HomeMy WebLinkAboutResolutions 87-252 N.C.S. 08/17/1987Res®lution N®. 87-252 N.C.S.
of the City of Petaluma, California
RESOLUTION AUTHORIZING REVISION OF THE
DISPOSITION OF IN-LIEU HOUSING FUNDS BUDGETED FOR
THE PROPOSED MADRONE LANE PROJECT
WHEREAS the Burbank Housing Development Corporation was granted
$250,019 in housing in-lieu direct developer assistance for the Madrone Lane
project; and
WHEREAS the funds were granted based on a specific budget presented by
Burbank Housing Development Corporation; and
WHEREAS due to an opportunity to secure State Mortgage Revenue Bond
Financing, Burbank Housing Development Corporation is asking for a
revision to the proposed budget for use of City in-lieu funds previously
allocated for this project;
NOW THEREFORE BE IT RESOLVED that the Council hereby approves the
proposed revised budget for use of in-lieu fees and authorizes use of
$35,000 of said fe es for "bond reservation" fees for the California Housing
Finance Agency if security for the City funds in the form of a promissory
note and deed of trust is secured by January, 1988 and an agreement to
execute the note and deed of trust is executed to prior to commitment of
the $35,000.
reso.in-ll~fa~l:r~H&1~&~i'~~uthority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the App ved as to
Council of the City of Petaluma at a (Regular) (~,~~~$€~g`je'~l(al) meeting
on the ---...-.1.7th--...-.. day of ....---.....August.......--• ...................... 19.87.., by the
following vote:
AYES: Sobel, Balshaw, Cavanagh, Davis, Tencer, Vice Mayor Woolsey, Mayor Hilligo~'s
NOES: Q ' ^~ ~'
/~ ~ ..
ABSENT: 0 ~/
~~
ATTEST: ~ ... ........ ......G.' a~~~":'=.' ~%~......-................. ..-..GL.'-, ~..~. .. ... ....... ...~/ -~". J
City Clerk Mayor
Council File ....................----°-........
CA 10-85 Res. No. .......8.~.-.~.,rj~..... N.C.S.