To: Honorable Mayor and Members of City Council
From: Vincent Smith, Community Development Director
Prepared By: Lark Ferrell, Housing Manager
TITLE:
Title
Heritage House and Valle Verde Project Loan Terms and Conditions
LABEL
RECOMMENDED ACTION:
Recommendation
Adopt a resolution amending R2020-025 to (1) extend the deadline for commencement of construction to March 1, 2024; and (2) authorize Heritage House Partners LP to use the City loan for development of both the Heritage House Apartments and the Valle Verde Apartments, and determining that the potential environmental effects of the actions authorized by this resolution were adequately analyzed by a previous CEQA action.
Body
DISCUSSION:
Heritage House Partners LP (the "Developer") has proposed to develop the Heritage House Apartments, a 66-unit affordable rental project by rehabilitating the abandoned Sunrise Assisted Living Facility located at 3700 Valle Verde Drive and to construct the Valle Verde Apartments, 24 new affordable apartments, located at 3710 Valle Verde Drive as the Valle Verde and Heritage House Continuum of Housing Project (the "Project"). Originally the Developer envisioned developing the Heritage House Apartments and Valle Verde Apartments in two separate phases.
Heritage House Apartments would include 58 studios and eight one-bedroom units. There would be one unrestricted manager's unit and 65 units affordable to very-low income households. Valle Verde Apartments would include one, two and three bedroom units for very-low and low-income families. The combined Project would set aside 39 units for households employed in the agricultural industry and 44 units for homeless persons. Supportive services would be provided to residents of the Heritage House Apartments by Abode Services.
On February 18, 2020, the City Council adopted Resolution R2020-025 authorizing the City Manager to execute and negotiate loan documents with the Developer for the Heritage House Apa...
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