SUBJECT: Approval of American Rescue Plan Act Grant Agreement, Water and Sewer Connection Fees Loan, Deed Restrictions, Affordability Covenants, and Related Grant Documents with Visionary Homes Builders of California, Inc for the Bella Vista Affordable Housing Project on Parsons Avenue REPORT IN BRIEF Considers approving the American Rescue Plan Act (ARPA) Grant Agreement and Water & Sewer Connection Fees Loan Agreement with Visionary Home Builders of California, Inc. (VHB) along with Restrictions and Covenants related to the grant and loan for the Bella Vista affordable housing project on Parsons Avenue. RECOMMENDATION City Council - Adopt a motion: A. Approving Resolution 2024-94, A Resolution of the City Council of the City of Merced, California, Approving a grant to visionary home builders of California, Inc. on behalf of VHB Bella Vista, LLC from Coronavirus local fiscal recovery funds as established under the American Rescue Plan Act in the amount of $3,500,000, approving and authorizing the execution of a grant agreement, regulatory agreement, and related grant documents, and authorizing certain other actions in connection therewith; and, B. Approving Resolution 2024-95, A Resolution of the City Council of the City of Merced, California, approving a water and sewer connection fee loan to Visionary Home Builders of California, Inc. on behalf of VHB Bella Vista, LLC., in the principal amount of $1,003,683.20 approving and authorizing the execution of a loan agreement, and related loan documents, and authorizing certain other actions in connection therewith; and, C. Authorizing the City Manager to make any minor changes to the agreements should any edits be necessary, subject to the agreements and/or documents being approved as to form by the City Attorney; and, D. Authorizing the Finance Officer to make any necessary budget adjustments to fulfill the intent of the agreements; and, E. Authorizing the City Manager to execute all agreements and documents to fulfill the terms and conditions of the agreements 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.

Action Items Agenda Ready Introduced August 29, 2024

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Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Requested by: Development Services Department
Introduced: August 29, 2024
On agenda: October 7, 2024
Passed: October 7, 2024