SUBJECT: Public Hearing to Consider a Resolution Approving the Sale of the Housing Successor Agency Properties at 1744 I Street, 26 W. 18th Street, 49 W. 18th Street, and 150 W. 19th Street; Approving a Disposition and Development Agreement Between the City of Merced, Acting on its Own Behalf and as the Housing Successor, and Fuller Center for the Development of Four (4) to Five (5) Single Family Homes for Very Low-Income Families REPORT IN BRIEF Considers approving a Resolution approving the sale of Housing Successor Agency properties at 1744 I Street, 26 W. 18th Street, 49 W. 18th Street, and 150 W. 19th Street. Then consider various actions including the approval of the Disposition and Development Agreement (DDA) between the City of Merced acting on its own behalf and as the Housing Successor and Fuller Center for the development of affordable housing for low-income families, approving a Regulatory Agreement (RA) setting up the terms of affordability and resale restrictions. RECOMMENDATION City Council - Hold a Public Hearing and Adopt a motion: A. Adopting Resolution 2022-66, a Resolution of the City Council of the City of Merced, California, approving a Disposition and Development Agreement between the City of Merced and the Fuller Center for housing of Merced County and making related approvals under section 33433 of the California Health and Safety Code; and, B. Approving the Sale of a Housing Successor Agency property at 1744 I Street, 26 W. 18th Street, 49 W. 18th Street, and 150 W. 19th Street; and, C. Approving Affordable Housing Covenant and Restrictions on Sale and authorizing certain other actions to complete the construction of the homes; and, D. Authorizing the Finance Officer to pay plan check fees and building permit fees up to $7,000 and any upsizing of water and sewer connection fees determined as the properties are developed from LMI Housing Asset funds (Successor Agency); and, E. Authorizing the City Manager or Deputy City Manager to execute any and all agreements and documents to fulfill the terms and conditions of the disposition of the property per the DDA, the Covenant, and any future documents that may be necessary for the project, subject to the agreements and/or documents being approved as to form by the City Attorney.

Public Hearing Item Passed Introduced September 27, 2022

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Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Requested by: Development Services Department
Introduced: September 27, 2022
On agenda: November 21, 2022
Passed: November 21, 2022