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RESOLUTION NO. 8636 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDLANDS APPROVING AN INTERFUND LOAN FROM THE GENERAL FUND TO THE INCLUSIONARY HOUSING FUND WHEREAS, the City Council approved Resolution No. 7354 establishing an interfund loan policy effective December 17, 2013; and WHEREAS, Resolution No. 7354 requires that interfund loans established after the effective date of the policy be approved by the City Council subsequent to review by the City Attorney and preparation of a resolution authorizing the loan, including specific loan terms, if applicable; and WHEREAS, the City Council adopted Ordinance No. 2959 on July 5, 2023, adding Chapter 18.230 for an Inclusionary Housing Program that imposes income and affordability restrictions on new residential development for For -Sale and Rental Housing, including an alternative means of fulfilling inclusionary housing obligations through payment of an in -lieu fee; and WHEREAS, the City Council adopted Resolution No. 8528 on December 19, 2023, establishing In -Lieu Fee Amounts for compliance with the City's Inclusionary Housing Program; and . WHEREAS, moneys in the Inclusionary Housing Fund shall be expended exclusively to provide housing affordable to Very Low-income, Low-income, and Moderate -income households in the City of Redlands, and administration and compliance monitoring of the Inclusionary Housing Program; and WHEREAS, the Venue at Orange Apartments proposes to construct and maintain 50 housing units affordable to Very Low Income households alongside market rate units pursuant to the availability of financial assistance from the Inclusionary Housing Fund that will make provision of these affordable housing units financially feasible; and WHEREAS, there is a gap in timing of cash flows for the Inclusionary Housing Fund, which depends on the In -Lieu Fees yet to be paid from existing residential developments that have yet to apply for building permits but which are expected to generate significant In -Lieu Fee revenue over the next two to five years; and WHEREAS, the City -contracted consultant, Keyser Marston Associates, Inc. has prepared a financial gap analysis for the Venue at Orange Apartment Project and found a $1.59 million financial gap for the provision of the 50 units of affordable housing, consistent with the developer's request for financial assistance in the amount of $1.5 million in the form of a forgivable loan from the Inclusionary Housing Fund; and 1 I:\Resolutions\Res 8600-8699\8636 Approving Interlard Loan from General Fund to Inclnsionary Housing Fund.docx-ms