REQUEST FOR CITY COUNCIL / HOUSING AUTHORITY ACTION
SUBMITTED TO: Honorable Mayor and City Council Members / Honorable Chairman and Board Members
SUBMITTED BY: Al Zelinka, City Manager / Executive Officer
VIA: Ursula Luna-Reynosa, Director of Community Development
PREPARED BY: Charles Kovac, Housing Manager
Subject:
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Consider for approval Bonanni Development Company IV, LLC Affordable Housing Agreement for the development of 35 ownership units at 19070 Holly Lane
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Statement of Issue:
It is recommended that the City Council approve an Affordable Housing Agreement ("Agreement") by and between the City of Huntington Beach ("City") and Bonanni Development Company IV, LLC ("Developer") associated with the previously approved development of a 2.11-acre site located at 19070 Holly Lane ("Project"). The Project consists of thirty-five (35) attached townhomes, of which, this Agreement will restrict five (5) units for moderate-income households for a period of 45 years.
Financial Impact:
There is no fiscal impact to approving this Agreement.
City Council and Housing Authority Recommended Action:
recommendation
A) Approve the "Affordable Housing Agreement for 19070 Holly Lane, Huntington Beach by and Between the City of Huntington Beach, a California Municipal Corporation and Bonanni Development Company IV, LLC, a Limited Liability Corporation" for the development of 35 ownership units at 19070 Holly Lane; and,
B) Authorize the City Manager or their designee to implement and execute the Affordable Housing Agreement for the Project, including all necessary related documents; and,
C) Authorize the City Manager to execute an amendment to the Affordable Housing Agreement, as prepared by the City Attorney, should the Developer upon completion of the Project decide to rent instead of sell the townhomes due to market conditions; and,
D) Authorize the Housing Authority Executive Officer or their designee to execute all necessary implementing agreemen...
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