HomeMy WebLinkAboutResolutions 85-374 N.C.S. 12/16/1985JAB:da
Resolution i~To. 85-374 N. C. S.
of the City of Petaluma, California
RESOLUTIODI AUTHORIZING PETALUMA ECUMENICAL
PROJECTS TRUS.T TO ENTER INTO A LINE OF CREDIT
IN SUPPORT OF THE SENIOR HOUSING PROJECT
WHEREAS, in compliance with City regulations requiring
developers to provide low income housinc~ units for senior
citizens, McBail Company entered into an agreement with the
City, and
WHEREAS, said agreement stipulated that for the total
approved units and closed escrows, McBail would construct
sixteen low-income senior units at the Lindberg Lane site,
and
WHEREAS, eight such units have been obligated and
constructed and an additional four are obligated, but not
constructed, and
WHEREAS, the City, the Trust and the developer all
desire to construct the remaining eight units concurrently
even though the developer may not, because all housing units
are not sold, be obligated to construct the balance of the
senior units.
NOW THEREFORE, be it resolved that the Petaluma
Ecumenical Projects Trust hereby is authorized to enter into
a Line of Credit agreement for a maximum of $60,000 in
support of the complet.ion of the low-income senior housing
units, the obligation to be repaid from rents generated by
the Project.
Under the power and authority conferred upon this Council by the Charter of said City.
I hereby certify the foregoing Resolution was introduced and adopted by the pp d as to
Council of the City of Petaluma at a(Regular) (Adjoumed) (`~~~~eeting ~O1
_..._ y ......_., 19_..85, by the
on the ...:_.._l.~t.~_:. da of ..._..~.BC~.I71}~8S' ................••••--
followina vote: . --• ----••--•---••--•--• ...............
ity Attomey
AYES: Cavanagh, Davis, Woolsey, Tencer, Vice Mayor Balshaw, Mayor Mattei
NOES: None
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,..
ABSENT: Bo d
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A1°I'EST : ...............•---......__.....••-•---• •••._.:_ ....__ :.:::;_._.:...
City Clerk
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.... ............. ........ ....... . .••••---.,..__....•,••••---••--......._....••-.....-••••
Mayor
, Council File ....................................
Form:CA 2 7/81 Rcs. No........~.~-s.~.i~.~.....