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
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