Resolution 2008-11
RESOLUTION NO. 2008- 11
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY
AUTHORIZING THE CITY ADMINISTRATOR OR INTERIM CITY
ADMINISTRATOR TO APPLY FOR CalHF A RESIDENTIAL
DEVELOPMENT LOAN PROGRAM FUNDS AS WELL AS EXECUTE
RELATED AGREEMENTS.
WHEREAS, the City desires to assist with the development of twenty-one (21)
affordable units of housing within the Alexander Place phase of the Cannery Project (Project) as
more fully discussed in the related staff memorandum, dated March 26, 2008; 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 twenty-one (21) 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 or Interim City Administrator to apply to the California
Housing and Finance Agency (CalHF A) for $1.5 million in Residential
Development Loan Program (RDLP) funds to reduce the amount of the
construction loan incurred by South County Housing Corporation, Inc. for the
Alexander Place Phase of the Cannery Project (Project) in Gilroy; and
2. The City Administrator or Interim 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
(RD LP) funds in amounts of up to $1.5 million; and
3. The City Administrator or Interim 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
CalHF A's RDLP funds to South County Housing for use in construction loan
costs for affordable housing within the Cannery Project.
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RESOLUTION 2008-11
PASSED AND ADOPTED this 7th day of April, 2008, by the following vote:
AYES:
COUNCILMEMBERS:
ARELLANO, BRACCO, DILLON,
GARTMAN, TUCKER, WOODWARD and
PINHEIRO
NONE
NOES:
COUNCILMEMBERS:
ABSENT:
COUNCILMEMBERS:
NONE
APPROVED:
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RESOLUTION 2008-11
I, SHA WNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2008-11 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 7th day of April, 2008, 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 9th day of April, 2008.
(Seal)