RECOMMENDATION(S):
CONSENT to deferment of payments on a loan consisting of HOME Investment Partnerships Act and Community Development Block Grant funds made to Giant Road Development L.P. for the Giant Road Apartments in San Pablo to allow for repairs of water intrusion.
FISCAL IMPACT:
No General Fund impact. The loan previously approved was one hundred percent federal funds.
BACKGROUND:
On December 15, 2005, the County loaned Giant Road Development L.P. $1,700,000 of Community Development Block Grant and HOME Investment Partnerships Act funds for the development of Giant Road Apartments in San Pablo. The loan is repaid only from residual receipts (funds remaining after mortgage payment and operating expenses) and payments are typically between $4,000 and $6,000 per year.
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