HomeMy WebLinkAboutPCDC Minutes 09/15/1997MINUTES
OF A
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
MEETING
MONDAY, SEPTEMBER 15, 1997
ROLL CALL:
Present: Read, Keller, Stompe, Torliatt, Maguire, Vice Chairman Hamilton, Chairman
Hilligoss
Absent: None
MINUTES:
The minutes of the, August 18, 1997, meeting were approved as submitted.
RESO. 97-11 1
CONTINGENCY LOAN SALISHAN APARTMENTS
Resolution 97-11 authorizing a loan of up to $96,000 to Salishan Apartments, Inc. Salishan
Apartments is located at 780 Petaluma Blvd. South. This project has been planned to house
persons with a developmental disability. Federal funding is available and it is estimated that will
be a source of $1,073,000. The non-profit developer, North Bay Rehabilitation Services, has
secured funding for the project using Section 811 Dollars. There is a shortfall of approximately
$96,008. This resolution increases the loan up to the $96,000 with the condition that the loan
documents include language that this portion of the loan can be pre -paid. The borrower shall
report monthly to the City staff on their efforts to raise outside revenues and to generate some
savings. Introduced by MS, seconded by DK.
Ayes: Read, Keller, Stompe, Torliatt, Maguire, Vice Chairman Hamilton, Chairman
Hilligoss
Noes: None
Absent: None
ADJOURN 3:20 p.m.
ATTEST: M. Patricia Hilligoss, Chairman
Patricia E. Bernard, Recording Secretary
PCDC Meeting September 15,1997 Page 1 of i page