Resolution 2007-80
RESOLUTION NO. 2007- 80
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
AUTHORIZING THE CITY ADMINISTRATOR TO APPLY FOR CalHFA
RESIDENTIAL DEVELOPMENT LOAN PROGRAM FUNDS AS WELL
AS EXECUTE RELATED
WHEREAS, the City desires to assist with the development of seventy-two (72)
affordable units of housing within the Cannery District phase of the Cannery Project (Project) as
more fully discussed in the related staff memorandum, dated October 5, 2007; and
WHEREAS, the proposed Project is strategically important and is listed as a priority
project within the Downtown Specific Plan as a vehicle for economic and social development to
assist in revitalizing the City's Downtown; and
WHEREAS, provision of loans from CalHF A in the amount of $1.5 million would
facilitate construction of seventy-two (72) affordable units as called for in the Cannery Project
and the Downtown Specific Plan.
NOW THEREFORE, BE IT RESOLVED that that the Gilroy City Council hereby
authorizes:
1. The City Administrator to apply to the California Housing and Finance Agency
(CaIHFA) for $1.5 million in Residential Development Loan Program (RDLP)
funds to subsidize land acquisition and pre-development costs incurred by South
County Housing Corporation, Inc. for the Cannery District Phase of the Cannery
Project (Project) in Gilroy; and
2. The City Administrator to sign loan agreements and other associated documents
(subject to City Attorney review and approval) with CalHFA in order to access
CaIHFA's Residential Development Loan Program (RDLP) funds in amounts of
up to $1.5 million; and
3. The City Administrator to execute loan agreements and associated documents
(subject to City Attorney review and approval) with South County Housing
Corporation, Inc. (South County Housing) to redistribute CaIHFA's RDLP funds
to South County Housing for use in funding land acquisition and pre-development
costs for affordable housing within the Cannery Project.
IVPAPP\740041.2
100807-04706012
Resolution No. 2007-80
PASSED AND ADOPTED this 15th day of October, 2007, by the following vote:
AYES:
COUNCILMEMBERS:
NOES:
COUNCILMEMBERS:
ABSENT:
COUNCILMEMBERS:
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ATTESl:
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IVPAPP1740041.2
100807-04706012
ARELLANO, BRACCO, CORREA,
GARTMAN, VALIQUETTE, VELASCO
NONE
PINHEIRO
APPR~~E..-......D. ....~..tt.../~.. i...._~...
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Peter Arellano, Mayor Pro Tempore
Resolution No. 2007-80
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I, SHA WNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2007-80 is an original resolution, or true and correct copy of a city
resolution, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council
held on the 15th day of October, 2007, at which meeting a quorum was present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of
the City of Gilroy this 25th day of October, 2007.
(Seal)