To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Orbisonia Heights Project: Phase 1 (Affordable Housing and Library) (Bay Point)
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
In connection with the first phase of the Orbisonia Heights Transit Oriented Development Project (Development) proposed by Pacific West Communities, Inc. (Master Developer), on property located near West Leland Road, Bailey Road, Maylard Street, and South Broadway Avenue in unincorporated Bay Point (the Property), Department of Conservation and Development staff recommend that the Board of Supervisors take all of the following actions, with all agreements and legal instruments referenced below being subject to approval by the County Administrator, or designee, and approval as to form by the County Counsel, or designee:
1. APPROVE and AUTHORIZE the Director of Conservation and Development, or designee (DCD Director), to execute the following on behalf of the County:
a. An Amended and Restated Disposition, Development and Loan Agreement (Amended and Restated DDLA) with Bay Point Pacific Associates, L.P. (Phase 1 Developer) that (i) increases the value of the County's seller carryback loan for Phase 1 of the Development (Phase 1), from $1,796,875, to a new amount of $2,024,479, due to a 19-unit increase in the number of Phase 1 residential units, and (ii) makes changes to the financial structure of Phase 1 that require the Phase 1 Developer to convey a portion of the Property to a third-party investor that will then lease it back to the Phase 1 Developer for a term of 99 years.
b. A Development Loan Agreement with the Phase 1 Developer to loan the Phase 1 Developer the principal amount of $5,318,337 (funded by $2,496,750 Measure X funds, $1,767,453 Permanent Local Housing Allocation funds, and $1,054,134 In Lieu funds) for the construction of Phase 1.
2. AUTHORIZE the Chair, Board of Su...
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