title
Authorize the City of Pomona to Become a Member of the CSCDA Community Improvement Authority (The “CSCDA Authority”); Approval of Issuance of Revenue Bonds by the CSCDA Authority; and Approval of a Public Benefit Agreement for the Acquisition of Property by the Authority for Conversion to Low- and Moderate-Income Housing
It is recommended that the City Council take the following action:
1) Adopt the following resolution:
RESOLUTION NO. 2021-150 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF POMONA, CALIFORNIA, AUTHORIZING THE CITY TO BECOME A MEMBER OF THE CSCDA COMMUNITY IMPROVEMENT AUTHORITY (THE “CSCDA AUTHORITY”); APPROVAL OF THE ISSUANCE OF REVENUE BONDS BY THE CSCDA AUTHORITY; AND APPROVAL OF A PUBLIC BENEFIT AGREEMENT FOR THE ACQUISITION OF PROPERTY BY THE AUTHORITY FOR CONVERSION TO LOW- AND MODERATE-INCOME HOUSING
2) Authorize the City Manager to execute any and all documents to effectuate the City’s membership in the CSCDA Authority;
3) Approve the terms of a Public Benefit Agreement with the CSCDA Authority, for the acquisition of an existing apartment project located at 777 East 3rd Street, Pomona (777 Project), California (472 units);
4) Authorize the City Manager to approve minor, non-material modifications to the Public Benefit Agreement that are consistent with the purpose and intent of the CSCDA Authority’s Low-and Moderate-Income/Workforce Housing Rental Program; and
5) Authorize the City Manager to execute the Public Benefit Agreement and related documents and take any actions that may be required to implement the CSCDA Authority’s low- and moderate-income rental housing program.