Comprehensive Annual Financial Report - City of Santa Monica

CITY OF SANTA MONICA, CALIFORNIA
Notes to Basic Financial Statements, Continued
For the fiscal year ended June 30, 2009
4% per annum. Payments are to be made from residual receipts. As of June 30, 2009, $5,870,000
and $1,300,000 respectively, had been disbursed to the borrower.
v. A promissory note in the amount of $4,234,507 was executed with The Tahiti, L.P. c/o Community
Corporation of Santa Monica for an affordable housing project located at 2411-2423 Centinela
Avenue. The loan is for the construction of 36 affordable rental housing units. This is a 55-year
loan with a simple interest rate of 3% per annum. Payments are to be made from residual receipts.
As of June 30, 2009, $3,157,144 had been disbursed to the borrower.
w. A promissory note in the amount of $841,600 was executed with Community Corporation of Santa
Monica for low- and moderate-income housing at 2020-2030 Cloverfield Blvd. This is a 35-year
loan with 10.44% interest rate per annum. As of June 30, 2009, $841,600 had been disbursed to the
borrower.
x. A promissory note in the amount of $5,207,314 was executed with the Santa Monica Housing
Partners, L.P for the development of twenty units of affordable senior housing at 1458 14 th Street.
The loan represents land acquisition financing that achieves site control. The interest rate is 0%.
Repayment is deferred during the two year term of the agreement with an option to extend the
agreement for eighteen months. As of June 30, 2009, the outstanding balance is $5,122,218.
y. A promissory note in the amount of $6,223,333 was executed with Community Corporation of
Santa Monica for an affordable housing project located at 430-508 Pico Blvd. This is a 0% loan
with the principal amount due and payable after a two-year deferral period. As of June 30, 2009,
$2,044,914 had been disbursed to the borrower.
z. A promissory note in the amount of $6,582,323 was executed with Community Corporation of
Santa Monica for an affordable housing project located at 2602 Broadway. This is a 0% loan with
the principal amount due and payable after a two-year deferral period. As of June 30, 2009,
$5,226,343 had been disbursed to the borrower.
aa. A promissory note in the amount of $5,595,897 was executed with Community Corporation of
Santa Monica for an affordable housing project located at 2802 Pico Blvd. This is a 0% loan with
the principal amount due and payable after a two-year deferral period. As of June 30, 2009,
$3,665,855 had been disbursed to the borrower.
bb. A promissory note in the amount of $4,424,711 was executed with FAME Santa Monica Senior
Apartments, L.P., for an affordable housing project located at 1754 19 th Street. This is a 0% loan
with the principal amount due and payable after a two-year deferral period. As of June 30, 2009,
$3,120,000 had been disbursed to the borrower.
cc. The January 17, 1994 Northridge Earthquake resulted in damaged multifamily residences in the
City of Santa Monica. To facilitate repair of damaged multifamily residences, the U.S Department
of Housing and Urban Development awarded the City of Santa Monica a total of $33,388,000 in
emergency funds to finance the City's Multifamily Earthquake Repair Loan (MERL) Program.
The funds were allocated as follows: $2,027,000 – HOME Program Emergency Supplemental Fund,
$6,361,000 – HOME Program Presidential Contingency Fund, and $25,000,000 – CDBG Program
Emergency Supplemental Fund.
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