TO: MAYOR AND CITY COUNCIL MEMBERS, CITY OF CHINO
FROM: LINDA REICH, CITY MANAGER
SUBJECT
title
Season's Senior Villas Request for Estoppel Certificate, Consent to Assignment and Term Extension.
end
RECOMMENDATION
Approve request by owner of Season's Senior Villas apartment complex for estoppel certificate and consent to assign makeup of ownership and reject request for term extension.
body
FISCAL IMPACT
No fiscal impact.
CITY OF CHINO MISSION / VISION / VALUES / STRATEGIC ISSUES
The recommendation detailed above further the City's values and strategic issues that serve as key pillars on which identified priorities, goals, and action plans are built, by fostering:
* Positive City Image
* Superior Customer Service
* Responsible Long-Range Planning
* Exemplary Leadership
* Public Service Excellence through Internal and External Partnerships
Revenue: Click or tap here to enter text.
Expenditure:
Transfer In: Click or tap here to enter text.
Transfer Out: Click or tap here to enter text.
BACKGROUND
On May 17, 1998, the City entered into a Ground Lease with the Chino Housing Investors, L.P. to lease and operate the senior housing project at 13160 6th Street in the City. The project consists of a 104 unit senior citizen rental housing project for low and very low income households and includes 2 manager's units, a recreation building 2 laundry facilities and related amenities.
On May 13, 2024, representatives of the tenant requested that the City approve a transfer of the current ownership of the tenant entity. The tenant will remain Chino Housing Investors, L.P., but its ownership will change from its current ownership held by Highridge Costa to Standard Communities, which City staff and the City Attorneys' office confirmed is an experienced multifamily apartment project owner and operator. Standard Communities owns and operates nearly 19,500 residential units, including more than 18,400 affordable and workforce housing units across the United Stat...
Click here for full text