Reimbursables $16,000
Appraisal Costs $20,125
Other: (Utility Connection Fees) $650,000
Other: (Prevailing Wage Monitor) $19,675
Insurance During Construction $281,950
Total Other Costs $2,456,566
SUBTOTAL PROJECT COST $56,916,738
DEVELOPER COSTS
Developer Overhead/Profit $2,500,000
Processing Agent Fees $0
Broker Fees Paid to a Related Party $0
Construction Management by Developer $0
Other: (Specify) $0
Total Developer Costs $2,500,000
TOTAL PROJECT COSTS $59,416,738
Attachments
Attachment 2: Anticipated and Committed Project Sources MHP/Committed $18,914,643
IIG/Committed $2,400,000
City of Stockton/Committed $600,000
County of San Joaquin - Grant $1,500,000
LGMG-Uncommitted $10,000,000
General Partner Equity
Tax Credit Equity $26,002,095
Deferred Developer Fee
Total Sources
$59,416,738