HomeMy Public PortalAbout12. Resolution 2009-009IN THE CITY COUNCIL OF THE CITY OF LIVERMORE
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF ACCELERATED
COOPERATION AND REPAYMENT AGREEMENT WITH THE
REDEVELOPMENT AGENCY OF THE CITY OF LIVERMORE FOR A
LOAN OF RESIDENTIAL DEVELOPMENT LOAN PROGRAM RDLP
FUNDS TO BE USED BY THE REDEVELOPMENT AGENCY TO
REFINANCE A PORTION OF THE EXISTING LOAN FOR THE
LIVERMORE VILLAGE PROJECT FROM THE CITY TO THE AGENCY
DATED AUGUST 4 2008
On May 13 2005 the City loaned Livermore Village I LLC Developer of
Livermore Village Developer 8000000 as a bridge loan for acquisition of the
property located at 20092111 Railroad Avenue Livermore APN 098028901208
Property On May 12 2008 the Developer agreed to sell its interest in the Property to
the City for 10100000 The City purchased the Property which was fully entitled for
development as a key redevelopment mixed use project meeting the goals of the
Downtown Specific Plan and as entitled would provide that at least 10 of the housing
units created will be affordable to lower income households As of May 12 2008 the
Citys Affordable Housing funds in the project totaled 12437874 including principal
and interest accrued under the Promissory Note between Developer and City
Pursuant to Health and Safety Code 33220 on August 4 2008 the City
transferred title to the Property to the Agency and Agency agreed to and executed a
Cooperation and Repayment agreement to reimburse the City the costs of the
Propertys acquisition in an effort to revitalize this area of the downtown and in an effort
to provide for more affordable housing in the downtown
In the August 4 2008 Agreement the Agency agreed to reimburse to the City the
cost of the property which amount was 10969743 including principal in the amount
of 10100000 and interest in the amount of 869743 Since August 4 2008 the
Agencys loan obligation has accrued an additional 60047 in interest resulting in a
total obligation as of January 12 2009 of 11029790
In 2007 the City was awarded State of California Residential Development Loan
Program RDLP funds for site acquisition and predevelopment expenses for the
Livermore Village project The City now desires to loan the RDLP funds to the Agency
and the Agency desires to accept these funds to replace a portion of the Housing Trust
funds F611 that are currently being loaned to the Agency for this purpose
The Agency desires to refinance the Cooperation and Repayment Agreement
executed August 4 2008 using RDLP funds To that end the City desires to loan and
the Agency desires to accept up to 5000000 in RDLP funds which the Agency will
then use to satisfy a portion of the principal and accrued interest of the obligation stated
in the August 4 2008 Cooperation and Repayment Agreement
1 RESOLUTION NO 2009009
The Redevelopment Agency intends to enter into a Disposition and Development
Agreement with a developer to construct amixeduse development consisting of retail
space a variety of housing types and potentially a regional performing arts theater
NOW THEREFORE BE IT RESOLVED by the Livermore City Council that the
City Manager is authorized on behalf of the City of Livermore to enter into an
Accelerated Cooperation and Repayment Agreement with the Redevelopment Agency
of the City of Livermore to loan the Agency of up to 5000000 in RDLP funds to
refinance a portion of the 10100000 loan provided to the Agency on August 4 2008
for site acquisition and predevelopment expenses associated with the Livermore Village
project
BE IT FUTHER RESOLVED that the City Manager is authorized to sign the
Notice of Affordability Restriction on Transfer of Property and Declaration of Covenants
and Restrictions on behalf of the City to obligate the development of the Project or
any other project developed on the Property to provide at least 28 units of ownership
housing affordable to lowincome households and 56 units of ownership housing
affordable to moderateincome households
BE IT FURTHER RESOLVED that the City Manager is authorized to sign all
documents as may be necessary to assist the Redevelopment Agency of the City of
Livermore purchase the property at 20092111 Railroad Avenue
On the motion of Vice Mayor Marchand seconded by Councilmember Horner
the foregoing resolution was passed and adopted on the 12t day of January 2009 by
the following vote
AYES Councilmembers Horner Leider Williams Vice Mayor Marchand Mayor Kamena
NOES None
ABSENT None
ABSTAIN None
ATTEST DATE
it
INTERIM CITY CLERK
SUSAN GIBBS
DATE January 13 2009
APPROVED AS TO FORM
ASSISTANT CITY ATTORNEY
JASON ALCALA
2 RESOLUTION NO 2009009