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, 2008
loans with 3% interest rate per annum. Payments are to be made from residual receipts. At June 30,
2008, $1,244,000 had been disbursed to the borrower.
h. 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, 2008, $679,000 had been disbursed to the borrower.
Earthquake Recovery Redevelopment Fund
i. Promissory notes in the amount of $4,458,033, $1,691,967 and $950,000 for a total of $7,100,000
were executed with 26 th and Santa Monica Family Housing Limited Partnership, c/o Community
Corporation of Santa Monica, for an affordable housing project located at 1349 26 th Street. Fortyfour
low- and moderate-income housing units are to be constructed on the site. They are 55-year
loans with 3% interest rate per annum. Payments are to be made from residual receipts. At June 30,
2008, $318,307 had been disbursed to the borrower.
j. 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, 2008, $398,362 had been disbursed to the borrower.
Non-major Governmental Funds
k. On April 17, 2000, the City executed a promissory note with Community Corporation of Santa
Monica for the construction of a twenty unit, large family, affordable housing complex located at
708 Pico Blvd. $579,000 is funded from the City’s Pico Neighborhood Trust Fund, while $221,000
is funded from the City-wide CDBG Fund. This note is a 0% loan to be repaid from residual
receipts of the project and is due on October 22, 2053. At June 30, 2008, the outstanding balance is
$681,952.
l. A revised promissory note in the amount of $2,900,000 was executed with 1424 Broadway
Apartments Limited Partnership, c/o Community Corporation of Santa Monica, for an affordable
housing project located at 1424 Broadway/1512 15th Street. This is a 55-year loan with 3% interest
rate per annum. Payments are to be made from residual receipts. At June 30, 2008, $2,900,000 had
been disbursed to the borrower.
m. A promissory note in the amount of $575,000 was executed with Habitat for Humanity – Los
Angeles for an affordable housing project located at 2018 Nineteenth Street. This loan is for the
acquisition of a vacant parcel of land where Habitat will build up to six new ownership units that
will be sold to very low income buyers. This is a 0% loan with the principal amount due and
payable after a two-year deferral period. At June 30, 2008, $575,000 had been disbursed to the
borrower.
n. Promissory notes in the amount of $4,458,033, $1,691,967 and $950,000 for a total of $7,100,000
were executed with 26 th and Santa Monica Family Housing Limited Partnership, c/o Community
Corporation of Santa Monica, for an affordable housing project located at 1349 26 th Street. Forty-
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