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 Director
VIA: Ursula Luna-Reynosa, Director of Community Development
PREPARED BY: Charles Kovac, Housing Manager
Subject:
title
Bonanni Development Company IV, LLC Affordable Housing Agreement for the development of 35 ownership units at 19070 Holly Lane
body
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:
Not applicable.
Recommended Action:
recommendation
A) Approve the Affordable Housing Agreement by and between the City and Bonanni Development Company, LLC 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 Director or their designee to execute all necessary implementing agreements and related documents.
end
Alternative Action(s):
The recommended Agreement was prepared by the City Attorney's office pursuant to state and local regulations. The Project complies with Density Bonus Law (Government Code ...
Click here for full text