CONSIDERATION OF A LOAN FOR THE PURCHASE OF REAL PROPERTIES LOCATED AT 750 AND 754-760 ANITA STREET FOR THE FUTURE DEVELOPMENT OF AFFORDABLE HOUSING RESOLUTION NO. 2017-188 OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA AND NO. 2017-004 OF THE HOUSING AUTHORITY, IN ITS CAPACITY AS THE SUCCESSOR HOUSING ENTITY WITHIN THE MEANING OF HEALTH AND SAFETY CODE SECTION 34176, (1) APPROVING A LOAN OF UP TO $3,300,000 FOR LAND ACQUISITION AND PRE-DEVELOPMENT EXPENSES TO WAKELAND HOUSING AND DEVELOPMENT CORPORATION OR AN AFFILIATED DEVELOPMENT ENTITY FOR A NEW DEVELOPMENT TO BE LOCATED AT 750 AND 754-760 ANITA STREET AND RELATED COVENANTS TO OFFER RENT- AND INCOME-RESTRICTED APARTMENTS FOR LOWER-INCOME HOUSEHOLDS; AND (2) AUTHORIZING THE CITY MANAGER OR HIS DESIGNEE TO NEGOTIATE AND EXECUTE ALL DOCUMENTS RELATED TO THE LOAN AND THE ACQUISITION AND DEVELOPMENT OF THE SITES IN A FORM APPROVED BY THE CITY ATTORNEY’S OFFICE

Committee

City Council

Requested by

Development Services Department

Introduced

September 19, 2017

On agenda

October 10, 2017

Passed

October 10, 2017