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The URA Board previously approved a term sheet outlining a loan from the URA North College Plan Area fund and a loan administration agreement with Impact Development Fund (IDF). Staff coordination among multiple lenders, investors, and attorneys is ongoing, with final agreements expected shortly before the mid-August closing, subject to later Board approval for material term changes.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/city-council-agenda-item-summary-loan-documents-for-302-conifer-street-middle-income-housing-project/282661/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/city-council-agenda-item-summary-loan-documents-for-302-conifer-street-middle-income-housing-project/282661.png","ImageObject",442,249,{"name":88,"@type":89},"Tawan","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-18","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What action is the Board being asked to approve?","Question",{"text":108,"@type":109},"The Board is asked to approve a resolution authorizing the Acting Executive Director and URA Attorney to negotiate and execute loan documents related to the 302 Conifer Street middle-income housing project.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What approvals were made earlier in 2025 regarding the loan?",{"text":113,"@type":109},"On March 27, 2025 the URA Board approved a term sheet outlining a loan from the URA North College Plan Area fund. On April 24, 2025 it approved a loan administration agreement with Impact Development Fund (IDF) to underwrite and administer the proposed loan.",{"name":115,"@type":106,"acceptedAnswer":116},"When are the final loan documents expected and what triggers further Board approval?",{"text":117,"@type":109},"Final versions are expected shortly before the scheduled mid-August closing. The Acting Executive Director and URA Attorney will return to the Board for approval if material changes to the term sheet are proposed or requested.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},282661,1791108362,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":73,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":9},2336475104042,"https://ap-avatar.wpscdn.com/avatar/22000c4c32af1715be0?x-image-process=image/resize,m_fixed,w_180,h_180&k=1786537525561427321","June 26, 2025  \nAGENDA ITEM SUMMARY  \nCity Council  \n| STAFF |\n| --- |\n| Andy Smith, Redevelopment Manager\u003Cbr>Josh Birks, Acting Executive Director\u003Cbr>SUBJECT |\n| Consideration of a resolution to authorize the Acting Executive Director and URA Attorney to negotiate and execute an assortment of loan documents related to the development of a middleincome housing project proposed to be constructed at 302 Conifer Street.\u003Cbr>EXECUTIVE SUMMARY |\n\nThe purpose of this item is to authorize the Acting Executive Director and URA Attorney to negotiate and execute an assortment of loan documents related to the development of a middle-income housing project proposed to be constructed at 302 Conifer Street. At the March 27, 2025 URA Board meeting, the Board approved a “term sheet” describing the general terms and conditions of a loan from the URA North College Plan Area fund to the developers of a proposed deed-restricted 76-unit multi-family community to be constructed at 302 Conifer Street. At the April 24, 2025, URA Board meeting, the Board approved a loan administration agreement with Impact Development Fund (IDF) to underwrite and administer the proposed loan described in the term sheet. Draft loan agreement documents are currently being negotiated between the two senior lenders, the primary construction lender, the borrower, and URA staff, with final versions expected to be ready for execution shortly before the scheduled closing in mid-August. The Acting Executive Director and URA Attorney will return to the Board for approval if material changes to the term sheet are proposed or requested.  \nSTAFF RECOMMENDATION  \nStaff recommend the Board approve a resolution authorizing the Acting Executive Director and URA Attorney to negotiate and execute an assortment of loan documents related to the development of a middle-income housing project proposed to be constructed at 302 Conifer Street.  \nBACKGROUND / DISCUSSION  \nA 76-unit deed-restricted multi-family community for low-moderate and middle-income residents is proposed to be constructed at 302 Conifer Street (“Project”) , with groundbreaking scheduled for late fall of 2025. The Project was awarded Proposition 123 equity funding and additional funding , however a financial gap remained. In response, URA staff developed a novel arrangement to fill the gap and enable the Project to proceed. The financial arrangement was described in a Term Sheet (Exhibit A) approved by the URABoard at the March 27, 2025 board meeting.  \nAt the March 27, 2025, board meeting, staff indicated that the final set of negotiated loan documents would be presented to the URA Board for approval prior to execution. However, it has become evident the  \ncomplexity of terms and iterative nature of negotiations for this multi-party deal will continue to be negotiated until shortly before the closing currently scheduled for mid-August, and perhaps only one week prior.  \nCurrently, a weekly closing coordination call amongst all parties is attended by URA staff. The call is intended to allow all lenders, investors, attorneys, title company representatives, partners, and the development team to work through discussion points needing to be resolved prior to the drafting of final agreements for execution. Typically, there are twenty or more participants on the call, including Impact Development Fund, on behalf of the URA as our administrator. Notable participants include 1stBank (the primary construction lender) , CHFA (the Prop 123 investor and 2nd mortgage lender) , and BWE (the FreddieMac 1st mortgage lender) . All lenders must approve each other’s loan agreement documents andwill continue to circulate drafts for review and revision until the final agreements are reached.  \nFinally, an update will be provided to the Board in July at a special meeting to be called for at least one related matter. At the March 27, 2025, Board meeting, a tax increment finance (TIF) grant intended to reimburse the project for up to $100,000 in p","cbCaieUEIlB58Jad","https://ap.wps.com/l/cbCaieUEIlB58Jad","pdf",279177,"English","# AGENDA ITEM SUMMARY\n# EXECUTIVE SUMMARY\n# STAFF RECOMMENDATION\n# BACKGROUND / DISCUSSION\n# URA FINANCIAL IMPACTS\n# BOARD / COMMISSION / COMMITTEE RECOMMENDATION\n# PUBLIC OUTREACH\n# ATTACHMENTS","[{\"question\":\"What action is the Board being asked to approve?\",\"answer\":\"The Board is asked to approve a resolution authorizing the Acting Executive Director and URA Attorney to negotiate and execute loan documents related to the 302 Conifer Street middle-income housing project.\"},{\"question\":\"What approvals were made earlier in 2025 regarding the loan?\",\"answer\":\"On March 27, 2025 the URA Board approved a term sheet outlining a loan from the URA North College Plan Area fund. On April 24, 2025 it approved a loan administration agreement with Impact Development Fund (IDF) to underwrite and administer the proposed loan.\"},{\"question\":\"When are the final loan documents expected and what triggers further Board approval?\",\"answer\":\"Final versions are expected shortly before the scheduled mid-August closing. The Acting Executive Director and URA Attorney will return to the Board for approval if material changes to the term sheet are proposed or requested.\"}]","City Council Agenda Item Summary - Loan Documents for 302 Conifer Street Middle-Income Housing Project | PDF",1789579570]