HomeMy WebLinkAbout- - Call and Notice - 7/6/2010CITY OF COSTA MESA
CALIFORNIA 92628-1200 P.O. BOX 1200
FROM THE OFFICE OF THE CITY CLERK
NOTICE AND CALL OF A
SPECIAL JOINT MEETING OF THE
CITY OF COSTA MESA
CITY COUNCIL
AND THE
REDEVELOPMENT AGENCY
NOTICE IS HEREBY GIVEN that a Special Joint Meeting of the Costa Mesa City
Council and the Redevelopment Agency will be held on Tuesday, July 6, 2010, at 6:00
p.m., in the City Council Chambers, 77 Fair Drive, Costa Mesa. The purpose of the
Special Joint Meeting is to conduct a meeting to discuss the following items:
MINUTES
1. Regular Redevelopment Agency meeting minutes of May 11, 2010
WARRANTS
1. Ratify Warrant Resolution CMRA-395, approve Warrant Resolution CMRA-396.
NEW BUSINESS
Funding Commitments of Agency and City to USA Properties Fund Relating to
Proposed Harper's Pointe Senior Apartment Project
For the Redevelopment Agency:
(a) Approve recommended Agency funding Pointe Senior Apartment
Project commitment to make a 55 -year residual receipts loan of up to
$990,000 to Harper's Pointe, L.P., a partnership created by USA
Properties Fund ("Developer"), to fund the land acquisition and new
construction of the 53 -unit. Harper's Pointe Senior Apartments
("Project") located at 845 West Baker Street, contingent upon the
California Tax Credit Allocation Committee (ICAC) award of 9% or 4%
Tax Credits to Developer for the Project and other funding
commitments, including $743,000 from the County of Orange (HOME
funds) and $757,000 under the auspices of the Mental Health Services
Act Housing Program (MHSA) program, as set forth in the Commitment
Letter (Attachment No. 4); and
77 FAIR DRIVE
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(b) Authorize the Executive Director to execute the Commitment Letter and
to take necessary actions to effectuate the transaction contemplated by
the Commitment Letter. Detailed terms and conditions of an Agency
Loan Agreement and implementing documents, as defined in the
Commitment Letter, are contingent upon review and approval by
Special Counsel to the City and by the City Attorney and subject to the
assumptions and analysis in the Keyser .Marston Associates' (" IVIX)
economic report dated as of June 24, 2010 (Attachment No. 6) (" KMA
Report").
For the City Council:
(a) Approve recommended City funding commitment to make a 55 -year
residual receipts loan of up to $385,000 (funding source limited to
HOME Program funds) to Developer to fund the land acquisition and
new construction of the Project, contingent upon TCAC's award of 9%
or 4% Tax Credits to Developer for the Project and other funding
commitments, including $743,000 from the County of Orange (HOME
funds) and $757,000 under the auspices of MHSA program, as set forth
in the Commitment Letter (Attachment No. 4).
(b) Authorize the City Manager to execute the Commitment Letter and to
take necessary to effectuate the transaction contemplated by the
Commitment Letter. Detailed terms and conditions of a City Loan
Agreement and implementing documents, as defined in the
Commitment Letter, are contingent upon review and approval by
Special Counsel to the City and by the City Attorney and subject to the
assumptions and analysis in the KMA Report (Attachment No. 6).
REPORTS
Agency Attorney
Executive Director
DATED this 2nd day of July, 2010.
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Mayor of the City of Costa Mesa
ATTEST:
Cit Jerk of the City of Costa Mesa