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Senior Group Homest9 R OF SOS 6Rt09 COUNCIL AGENDA REPORT DATE: JANUARY 9, 2015 MEETING DATE: 1/20/15 ITEM NO. Q TO: MAYOR AND TOWN COUNCIL FROM: GREG LARSON, TOWN MANAGER SUBJECT: SENIOR GROUP HOMES TRANSFER AND REHABILITATION LOANS ADOPT A RESOLUTION AUTHORIZING THE TOWN MANAGER TO EXECUTE: A) AGREEMENTS FACILITATING THE TRANSFER OF 185 ANNE WAY (APN 527 -48 -020) AND 14390 BLOSSOM HILL ROAD (APN 527 -31 -013) SENIOR GROUP HOMES FROM SENIOR HOUSING SOLUTIONS (FORMERLY PROJECT MATCH) TO CHARITIES HOUSING DEVELOPMENT CORPORATION (LOS GATOS SENIOR HOMES LLC). B) NEW REHABILITATION LOAN AGREEMENTS ADDRESSING NECESSARY REPAIRS AND IMPROVEMENTS TO PRESERVE THE LONG -TERM AFFORDABILITY AND MAINTENANCE OF THE HOMES IN THE TOWN'S AFFORDABLE HOUSING STOCK. RECOMMENDATION: Continue consideration of this item to the February 17, 2015 Town Council meeting. BACKGROUND: On December 16, 2014, the Town Council considered this agenda item and continued the matter to the January 20, 2015 meeting. The Council requested the following information: 1) appraisal information documenting the existing value of the homes, 2) additional information about the agreements and financial support provided by the other cities who have Senior Housing Solutions group homes, 3) a proposed operating budget, and 4) information about the Limited Liability Corportation (LLC) being formed by Charities Housing Development for the Los Gatos properties. PREPARED BY: LAUREL R. PREVETTI Assistant Town Manager / Dir ctor of Commune / elopment Reviewed by: N/A Assistant Town Manager —W Town Attorney hK Finance NMENATC REPORTS\2015\Senior Group Homes Agmts -font Rpt. 1-20-1 5.do Reformatted: 5/30/02 PAGE 2 MAYOR AND TOWN COUNCIL SUBJECT: SENIOR GROUP HOMES TRANSFER JANUARY 9, 2015 DISCUSSION: Staff had anticipated being able to obtain the request information by mid - January 2015. However, due to the holidays and the limited availability of appraisal firms, the requested appraisals will not be available until after the January 20, 2015 Town Council meeting. CONCLUSION: Staff recommends that the Town Council continue this item to the February 17, 2015 meeting in order for the requested information to be obtained by the Town. Attachments 1 - 6 (Previously received with December 16, 2014 Staff Report): 1. Draft Resolution 2. Charities Housing Letter 3. Charities Housing Development Corporation Audited Financials FY 2012 -2013 4. Charities Housing Board of Directors Roster 5. 14390 Blossom Hill Road Documents: a) Assignment and Assumption Agreement and Modification Agreement b) Affordable Housing Loan Agreement c) Subordination and Intercreditor Agreement d) Promissory Note e) Deed of Trust, Assignment of Rents Security Agreement and Fixture Filing f) Regulatory Agreement and Declaration Of Restrictive Covenants 6. 185 Anne Way Documents: a) Assignment and Assumption Agreement and Modification Agreement b) Affordable Housing Loan Agreement c) Subordination and Intercreditor Agreement d) Promissory Note e) Deed of Trust, Assignment of Rents Security Agreement and Fixture Filing f) Regulatory Agreement and Declaration Of Restrictive Covenants Attachments 7 - 8 (Previously received with December 16 2014 Addendum): 7. Resolution 2013 -036: Below Market Price Housing Program Guidelines Scoring Criteria 8. Resolution 2012 -001: Express the Town Council's Intent to Serve as the Successor Agency of the Redevelopment Agency of the Town of Los Gatos and to Elect to Retain the Housing Assests and Functions Previously Performed by the Redevelopment Agency of the Town of Los Gatos PAGE 3 MAYOR AND TOWN COUNCIL SUBJECT: SENIOR GROUP HOMES TRANSFER JANUARY 9, 2015 Distribution: Kathy Robinson, Charities Housing Development, 1400 Parkmoor Ave., #190, San Jose, CA 95126 Senior Housing Solutions (Project Match), 512 Valley Way, Milpitas, CA 95035 Rebecca Garcia, County of Santa Clara, 3180 Newberry Drive, Suite #150, San Jose, CA 95118 Kevin Zwick, Housing Trust Silicon Valley, 95 S. Market Street, Suite #610, San Jose, CA 95113 LRP:EO:cg THIS PAGE INTENTIONALLY LEFT BLANK