To: Honorable Chair and Commissioners
From: Vincent Smith, Community Development Director
Prepared By: Lark Ferrell, Housing Manager
TITLE:
Title
Amendment to Agreement for Garden Court, a Proposed Affordable Housing Project on a 5.37 Acre Site Located North of Lincoln Avenue and West of the Napa River
LABEL
RECOMMENDED ACTION:
Recommendationle
Adopt a resolution authorizing the Executive Director to execute Amendment No. 6 to Agreement No. 8781 extending the term of the Exclusive Negotiating Rights Agreement (titled as a "Development Agreement") with Garden Court Associates to June 30, 2022 for the development of the Lincoln Avenue property known as Garden Court.
Body
DISCUSSION:
The Housing Authority currently owns a 5.37-acre parcel on Lincoln Avenue. Garden Court Associates, a limited partnership formed by non-profit housing developer Napa Valley Community Housing (the "Developer"), owns an adjacent 5.08-acre parcel. The Developer received financing for its purchase of the property and holding costs in the form of a $230,000 loan from the City, a $1,540,000 loan from the Housing Authority, and a $1,000,000 loan from the County. The properties were acquired with intention of developing the combined site as a single affordable housing project. However, because both properties are located in a 100-year flood plain, they are undevelopable until flood control improvements planned as part of the Napa River/Napa Creek Flood Prevention Project have been installed. The Napa County Flood Control District is unable to give an estimated timeframe for when the flood control work will be completed as there is no funding currently identified for that portion of the flood control project.
In 2005, the Housing Authority entered into an "Exclusive Negotiating Rights Agreement" (the "Agreement") titled as a "Development Agreement" (though the Agreement was not entered under the authority of Government Code 65864 et seq) with the Developer for the development o...
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