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File #: ID-2025-112    Version: 1 Name:
Type: CC Resolution Status: Passed
File created: 3/26/2025 In control: City Council
On agenda: 4/1/2025 Final action: 4/1/2025
Title: Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Commit To A Permanent Financing Development Loan In An Amount Not To Exceed $12,757,855 Between The City Of Emeryville And EAH Inc., A California Nonprofit Public Benefit Corporation, For The Development Of Affordable Housing At 4300 San Pablo Avenue And To Authorize The City Manager To Execute The Second Amendment To The Lease Disposition And Development Agreement By And Between The City Of Emeryville And EAH, Inc. For 4300 San Pablo Avenue (CEQA Determination: Exempt Pursuant To California Government Code Section 8698.4(a)(4) And State CEQA Guidelines Sections 15268(a), 15269(c), 15332, And 15061(b)(3)). (Chadrick Smalley / Valerie Bernardo)
Attachments: 1. Staff Report, 2. Draft Resolution, 3. Exhibit A to Resolution - Commitment Letter, 4. Exhibit B to Resolution - Second Amendment to LDDA, 5. APPROVED Resolution No. 25-28

Title

Resolution Of The City Council Of The City Of Emeryville Authorizing The City Manager To Commit To A Permanent Financing Development Loan In An Amount Not To Exceed $12,757,855 Between The City Of Emeryville And EAH Inc., A California Nonprofit Public Benefit Corporation, For The Development Of Affordable Housing At 4300 San Pablo Avenue And To Authorize The City Manager To Execute The Second Amendment To The Lease Disposition And Development Agreement By And Between The City Of Emeryville And EAH, Inc. For 4300 San Pablo Avenue (CEQA Determination: Exempt Pursuant To California Government Code Section 8698.4(a)(4) And State CEQA Guidelines Sections 15268(a), 15269(c), 15332, And 15061(b)(3)).  (Chadrick Smalley / Valerie Bernardo)

Recommendation

Staff recommends that the City Council adopt the attached resolution authorizing the City Manager to execute a commitment letter in an amount not to exceed $12,757,877 and execute the Second Amendment to the Lease Disposition and Development Agreement between the City and EAH, Inc. for the development of a 100% affordable intergenerational housing project, located at 4300 San Pablo Avenue, for the purposes of modifying the income targeting requirement to state that the units will serve households between 30%-60% of Area Median Income (“AMI”) with no less than 14 of the units serving households at 30% AMI.