DATE: November 5, 2019
TO: Board of Supervisors
SUBMITTED BY: Steven E. White, Director
Department of Public Works and Planning
SUBJECT: HOME Agreement with Kingsburg Linnaea Villas, LP for the Linnaea Villas Apartments Project in the City of Kingsburg
RECOMMENDED ACTION(S):
TITLE
1. Approve and authorize the Chairman to execute an Agreement with Kingsburg Linnaea Villas, LP for HOME Investment Partnerships Program funds for the development of the Linnaea Villas affordable senior apartment project in the City of Kingsburg ($1,000,000); and,
2. Authorize the Director of the Department of Public Works and Planning, or designee, upon review and approval by County Counsel as to legal form and Auditor-Controller/Treasure-Tax Collector as to accounting form, to execute all loan and related documents necessary for the Linnaea Villas Apartments Project, including any amendments thereto, as shall be necessary for the purpose of developing the Project.
REPORT
Approval of the recommended actions will approve a loan in Federal HOME Investment Partnerships (HOME) funds for the development of the Linnaea Villas affordable senior apartment project (Project) in the City of Kingsburg. The total development cost is estimated at $21,919,408. The balance of funds needed to complete the financing of the Project will be from non-County funds, and include a variety of other public and private funding sources. The HOME agreement is with Kingsburg Linnaea Villas, LP, a California Limited Partnership (the Partnership). The Partnership consists of Silvercrest, Inc., a nonprofit corporation, serving as the Managing General Partner, and Kingsburg Linnaea Villas AGP, LLC, as the Administrative General Partner and project developer. The Project will develop a 47-unit senior rental affordable housing project; 41 units will be affordable, of which 11 units will be designated as HOME-assisted units. Additionally, the Director of the Department of Public Works and Planning, or desig...
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