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HomeMy WebLinkAboutSANTA ANA ARTS COLLECTIVE, L.P. (META HOUSING PROJECT) (2). - 2017 INSURANCE NOT REQUIRED 7 s °WORK MAY PROCEED A- 2017 — 1/ 3 . 4 i CLERK OF COUNC ""‘"- NOV 1 3 2017 FREE RECORDING REQUESTS PnUR JAN TO GOVERNMENT CODgu%E 1IO14 6103 it 2'7383 When Recorded Mail to: ��!T� Mt% Ike'eeorded in Official Records, Orange County ! O`, t 7!', (3) , fc t :.Hugh Nguyen, Clerk-Recorder ud %\.2r ''' II I I 111 1111 I NO FEE City of Santa Ana * $ R 0 0 0 9 7 1 4 1 2 9 $ * Clerk of the Council 2017000502860 9:33 am 11121117 20 Civic Center Plaza(M-30) 175 415 Al2 F13 e P.O. Box 1988 0.00 0.00 0.00 0.00 24.00 0.00 0.00 0.00 r,l Santa Ana, California 92702 Attention: Clerk of the Council SPACE ABOVE THIS LINE FOR RECORDING USE FREE RECORDING REQUESTED [Government Code Section 6+93] 2a3g3 SECOND AMENDMENT TO LOAN AGREEMENT by and between the CITY OF SANTA ANA, and SANTA ANA ARTS COLLECTIVE, L.P. J (1666 N. Main Street, Santa Ana, California) Dated: October 10, 2017 Please return an original executed agreement to our office(M-30/T11). SECOND AMENDMENT TO LOAN AGREEMENT INCLUSIONARY HOUSING PROGRAM/CDBG FUNDS THIS SECOND AMENDMENT TO LOAN AGREEMENT ("Second Amendment") dated, for identification purposes only, as of October 10, 2017, is made and entered into by and between the City of Santa Ana, a charter city and municipal corporation("City") and Santa Ana Arts Collective, L.P. ("Developer")with reference to the following: RECITALS: A. City and Developer entered into the original Loan Agreement for Inclusionary Housing Program and Community Development Block Grant("CDBG") funds after Developer's project consisting of a fifty-eight (58) unit multi-family residential housing development, with live/work units and a possible commercial art studio, as well as a community room ("Project") located at 1666 N. Main Street, within the City of Santa Ana, California, was selected and approved for funding by the Santa Ana City Council on November 3, 2015. B. City and Developer entered into the First Amended and Restated Loan Agreement, Santa Ana Agreement No. A-2017-173, which was dated July 5, 2017, and recorded against the property with the County of Orange on July 26, 2017 ("said Loan Agreement"). C. In accordance with the terms and conditions of said Loan Agreement, the parties desire to amend said Loan Agreement to revise the Project Budget to use the CDBG funds solely for acquisition costs related to the Project. NOW, THEREFORE, in consideration of the mutual and respective promises, and subject to the terms and conditions of said Loan Agreement, except as herein modified, the parties agree as follows: 1. Section 5(B)(1) of said Loan Agreement shall be deleted and replaced with the following: "B. CDBG Funds 1. Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make a loan of CDBG funds to Developer in the principal amount of up to $500,000.00 solely for acquisition costs related to the Project." 2. The last sentence of section 6.2 of said Loan Agreement shall be deleted and replaced with the following: "However, CDBG Funds shall only be used for acquisition costs related to the Project." 1 3. Exhibit G to said Loan Agreement shall be deleted in its entirety and replaced with the revised Exhibit G attached herewith and incorporated herein by this reference. 4. Except as hereinabove modified, all terms and conditions of said Agreement shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be executed on the date set forth at the beginning of this Agreement. ATTEST: CITY OF SANTA ANA f• » Lill IMAM C , .? ( ar,> / Maria D. Huizar Clerk of the Council Raul Godiage City Manager APPROVED AS TO FORM Sonia R. Carvalho City toe; ey i ' 4 41 A_ By: lya S. Hodge Assi• .nt Ci Attorney RECOMMENDED FOR APPROVAL: Robert M. Zur Schrniede Interim Executive Director Community Development Agency {Signatures continue on following page) 2 ACKNOWLEDGMENT A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document, to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. State of California County of Orange On November 16, 2017 before me, Rosa A. Flores , Notary Public (insert name and title of the officer) personally appeared Raul Godinez, who proved to me on the basis of satisfactory evidence to be the person( whose name(z) is-/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his#her/the r authorized capacity(.esS, and that by his/her/their signature(.) on the instrument the personal, or the entity upon behalf of which the person.(0-acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. , RLORES *• CommissionOSAA. F # 2057129 ?{+®< Notary Public -California Orange County M%Comm. Expires Feb 700 ,2098 Signature C (Ogel-, a (2415-1W (Seal) DEVELOPER: Santa Ana Arts Collective, L,P., a California limited partnership By: Santa Ana Arts Collective, LLC, a California limited liability company, its administrative general partner By: ire Kasey Burke, Vice President By: WCH Affordable XVIII, LLC, a California limited liability company, its managing general partner By: ' Graham '. Espley-Jones, Presi 3 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 -... <,".`<':t.•:: :4er.•.•, {<ef.CVw 4, .2 C:'e,,...<'ad.: :.<.%t-. , n•�i'<.:•w•. .... - :n.a...“ . riTSEIN A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness, accuracy,or validity of that document. State of California ) County of Los Angeles _ ) On W" - ) 1_01.1 _ before me, Marian Kain, Notary Public _ , 1 Date Here Insert ame and Title of the Officer {L,JL personally appeared _x4y- Name(s) bf Signer(s) who proved to me on the basis of satisfactory evidence to be the person ) whose name( is/Ve subscr bed to the within instrumerr}yt and acknowledg9�d to me that he/sh/i/the/ executed the same in his/hef/the -authorized capacity(ie,�, and that by his/her/th�r signature((on the instrument the personO! or the entity upon behalf of which{the person( actedd executed the in trument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. MARIAN KMN ' !r'°: Notary Public -California f 1"+ Los Angeles County z Signature—_) _ .- " V' pr., Commission 9 2151321 Si nature of Notary Public M omm.EM k a a 7,2020 Place Notary Seal Above OPTIONAL Though this section is optional, completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: Document Date: Number of Pages: Signer(s) Other Than Named Above: Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: u Corporate Officer — Title(s): . ❑ Corporate Officer — Title(s): CI Partner — ❑ Limited ❑ General ❑ Partner — ❑ Limited LI General ❑ Individual El Attorney in Fact ❑ Individual ❑Attorney in Fact ❑Trustee 0 Guardian or Conservator ❑Trustee ❑ Guardian or Conservator LI Other: ❑ Other: _ Signer Is Representing: Signer Is Representing: — Fc... .5'-7.a, _ : Zyti•. ._ _ ._ <l_h i. . .v.4.44••4-4.4,...4, .v, er Lf .. r4•.3..•.. dAL 4'J'4✓4,—. ?.Y -,. ©2014 National Notary Association • www.NationalNotary.org • 1-800-US NOTARY(1-800-876-6827) Item 415907 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT CIVIL CODE § 1189 4:',.'$,'.,14..14:-klN a* -.....'eaYat:$'4+[Hr'•D5.#+T'S>i."+v .T.P.1,u:;ivrci 1,"„tas, ` .„..last ,t.n'a4,12viL@'1,u yvl'efi AT+o'A*u.'{*=NS44. s'Y.'a*Als..; A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached,and not the truthfulness,accuracy,or validity of that document. State of California 1 County of Orange J} On October 2, 2017 before me, Leanne Truofreh,Notary Public Date Here Insert Name and Title of the Officer personally appeared Graham P. Espley-Jones Name(s)of Signer(s) who proved to me on the basis of satisfactory evidence to be the person()whose name(%) is/ace subscribed to the within instrument and acknowledged to me that he/s• 4lzey executed the same in hlshaerk44e4r authorized capacity(tas), and that by his/YreMhcir signature(%) on the instrument the person(s), or the entity upon behalf of which the person(t) acted, executed the instrument. LEANNE TRUOFREH I certify under PENALTY OF PERJURY under the - Commission 0 2064657 z laws of the State of California that the foregoing a eS ;; Notary Public • California z paragraph is true and correct. z ° !SIr Orange County i_ __ „My Comm.Expires May 12.2018E WITNESS my hand and official seal. Signature Wef (4QPeC, Place Notary Seal and/or Stamp Above Signature of Notary ublic OPTIONAL — Completing this information can deter alteration of the document or fraudulent reattachment of this form to an unintended document. Description of Attached Document Title or Type of Document: 2nd Amendment to Loan Agreement Document Date: Number of Pages: Signer(s) Other Than Named Above:_ Capacity(ies) Claimed by Signer(s) Signer's Name: Signer's Name: n Corporate Officer— Title(s): n Corporate Officer— Title(s): O Partner— 0 Limited 0 General ❑ Partner— n Limited 0 General O Individual 0 Attorney in Fact n Individual 0 Attorney in Fact O Trustee 0 Guardian of Conservator ❑ Trustee 0 Guardian of Conservator En Other: ❑ Other: Signer is Representing: Signer is Representing: °a&Qe.I, k_+a',u>s =9')b fn.,sk:'Y 4 '**fl2vJe f nUq,w etzelE;'e.:t4rei aa'.1r.r,.^,Nss...''2'!t+ nen:64.4-,44.4*,fs'N':v.M4114B"It-Orr' vT+CS.3^°::a.{E^'::, ©2017 National Notary Association EXHIBIT G PROJECT BUDGET (attached) 4 Santa Ana Arts Collective Project Budget•Permanent Phase COSTS FUNDING SOURCES State-HCI 0%lag credits Local Local Local Private Private I State-HCO Residential Commerclsl Total $HSC Bank of City OI5a01a Cityf Santo City on Santa CLRC- • R• ental America Ana- ° Perm $NSC Grant Component Development ProRrLo Ana•HOME Ana-00630 Loan 1st Trust Deferred Funds- SOV RC E9 Developer Fae ST18 TOTAL Component Casts Costs AHD-13 Loan Equity Indml°nary Funds funs Deed Program COets Investment funds 'ACQUISITION. • I Leaser of Land Cost or Value 63,008812 $30,160 83,138,30 5556,370 52,210,700 1317,677 830,100 53,135,36 Legal B Closing Costs 533,220 5421 033,69 533,220 1421 833,690 Verifiable Carrying Code 8203,046 82,560 5206,426 521,320 5182,323 12,510 • 8208928 Subtotal 10,092,005 542,108 885)6,075 $0 564,704 5550,376 02,210,760 5000,000 142,103 $0 BO 53,316,078 Existing Improvements Cost 14,211,825 552,¢75 04,7000 54318,623 $53,279 84310,0.00 Other(specify/ 50 5p Total 60501111100 $7,641,014 856,044 57,040,575 50 554,764 84,771,000 $2,210,702 $000000 506,184 $2 80 51,040,015 (RELOCATION Permanent Relocation $1,454,606 018,412 51,470,072 $1,413,000 81,470,020 Total Relocation $1,469,600 818,412 51,475,000 50 90 10 BO 40 10,470222 50 90 11,412,000 (CONSTRUCTION OR-Site Improvements 50 30 Site Work(hard costal $402,520 86,858 1486,678 1402620 15,854 8406,676 Structures(herd costs) 04,020,400 $93,001 $4,851,406 $4,011357 6663,513 54,EBLo06 Adaptive Reuse 8],001,100 8102840 57,59,800 032,343 86,754837 1102,040 87,700,020 General Requirements 5900,526 811,000 5020,020 1006,320 111.500 0920,020 Contractor Overhead 523053 53,020 8241,600 1296500 83.020 $241,600 Contractor Profit 3550,220 67,041 0503,81 1098,220 $7,041 5659,301 General Liability Insurance 5303,003 14,505 1308.400 $60303 $4,505 5365,400 Total Construction $14,626,634 5107,886 019,013.133 14,944,130 50,204,150 to Ba 30 $104,209 to 80 815010,188 (ARCHITECTURAL Design 8083,247 512,200 80E1,910 5571,426 5410.001 5081,516 Supervision 8151,020 $1911 1062,020 1102020 8152920 Total Ar°hlleclsral Costs 11,120,265 $14,102 11,194,401 12 1571,420 la 50 50 2560211 10 5O 51724436 ISURVEY&ENGINEERING ) ) Engineering 01.017,017 812674 11.021801 51,017,017 112,074 01,020,601 Total Survey 8 Engineering $1,01],01] $10,674 51,028,891 50 81,017,017 It 50 80 010,074 50 20 11.020.891 'CONTINGENCY COSTS I Flare Cast Contingency 81,82,560 115,230 00:090,009 81382560 118330 11398300 Soft Cost 001013)ncy 5207,12 13,262 1200,074 8262712 83352 5200874 Total Contingency Costs 11,040,672 519,121 51400,070 Ba 91,540,572 50 80 E0 $11,001 10 50 11.080,173 ICONSTRUCTION PERIOD EXPENSES t Construction Loan Interest 8528,97 $08137 $224684 5528,207 $6,607 $034,084 000001°n Fee 1157,451 51,003 6151,404 0157,461 10,903 5109,454 Credit Enhancement 0 APP Fee 520,825 $375 130,000 520620 1375 130,000 Taxes During Construction 5142,0]] 61,700 $140075 6142,077 11,790 6143,075 Pr°valllnp Wage Monitor $0 10 50 50 Insurance During Construction $212,312 12,080 8215,000 8212,312 $2606 6215,000 T155 end Recording Feel $50,50 0750 660;000 060,250 3700 $50,000 Other Construction Loan Interest Post CVO $352,198 54,460 8356.555 5362,109 $4,450 1305550 Total Ca000nectlon Expenses 11,401,220 110,43 $1,401,660. 3o $1,401,220 to 00 50 $16,740 SO 10 11,400,000 PERMANENT FINANCING EXPENSES Loan origination Feels) 530,051 1300 190,431 130,051 $300 830,991 Ma and Recording - 019,]60 0250 120,000 010.750 1250 620,030 Total Permanent Fln°n°Ing 140,001 5a30 400,401 50 140,901 50 50 80 1030 $0 50 $60,421 ILEGAL FEES Conaeucg0°Lender Legal Expenses 179,000 81,30 560,000 8]9,000 81,0001 590,020 Sponsor Legal Fees $98.750 31,250 8100,30 598750 $1350 6100,006 Total Legal Fees 1177,750 10,250 1120,000 80 01»,750 80 80 AO $2200 30 50 0100610 ICAPITALIZED RESERVES I l Operating Reserve 8140.070 3149,079 8149,070 1140,670 Total Capitalized Reserves 1140,070 Sy 2149,175 8O 0148,870 50 80 50 '50 10 50 5149,079 (REPORTS&STUDIES - r Appreisallsl 12,668 034 52,700 52.555 534 32703 Market Study 121,102 $269 021,450 $21,182 1251 121,450 Environmental Studies 123,700 5300 624,0.34 823,700 5300 124,30 Other:Accounting 5103,690 01,e12 EIo5,wo 550388 50.312 92,E 6205,30 Total Reports 8Smmea 5151,236 11314 0115,100 $0 $120,796 10 00 00 11,514 10 122,600 119,100 'OTHER ICAC App.lAliocrModmr Fees 5152966 0102,460 1152,450 $162484 Local Permit Fees 0252,541 9,670 0260,117 1282541 _ 53,576 0295,117 AHSC Eligibl016000 Impact Fees: _ 80 Drainage 81),666 1224 918,090 817306 1224 818,090 Parka eftecreation 6229,e64 $2871 6232,996 8220,004 82611 5292613 Streets/Signals 00 $0 b0 Traffic Fees 5200,693 83,709 6203,482 0723.29 38969 8293.652 Waste Water 5253341 $3088 5253,407 $233,241 03,166 5208407 Water Fad* 55],0]6 $715 451,703 109078 5616 667,703 •Other Impact Foes _ _ 5243,100 52,156 8170304 8173,13 82155, 0170,284 Furnishings 8545,625 14,375 5560,000 8345625 04,375 8358000 'When:248 513636o 11,750 5140,000 1138290 8140,000 Wher'.Utility Foos 6230,110 63027 $24213] 5239,110 $24213] 'Med Relmb Cools es 653326 5576 654,000 063,335 6302] 064,000 Total Other Costs $2,231,605 390,324 12290.203 10 32.031,06, $0 00 50 526924 10 00 10,000,200 SUBTOTAL $91,743,106 1390,063 592,447,100 54,844,130 $16,65),703 543]5,000 52210,)60 5000,000 53,015,100 I $a 502,600 02147,196 Developer Fee000erl0000Pront 19.976.000 526,000 82000.0011 51,375,09 520,9031 5500,000 82,000000 Total Developer Costs $1,375000 (25,000 02,002,000 So 31,375,000 $0 50 10 525,0001 1600,000 50 62,000.000 TOTAL DEVELOPMENT COST $09,724108 4429,013 094,147,190 04,044,100 311,142,100 14775,000 $2,210,700 595,000 52,042.100 1, 0000,000 822,000 134.147,100