DATE: October 17, 2017
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: Agreement with Fowler Magill Terrace, LP for the Fowler Magill Terrace Apartments in the City of Fowler
RECOMMENDED ACTIONS:
TITLE
1. Approve and authorize Chairman to execute Agreement with Fowler Magill Terrace, LP for HOME Investment Partnerships Program funds for the development of the Fowler Magill Terrace Apartments in the City of Fowler ($1,000,000); and
2. Authorize the 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 Fowler Magill Terrace Apartments affordable housing project in the City of Fowler, for which the total development cost is estimated to be $26,513,261. The HOME Agreement is with Fowler Magill Terrace, Limited Partnership, a California Limited Partnership. The partnerships consists of Silvercrest Inc., a nonprofit agency which is the Managing General Partner, and Fowler Magill Terrace AGP, LLC, which is the Administrative General Partner and project developer. The project will develop a sixty 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 Agreement as pro...
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