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Resolution#231133Passed
In plain English

This resolution approves an increase in a loan by nearly $1.5 million for the Sunnydale Project, which aims to finance additional construction costs for infrastructure improvements and housing development. It also allows the Director of the Mayor's Office of Housing and Community Development to make necessary amendments to the loan agreement without increasing the city's obligations.

Resolution approving and authorizing the execution of a Second Amendment to the Loan Agreement with Sunnydale Infrastructure Phase 1A3 LLC, a California limited liability company, to increase the loan amount by $1,495,294 for a new total loan amount not to exceed $26,567,405 to finance additional construction costs for the second phase of infrastructure improvements and housing development related to the revitalization and master development of up to 1770 units of replacement public housing, affordable housing and market rate housing, commonly known as the Sunnydale HOPE SF Development (“Sunnydale Project”); adopting findings that the loan agreement is consistent with the adopted Mitigation Monitoring and Reporting Program under the California Environmental Quality Act, the City’s General Plan, and the priority policies of Planning Code, Section 101.1; and to authorize the Director of Mayor’s Office of Housing and Community Development to enter into any amendments or modifications to the Agreement that do not materially increase the obligations or liabilities for the City and are necessary to effectuate the purposes of the agreement or this Resolution.

Introduced: Oct 31, 2023
Final action: Dec 8, 2023
Official record ↗

How it got here

How they voted

RECOMMENDED
Budget and Finance Committee · Nov 15, 2023Pass
2-0

Legislative journey

PresidentOct 31, 2023
RECEIVED AND ASSIGNED
Budget and Finance CommitteeNov 15, 2023
RECOMMENDEDPass
Board of SupervisorsNov 28, 2023
ADOPTEDPass
MayorDec 8, 2023
APPROVED