To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Approval of $1,000,000 Measure X loan for the Esperanza Place Phase 2 Affordable Housing Project in Walnut Creek
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. APPROVE a loan of Measure X (MX) funds in the amount of $1,000,000 to HEBSV Esperanza Place, LLC, a California limited liability corporation (Borrower), for the construction of an affordable housing development known as Esperanza Place Phase 2, located at 1250 Las Juntas Way in Walnut Creek.
2. AUTHORIZE the Conservation and Development Director, or designee, to execute legal documents between the County and the Borrower to evidence the $1,000,000 MX loan, subject to approval by the County Administrator and approval as to form by County Counsel.
3. 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 Walnut Creek, as the lead agency, that the development is exempt under CEQA Guidelines Section 15268; and DIRECT the Conservation and Development Director, or designee, to file a Notice of Exemption for Esperanza Place Phase 2 with the County Clerk, and pay any required fee for the filing.
FISCAL IMPACT:
Measure X Housing funds are part of the County General fund and derive from a countywide, 20-year, 1/2 cent sales tax approved by Contra Costa County voters on November 3, 2020.
BACKGROUND:
Esperanza Place, formerly named Las Juntas, is a two-phase housing development that includes 42 units of for-sale affordable condominiums in the City of Walnut Creek. The City of Walnut Creek approved various land use entitlements for the development on April 1, 2018. On November 16, 2021, the Board of Supervisors (Board) approved and authorized a loan and related legal documents for $1,605,000 in HOME Investment Partnership Program funds to the B...
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