DATE: March 7, 2017
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Agreement with Sanger Memorial Village, LP for the Sanger Memorial Village Apartments in the City of Sanger
RECOMMENDED ACTIONS:
TITLE
1. Approve and authorize Chairman to execute Agreement with Sanger Memorial Village, LP for HOME Investment Partnerships Program funds for the development of the Sanger Memorial Village Apartments in the City of Sanger ($1,000,000);
2. Authorize Director of Public Works and Planning, or his designee, to execute all loan and related documents necessary to the project, including any amendments thereto, subject to the prior review and approval of County Counsel and the Auditor-Controller/Treasurer-Tax Collector, as shall be necessary for the purpose of developing the Project as described in Section I of the Agreement.
REPORT
The first recommended action is necessary to approve a loan in the amount of $1,000,000 in Federal HOME Investment Partnerships (HOME) funds for the development of the Sanger Memorial Village Apartments affordable housing project in the City of Sanger, for which the total development cost is estimated to be $19,102,592. The HOME Agreement is with Sanger Memorial Village, Limited Partnership, a California Limited Partnership. The Partnership consists of Silvercrest Inc., a nonprofit agency which is the Managing General Partner, and Sanger Memorial Village AGP, LLC, which is the Administrative General Partner and project developer. The project will develop a forty-eight unit affordable multi-family rental housing project, of which eleven units will be designated as HOME-assisted units.
The second recommended action authorizes the Director of Public Works and Planning, or his designee, at his discretion, to execute all loan and related documents necessary for the project, and any amendments thereto for the loan agreement.
ALTERNATIVE ACTION:
The Board may deny the Agr...
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