Title
Resolution authorizing the City Manager or designee to execute a loan agreement of up to $7,867,409 with Rotary Plaza, Inc. or Rotary Gardens, L.P., for the Phase 1 senior housing building (500 Linden Avenue) of the Rotary Gardens affordable housing project.
Body
WHEREAS, the local Rotary Club and its development partner, Beacon Development (the “Developers”) are developing a two-phase affordable housing project at 500 and 522 Linden Avenue, known as Rotary Gardens; and
WHEREAS, the first phase includes an 80-unit senior affordable housing building (“Senior Project”), and the second phase will include a 64-unit family building (“Family Project”); and
WHEREAS, the Developers’ proposed Senior Project is a vital affordable housing project in the City’s development pipeline that will provide affordable housing to the community; and
WHEREAS, on December 13, 2023, the City committed $556,789 earmarked for the Senior Project as a recipient of a five-year State entitlement grant known as the Permanent Local Housing Allocation (PLHA), which the project utilized the first two years of funds, known as the 2019 and 2020 PLHA allocations; and
WHEREAS, on July 2, 2025, as a project subject to a streamlined ministerial review process under State Assembly Bill AB 2011, the City determined that the Senior Project complies with all such criteria and the Planning Division approved the project ministerially, subject to applicable conditions of approval; and
WHEREAS, on January 14, 2026, the City Council adopted Resolution 01-2026 appropriating $7,867,409 from the Commercial Linkage Fee Fund (Fund 823), approving Budget Amendment Number 26.057, for the Senior Project to close a funding gap necessary for the Developers to apply for California tax credit program funding for the Senior Project and that those appropriations have been approved to be carried forward to FY2026-27; and
WHEREAS, to lessen the burden on City affordable housing funds to make up the funding gap...
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