HomeMy WebLinkAboutPCDC Resolution 95-09 09/18/19951
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RESOLUTION # 95-U9
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
APPROVING LOAN DOCUMENTS AND SUBORDINATION
AGREEMENT FOR ROUND WAI,I{ VILLAGE
WHEREAS Burbank Housing Development Corporation (BHDC) and the
Petaluma Community Development Commission (PCDC) are working in a joint effort to
develop a 129-unit apartment complex to house very-low and low income households;
and
WHEREAS PCDC has allocated the sum of $933,400 to the project from the
Housing Fund; and
WHEREAS Burbank Housing has requested that the PCDC contribution to the
project be structured in the form of a loan; and
WHEREAS loan documents have been drafted which ensure the financial
stability of the project and also secure PCDC's interest;
NOW, THEREFORE, BE IT RF,SOLVED that PCDC approves the structuring of
the Housing Fund allocation as a loan and authorizes the Executive Director to sign all
necessary documents, upon review and approval by Counsel.
Adopted this 18th day of September, 1995 by the following vote:
Commissioner Aye No Absent
Hamilton X
Stompe X
Maguire X
Read X
Barlas X
Vice Chairman Shea X
Chairman Hilligoss X
Attest:
Patricia E. Bernard, cording Secretary
U~
. Patricia Hilligoss, Chairman
badcdocs/wwin
Reso. 95-09