Title
Affordable Housing Loan Agreement to American Family Housing for the Travelodge North Homekey Project at 1400 Bristol Street, Costa Mesa
Recommendation
a) Find this project is exempt from the California Environmental Quality Act (CEQA) pursuant to Section 15301 (Existing facilities) and Section 15302 (Replacement or Reconstruction) of the CEQA Guidelines, California Code of Regulations, Title 14, Chapter 3, because this project has no potential to have a significant effect on the environment;
b) Approve Budget Amendment No. 25-047, appropriating $3,000,000 for increased expenditures in the Permanent Supportive Housing Account No. 01201925-980000-22M15; and
c) Authorize the City Manager to finalize negotiations and authorize the City Manager and City Clerk to execute the Affordable Housing Loan Agreement between the City of Newport Beach and American Family Housing, LLC, to loan $3,000,000 to convert the property at 1400 Bristol Street, Costa Mesa, into permanent supportive housing, provided the terms of the Agreement are substantially similar with the Agreement attached to the staff report, which terms shall be reviewed and approved by the City Attorney’s Office, and to take any other action necessary to implement the Agreement, including, but not limited to, approving and executing additional documents related thereto.