File #: 26-0161    Version: 1
Type: City Resolution Status: In Committee
File created: 10/13/2025 In control: *Community & Economic Development Committee
On agenda: 10/28/2025 Final action:
Title: Subject: EBALDC Property Sale/Loan Forgiveness From: Housing And Community Development Department Recommendation: Adopt A Resolution Authorizing The City Administrator To Forgive $3,000,000 In Outstanding Principal And $661,042 In Accrued Interest Owed By East Bay Highland Palms II, LP For The Highland Palms Property, And $5,000,000 In Outstanding Principal And $1,094,490 In Accrued Interest Owed By East Bay Capital Fund II, LP For The Eastlake Property, To Preserve Long-Term Affordability Until 2073 And Facilitate The Property Sale To A New Owner
Sponsors: Housing And Community Development Department
Attachments: 1. View Report And Attachments A And B, 2. View Legislation, 3. View Supplemental Legislation - 10/24/2025

Title

Subject:                      EBALDC Property Sale/Loan Forgiveness

From:                                           Housing And Community Development Department

Recommendation: Adopt A Resolution Authorizing The City Administrator To Forgive $3,000,000 In Outstanding Principal And $661,042 In Accrued Interest Owed By East Bay Highland Palms II, LP For The Highland Palms Property, And $5,000,000 In Outstanding Principal And $1,094,490 In Accrued Interest Owed By East Bay Capital Fund II, LP For The Eastlake Property, To Preserve Long-Term Affordability Until 2073 And Facilitate The Property Sale To A New Owner