SUZY KIM

Director

What I love About Work

"I value the close relationships I develop with clients while creating solutions driven by a genuine interest in improving our communities."

RECENT ENGAGEMENTS 

Lead property disposition efforts for city-owned properties subject to surplus lands, housing successor, and redevelopment dissolution requirements. Advise on navigating multiple complex legal requirements while listing properties for sale, soliciting offers, and negotiating sales agreements. Recently assisted Merced, Pinole, Pleasant Hill, and Tulare in such efforts. The sales have culminated in market rate and affordable housing projects, and commercial projects that meet economic development goals.

Created an Offering Memorandum for a P3 project in the City of Rancho Cordova. The City offered $35 million and City-owned land to create a vibrant mixed-use district. Coordinated proposal requirements, Bidder’s Conference, and proposal submission.

Conducted an Enhanced Infrastructure Financing District (EIFD) and Community Revitalization and Investment Area (CRIA) Feasibility Study for the County of Sacramento. Determined financial feasibility to complete desired projects. Identified the pros and cons of financing alternatives to reach overall goals.

Prepared a white paper on South San Francisco Rent Burden and Eviction Risk to inform City policies and funding allocations for rental and landlord assistance in response to the COVID-19 pandemic. Identified the potential number of local renters at risk of eviction based on an evaluation of housing cost burden, regional eviction and unemployment trends, and interviews with local services providers. Made recommendations for an overall budget and rental assistance limit per household after taking County, Federal, and State rental assistance laws and programs into consideration.

Advised the City of Pleasant Hill on a request from a local developer to collaborate with the City on a Naturally Occurring Affordable Housing (NOAH) preservation strategy.  The developer desired to purchase a market rate rental apartment complex in the City that was home to many low income tenants, with the intent to preserve the property’s affordability.  The developer asked the City for a nominal amount of financial assistance and a 10-year affordability covenant in order to obtain a property tax exemption, which would make it financially feasible to charge affordable rents at the property before pursuing more long-term affordable housing financing and restrictions.  RSG evaluated the potential loss in property tax revenues to the City and affected taxing agencies, and compared that to what public agencies typically contribute as gap financing to affordable housing projects.

Underwrite housing projects, most recently in El Monte, Pinole, Pleasant Hill, Tulare, and the County of San Diego. Evaluate the reasonableness of each request based on the project’s overall financial feasibility, the likelihood of being repaid, and financial assistance granted for comparable projects by other public agencies.

Prepare HOME Subsidy Layering Analysis and Neighborhood Standards Reviews required for affordable housing projects that receive HOME funding, most recently in El Monte and Merced.  Utilize HUD’s multifamily underwriting template and cost allocation tool to determine whether a project has reasonable development costs, is financially sound, and not over-subsidized.

Evaluate developer requests to refinance or subordinate City loans and affordable housing agreements, most recently in El Monte, Merced, and Rohnert Park. The proposed terms and agreements are reviewed against existing documents to confirm impacts on project affordability, City finances, and City controls.

On behalf of the Baldwin Park Housing Successor Agency, evaluated a request to award a $1.4 million loan to San Gabriel Valley Habitat for Humanity to develop 12 affordable ownership units.  Determined the loan amount was reasonable based on a review of a development pro forma and site plan.  Estimated construction costs, other proposed financial sources, the projected sales price of the homes, and affordable housing costs were taken into consideration.

Evaluated the financial impact of providing affordable housing units under multiple income level and bedroom size scenarios to a developer’s overall profitability for a master planned mixed-use community in the East Bay.

Negotiate development, affordable housing, and loan agreements between public agencies and housing developers, most recently in Pleasant Hill, Pinole, and Merced.

Prepare strategies to spend affordable housing funds and leverage properties based on community needs and legal requirements. Implement strategies by issuing Requests for Proposals or Notices of Funding Availability, most recently in the cities of Pinole and Tulare. Ensure proposals meet legal requirements tied to funding sources and properties, such as Senate Bill 341.

Draft annual reports tracking compliance with affordable housing production and expenditure mandates for over ten cities throughout Northern, Central, and Southern California. This includes Housing Element Annual Progress Reports, Housing Authority Annual Reports, Housing Successor Annual Reports. Also help evaluate No Net Less and make findings required by Senate Bill 166.

Serve as Fiscal Consultant for bond refundings throughout California, most recently in Hercules, Galt, and Apple Valley. Analyze past financial trends and projected revenues to determine bond debt service coverage. Informed by expert knowledge of how taxes are distributed to government agencies, particularly redevelopment successor agencies. This knowledge is invaluable for clients that require in-depth consultations with affected taxing agencies about negotiated or statutory pass-through payments.

Regularly oversee preparation of annual continuing disclosure reports for bondholders, most recently in Ridgecrest. Ensure all disclosure requirements are met and posted on the Electronic Municipal Market Access (EMMA) database or sent to bondholders as appropriate.

Has consulted over 15 successor agencies throughout California with redevelopment dissolution activities. Prepares ROPS, administrative budgets, cash flow projections, and property disposition documents. Regularly consults with State, County, and taxing agencies on behalf of Successor Agencies and Oversight Boards.

Assisted the City of Pleasant Hill with reviewing several complex payment agreements, auditing prior payments, revising methodologies, and negotiating revisions with the County Auditor-Controller and a noteholder.

Serve as a technical expert on legislative efforts involving successor agencies. Have drafted legislation and participated in committee hearings for bills introduced by Senator Nancy Skinner, Assemblymember Kevin Mullin, and Assemblymember Henry Perea on behalf of the Cities of Hercules, South San Francisco, and San Joaquin.  Have also provided expert witness testimony for litigation on behalf of the City of Antioch.

Managed the relocation of over 20 residential, commercial, and industrial tenants in the cities of Lake Forest, San Carlos, and San Pablo. Interviewed tenants, drafted relocation plans, assisted tenants with finding new units, and processed relocation claims.

Provided relocation oversight for motel conversion projects utilizing Project Homekey funds for the County of Orange. Ensured that an affordable housing developer was following State and Federal relocation requirements when relocating low income motel residents before rehabilitating the site to provide permanent affordable housing.

Conducted a Fiscal Impact Analysis for the reorganization of a County Service Area (CSA) in San Bernardino County. The CSA provided sewer and road maintenance services, and considered splitting each function by having a larger water district take over sewer services and having the County continue road maintenance services under a new CSA zone. Analyzed the proposed reorganization’s financial impacts on the water district and County.

Conducted a 2013 Municipal Service Review for water agencies in Yolo County, which required extensive research of regional water and agricultural studies and synthesizing findings for the public and local leaders.

Assisted the City of La Quinta with the annexation of unincorporated territory in 2007, leading the resident outreach process to advocate for annexation in order to ultimately rehabilitate an affordable housing property serving senior and special needs residents. 

Created a strategic plan for Economic Resources Corporation, a non-profit organization whose mission is to advance economic development in historically underserved communities around Greater Los Angeles, primarily through real estate investment and operations.

Developed an economic development implementation strategy for the City of Belmont. Researched market data and interviewed business community stakeholders to conduct a SWOT analysis and identify the needs of all parties. Created short- and long-term goals to implement the strategy and measure success.

Oversaw the preparation of two annexation fiscal analysis for the City of Belmont for the annexation of property along Old County Road in the City’s sphere of influence.

As a member of CALED’s Economic Development, Finance, and Real Estate Committee (EDFRE), Ms. Kim sits on a panel of experts to provide member training materials, plan conference sessions, and provide input on legislative advocacy efforts. She was instrumental in preparing a resource guide of tax increment tools available for California economic development efforts. She has organized conference sessions on the nexus between economic development and homelessness, and tools to compel owners to revitalize stagnant properties. Ms. Kim supports CALED’s legislative efforts by providing language for bill proposals and support letters.