Report Prepared by: Leah Brown, Management Analyst, Development Services Department
Title
SUBJECT: Approval of American Rescue Plan Act Grant Agreement, Water and Sewer Connection Fees Loan, Deed Restrictions, Affordability Covenants, and Related Grant Documents with Visionary Homes Builders of California, Inc for the Bella Vista Affordable Housing Project on Parsons Avenue
REPORT IN BRIEF
Considers approving the American Rescue Plan Act (ARPA) Grant Agreement and Water & Sewer Connection Fees Loan Agreement with Visionary Home Builders of California, Inc. (VHB) along with Restrictions and Covenants related to the grant and loan for the Bella Vista affordable housing project on Parsons Avenue.
RECOMMENDATION
City Council - Adopt a motion:
A. Approving Resolution 2024-94, A Resolution of the City Council of the City of Merced, California, Approving a grant to visionary home builders of California, Inc. on behalf of VHB Bella Vista, LLC from Coronavirus local fiscal recovery funds as established under the American Rescue Plan Act in the amount of $3,500,000, approving and authorizing the execution of a grant agreement, regulatory agreement, and related grant documents, and authorizing certain other actions in connection therewith; and,
B. Approving Resolution 2024-95, A Resolution of the City Council of the City of Merced, California, approving a water and sewer connection fee loan to Visionary Home Builders of California, Inc. on behalf of VHB Bella Vista, LLC., in the principal amount of $1,003,683.20 approving and authorizing the execution of a loan agreement, and related loan documents, and authorizing certain other actions in connection therewith; and,
C. Authorizing the City Manager to make any minor changes to the agreements should any edits be necessary, subject to the agreements and/or documents being approved as to form by the City Attorney; and,
D. Authorizing the Finance Officer to make any necessary budget adjustments to fulfill the i...
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