DATE: November 16, 2021
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: PLHA Loan Agreement with Mendota Esperanza Commons, LP for the Esperanza Commons Apartments Project in the City of Mendota
RECOMMENDED ACTION(S):
TITLE
1. Approve and authorize the Chairman to execute a Loan Agreement with Mendota Esperanza Commons, LP for a loan by the County of Permanent Local Housing Allocation Program funds for the development of the Esperanza Commons affordable multi-family apartment project in the City of Mendota ($1,561,181); and
2. Authorize the Director of the Department of Public Works and Planning, or designee, to execute all loan and related documents necessary for the Esperanza Commons Apartments Project, including, but not limited to, the promissory note, deed of trust, regulatory agreement, any required subordination agreements and estoppel certificates, and other necessary documents and any amendments thereto, as shall be necessary for the purpose of developing the Project, upon review and approval by County Counsel as to legal form, and Auditor-Controller/Treasure-Tax Collector as to accounting form.
REPORT
Approval of the recommended actions will approve a loan utilizing the Permanent Local Housing Allocation (PLHA) Program funds for the development of the Esperanza Commons affordable multi-family apartment project (Project) in the City of Mendota. The total development cost is estimated at $20,063,611. The balance of funds needed to complete the financing of the Project will be from non-County funds, and will include a variety of other public and private funding sources. The recommended PLHA loan agreement is with Esperanza Commons, LP, a California Limited Partnership (the Partnership). The Partnership consists of Silvercrest, Inc., a nonprofit corporation, serving as the Managing General Partner, and Esperanza Commons AGP, LLC, as the Administrative General Partner and project de...
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