Housing Authority Agenda Item No. HA 1
City of Yucaipa
Housing Authority Minutes
Regular Meeting of October 24, 2022
A Regular meeting of the Housing Authority of the City of Yucaipa, California was called to order in the Council Chambers, 34272 Yucaipa Boulevard, Yucaipa, California, on October 24, 2022.
PRESENT: Bobby Duncan, Chairperson
David Avila, Vice -Chairperson
Justin Beaver, Commissioner
Jon Thorp, Commissioner
ABSENT: Greg Bogh, Commissioner
ADJOURN CITY COUNCIL AND CONVENE HOUSING AUTHORITY
City Council adjourned. Housing Authority convened.
HA 1. SUBJECT: APPROVE HOUSING AUTHORITY MINUTES OF SEPTEMBER 12, 2022.
RECOMMENDATION: That the Housing Authority approve Housing Authority Minutes of September 12, 2022.
ACTION: MOTION BY COMMISSIONER BEAVER, SECOND BY
COMMISSIONER THORP, CARRIED, 4-0-1-0 (COMMISSIONER BOGH
ABSENT), TO APPROVE HOUSING AUTHORITY MINUTES OF SEPTEMBER 12, 2022.
CONVENE JOINT CITY COUNCIL AND HOUSING AUTHORITY
City Council reconvened.
17. SUBJECT: PROPOSED BOND UPSIZING / REFINANCING WITH EAGLE YUCAIPA 55, L.P. 96-UNIT SENIOR HOUSING DEVELOPMENT LOCATED AT THE NORTHWEST CORNER OF 5T11 STREET AND COUNTY LINE ROAD (APN 0318-23-524)
RECOMMENDATION: That City Council:
1. Review and approve the proposed Bond upsizing/Refinancing proposed by Eagle Yucaipa 55, L.P; and
2. Review and approve the First Amendment to the Promissory Note and Disposition and Development Agreement; and
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City of Yucaipa
Housing Authority Minutes
Regular Meeting of October 24, 2022
Review and approve the Confirmation of Intercreditor and Subordination Agreement; and
4. Authorize the City Manager, or his designee, to finalize and execute the necessary documents to complete and document the Bond Upsizing/ Refinancing process and loan.
That the Housing Authority:
1. Review and approve the proposed Bond upsizing/Refinancing proposed by Eagle Yucaipa 55, L.P; and
2. Review and approve the First Amendment to the Promissory Note and Disposition and Development Agreement; and
3. Review and approve the Confirmation of Intercreditor and Subordination Agreement; and
4. Authorize the City Manager, or his designee, to finalize and execute the necessary documents to complete and document the Bond Upsizing/ Refinancing process and loan.
DISCUSSION: Housing and Economic Development Analyst Miller presented the Agenda Report.
Randy Friend, representing Eagle Development, stated that Eagle Development is proud of the community they built and the repayment of the City loan.
ACTION: MOTION BY COUNCILMEMBER THORP, SECOND BY MAYOR
PRO TEM BEAVER, CARRIED 4-0-1-0 (COUNCILMEMBER BOGH ABSENT),
TO APPROVE THE CITY COUNCIL PORTION OF STAFF
RECOMMENDATION.
ACTION: MOTION BY COMMISSIONER BEAVER, SECOND BY VICE - CHAIRPERSON AVILA, CARRIED 4-0-1-0 (COMMISSIONER BOGH ABSENT),
TO APPROVE THE HOUSING AUTHORITY PORTION OF STAFF
RECOMMENDATION.
ADJOURN THE HOUSING AUTHORITY
Housing Authority adjourned.
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City of Yucaipa
Housing Authority Minutes
Regular Meeting of October 24, 2022
ATTEST:
JENNIFER CRAWFORD
ASSISTANT SECRETARY
CHAIRPERSON
APPROVED AT THE MEETING OF: December 12. 2022
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