To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Approval of Restructured $2,625,998 CDBG Loan(s) and Approval of New $2,000,000 CDBG Loan, $1,000,000 HOME Loan, and $1,000,000 Measure X Housing Loan for the Riverhouse Hotel Project in Martinez
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. APPROVE a loan of (i) Community Development Block Grant (CDBG) funds in the amount of $2,000,000, (ii) HOME Investment Partnership Program (HOME) funds in the amount of $1,000,000, and (iii) Measure X Housing Funds in the amount of $1,000,000 to Riverhouse Hotel, L.P., a California limited partnership (Developer), for use in the acquisition and rehabilitation of the Riverhouse Hotel project located at 700 Alhambra Avenue in the City of Martinez (the Property).
2. CONSENT to the assignment of two outstanding CDBG loans to the Developer that the County previously loaned to the current owner of the Property, Eden Housing, Inc. (Eden), having an original principal value of $2,625,998 (the Existing Loan).
3. AUTHORIZE the Conservation and Development Director, or designee, to execute loan documents between the County and the Developer to evidence (i) the $2,000,000 CDBG loan, (ii) the $1,000,000 HOME loan, (iii) the $1,000,000 Measure X loan (together, the New Loans), and (iv) the restructuring of the Existing Loan to be coterminous with the New Loans.
4. FIND, as the responsible agency, that on the basis of the whole record before the County, including the California Environmental Quality Act (CEQA) review prepared by the City of Martinez, as the lead agency, that the development is statutorily exempt under CEQA Guidelines Section 15183; and DIRECT the Conservation and Development Director, or designee, to file a Notice of Exemption for Riverhouse Hotel with the County Clerk; and pay any required fee for the filing.
FISCAL IMPACT:
No General Funds impact. CDBG and HOME fun...
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