REPORT TO THE CITY COUNCIL
March 1, 2018
FROM: JENNIFER K. CLARK, Director
Development and Resource Management Department
THROUGH: KELLI FURTADO, Assistant Director
Development and Resource Management Department
BY: THOMAS MORGAN, Housing Manager
Housing and Community Development Division
CORRINA NUNEZ, Project Manager
Housing and Community Development Division
SUBJECT
Title
RESOLUTION - Approving the assignment and assumption of Opportunity Builders' HOME Agreement and related documents to Dublin Transit EAH, Inc., amending the Restated and Superseded Promissory Note, converting the Promissory Note, and approving the Subordination Agreement
Body
RECOMMENDATION
Staff recommends the City Council adopt a resolution (Exhibit "A" - Resolution) approving the Assignment and Assumption Agreement (Exhibit "B" - Assignment and Assumption Agreement) with Opportunity Builders and Dublin Transit EAH, Inc. (EAH), second amendment of the Restated and Superseded Promissory Note (Exhibit "C" - Second Amended Restated and Superseded Promissory Note), conversion of the Note, Subordination Agreement (Exhibit "D" - Subordination Agreement) substantially in the form attached, and authorize the City Manager to execute assignment and related documents approved as to form by the City Attorney's Office.
EXECUTIVE SUMMARY
On December 20, 2017, the Housing and Community Development Division received a request from Opportunity Builders to consider an assignment and assumption of its HOME Investment Partnerships (HOME) Program Agreement and related documents to EAH. EAH has proposed to acquire the Village at Kings Canyon Apartments, a 48-unit affordable multifamily rental property in southeast Fresno. If EAH pursues its acquisition of the property as proposed, staff recommends that the City Council approve an Assignment and Assumption of the HOME Agreement, amendment of the Promissory Note, conversion of the Note, and the Subordination Agreement substantially...
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