For City Council Meeting [June 9, 2020]
TO: Honorable City Council
APPROVAL: Rod Foster, City Manager
FROM: Matt Schneider, Community Development Director
Title
Request City Council and Rialto Housing Authority to Set a joint Public Hearing for June 23, 2020 to consider a third amendment to the Affordable Housing, Financing, Disposition, and Development Agreement for a 55-unit affordable housing project (Metrolink South Project) located on the north side of Bonnie View Avenue approximately 300 feet west of Riverside Avenue (APN: 0131-021-40).
Body
BACKGROUND
Applicant
Rialto Metrolink South Housing Partners, LP, 18201 Von Karman Avenue, Suite 900, Irvine, CA 92612
Project History
Rialto Metrolink South Housing Partners, LP proposes to develop a 55-unit affordable housing project on the north side of Bonnie View south of the City's Metrolink Station. The project was originally approved in 2016 and has been modified since then, as follows:
* On June 28, 2016, the original Affordable Housing, Financing, Disposition and Development Agreement (Agreement) between the Rialto Housing Authority and the developer was approved for the development of a 64-unit affordable housing project on two parcels owned by the Rialto Housing Authority.
* On December 12, 2017, the first amendment to the Agreement was approved to facilitate a public parking lot on one of the RHA parcels and develop a smaller affordable housing project on the other parcel, increase the pre-development loan, and extend the Agreement.
* April 9, 2019, the second amendment was approved to require the developer to obtain updated entitlements for a revised project and obtain a third amendment to the Agreement to memorialize the project changes and extend the agreement.
* On December 11, 2019, the revised project (55 unit) was presented to the Economic Development Committee to review the project changes that would be considered by the Design Review Committee. In addition, the applicant advised tha...
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