Actions Related to the Loan Commitment for Predevelopment Activities for Gateway Tower Affordable Housing Development Located at 445, 465, and 493 South 1st Street and 460, 470, and 480 South Market Street.

This memorandum outlines actions related to a loan commitment for predevelopment activities for the Gateway Tower Affordable Housing Development, which is planned to be located at specified addresses in South First Street and South Market Street. The recommendations include approving a predevelopment loan of up to $5,000,000, amending appropriations in the Low-Moderate-Income Housing Asset Fund and Inclusionary Fee Fund, and details about the project's affordability unit mix and development timeline.

Key points

• The memorandum is addressed to the Mayor and City Council from Erik L. Soliván and Jim Shannon.
• It recommends a total predevelopment loan commitment of up to $5,000,000 for the Gateway Tower development.
• The development will consist of 218 affordable units targeting large families.
• The project is expected to include a 15-story mixed-use building with various amenities.
• Core Affordable Housing is the developer, and the project qualifies for the Downtown High-Rise Incentive Program.
• The County of Santa Clara is contributing $25,414,490 for site acquisition and construction.
• The memorandum includes a detailed budget for remaining predevelopment costs and a development timeline.

Limitations

• The document contains unresolved placeholders and lacks specific details in some sections.
• The timeline and budget references include placeholders that are not fully resolved.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

The source text indicates this attachment appears to be a draft document.

This document is a draft resolution from the City Council of San Jose approving a predevelopment loan commitment of up to $5,000,000 to Core Affordable Housing for the Gateway Tower development project. The project aims to provide affordable housing units in the Downtown area and includes a mixed-use building with commercial spaces. The resolution authorizes the Housing Director to negotiate and execute related loan documents.

Key points

• The resolution approves a total predevelopment loan commitment of up to $5,000,000.
• The loan will be funded from the Low-Income and Moderate-Income Housing Asset Fund and the Inclusionary Fee Fund.
• The Gateway Tower development will consist of 218 affordable units and two managers' units.
• The project targets large families and includes a mix of affordable units at various income levels.
• Core Affordable Housing has prior experience with affordable housing projects in partnership with the City.
• The resolution authorizes the Housing Director to negotiate and execute loan documents related to the financing.

Limitations

• The document contains unresolved placeholders for the adoption date and voting results.
• The document is labeled as a draft, indicating it may not be finalized.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.