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State of California <br />Department of Housing and Community Development <br />Committee Date 03-10-2022 <br />Business Consumer Services and Housing Agency <br />Award Date: 03-14-2022 <br />Contract No 21-HK-17166 <br />Homekey Round 2 Project Report <br />Project Name Redlands Good Nite Inn <br />Project Address 1675 Industrial Park Ave <br />Project City Redlands State CA Zip. 92374 <br />Project County San Bernardino Geographic Set Aside Southern California <br />Applicant #1 Name' City of Redlands <br />Type Of Organization City <br />Applicant #1 Contact Paul T Barich <br />Applicant #1 Address 35 Cajon Street, Suite 200 <br />Applicant #1 City Redlands State' CA Zip 92373 <br />Co -Applicant #1 Name Shangri La Industries <br />Type Of Organization For profit Corp <br />Co -Applicant #1 Contact Delia Wahab <br />Co -Applicant #1 Address 660 South Figueroa Street, Suite 1888 <br />Co -Applicant #1 City Los Angeles <br />Co -Applicant #2 Name Step Up on Second Street, Inc <br />State CA Zip 90017 <br />Type Of Organization' Non-profit Corp <br />Co -Applicant #2 Contact Tod Lipka <br />Co -Applicant #2 Address 1328 Second Street <br />Co -Applicant #2 City Santa Monica State CA Zip• 90401 <br />Prepared By David Hufford PDI Housing Representative <br />Project Summary <br />Other HCD Funding <br />Sources <br />Resubmittal Prior Rd <br />Type of Tax Credits <br />Market Rate Units <br />Rural <br />Scattered Site <br />No <br />No <br />None <br />No <br />No <br />No <br />Total Homekey Capital Award <br />$24,142,000 <br />Total Homekey Operating Subsidy Award <br />$5,858,000 <br />Maximum Homekey Award <br />$30,000,000 <br />Redlands Good Nite Inn is a 99-unit hotel conversion project with 98 studio units and one manager's unit located in the City of Redlands Eleven units will be dedicated for mobility aural and visually <br />impaired tenants The project will provide permanent supportive housing and serve individuals experiencing homelessness chronically homeless or at -risk of homelessness with incomes equal to or <br />less than 30 percent of Area Median Income (AMI) Each unit will be furnished with a twin bed dresser a drop leave table with four chairs smart TV microwave adaptable kitchenette heating and <br />air <br />The development consists of one single -story and two two-story buildings housing the tenants that will also have access to a supportive services space community room computer center, two coin <br />operated washer and dryers and 94 parking spaces Off -site amenities located within 1/5 mile of the project include transit, a full-scale grocery store and a pharmacy <br />Project Description <br />Project Type. Permanent Housing Eligible Uses Capitalized Operating Subsidies <br />Building Type. Hotel <br />Eligible Projects Conversion of Nonresidential Structures <br />Number of Doors at Acquisition 100 Number of Units Proposed in the Project: 99 <br />Number of At -Risk of Homelessness Units 37 Number of Chronically Homeless Units. <br />Number of Homeless Youth or Youth at Risk of Homelessness Units 0 <br />Homekey Capital Award $16,100,000 <br />Homekey Capital Contribution (1 1 match) $8,042,000 <br />Bonus Award (App Submittal). $0 <br />Homekey Relocation Costs $0 <br />Total Homekey Capital Award $24,142,000 <br />Bonus Award (App Submittal) $990,000 Operating <br />Bonus Award (Full Occupancy) $980,000 <br />Number of Assisted Units 98 <br />25 Number of Homeless Units 36 <br />Property Management. Step Up on Second Street, Inc <br />General Contractor Shangri-La Construction LP <br />Supportive Services Provider Step Up on Second Street, Inc <br />Architect. Bardovi Architects <br />Consultant: N/A <br />Construction Start Date 1/1/2022 <br />Construction Completion Date. 9/1/2022 <br />Total Homekey Operating Subsidy $5,858,000 Site Control A sales contract or other enforceable agreement for the acquisition of the property <br />Total Homekey Funds Requested $30,000,000 <br />Total Development Cost. $35,317,419 <br />Homekey Capital Award per Unit Cost: $243,859 <br />Total Cost per Unit: $356,742 <br />Sources of Development Funds <br />Land Area (acres) 2.08 Total Residential Area (sq ft.) 32,175 <br />No of Residential Building' 3 Number of Elevators 2 <br />Funds <br />Committed <br />Yes <br />HCD Homekey <br />Source Name <br />Source Type <br />State-HCD <br />Lien <br />No <br />N/A <br />Funding Amount <br />$24 141 999 <br />Interest Rate <br />Repayment Terms <br />Type <br />Rate <br />Type <br />Due In <br />(yrs.) <br />Req Debt <br />Service Amount <br />Yes <br />Acquisition and Construction Loan <br />Private <br />0 <br />$10,270,620 <br />Fixed for Term <br />5.0% <br />Amortized with Call <br />1.5 <br />$501,439 <br />Yes <br />GP Equity <br />Private <br />0 <br />$904,800 <br />0 <br />0% <br />0 <br />0 <br />$0 <br />Totals <br />$35,317,419 <br />Unit Mix <br /># of <br />Bdrm at <br />Acq <br />0 <br />No of <br />Doors at <br />Acq <br />100 <br /># of <br />Bdrm <br />Proposed <br />0 <br />No of Units <br />Proposed <br />98 <br />Unit Size <br />(sq ft.) <br />325 <br />AMI <br />Income <br />Limit <br />30% <br />Mgr <br />Units <br />0 <br />Restricted <br />$414 <br />Proposed <br />Avg Rent for <br />Restricted <br />Units <br />$200 <br />Unrestricted <br />$0 <br />Target Population <br />At -Risk of <br />Homelessness <br />37 <br />Chronically <br />Homeless <br />25 <br />Homeless <br />36 <br />Homeless Youth or Youth at <br />Risk of Homelessness <br />0 <br />0 <br />0 <br />0 <br />1 <br />325 <br />None <br />1 <br />$0 <br />$0 <br />$0 <br />0 <br />0 <br />0 <br />0 <br />100 <br />99 <br />37 <br />25 <br />36 <br />0 <br />NOFA. September 9, 2021 <br />1 of 3 26 City of Redlands Redlands Good Nite Inn PR <br />