HomeMy WebLinkAboutPCDC Resolution 94-14 11/07/1994PETALUMA COMMUNITYDEhELOPMENT COMMISSION
RESOL UTION NO. g 4-14
RESOLUTION APPROVING LOAN BETWEEN
PETALUMA COMMUNITY DEVELOPMENT COMMISSION
AND CORONA CRESCENT, INC.
WHEREAS on May 2, 1994, the Petaluma Community Development Commission (PCDC)
allocated $200,000 to Eden Housing, Inc. (Eden) to assist first time homebuyers in their
purchase of the homes at Corona Crescent, a development of Eden Housing; and
WHEREAS the original allocation was in the form of a grant; and
WHEREAS Eden Housing is requesting that a portion of the allocation take the form of a
$70,000 loan between PCDC and Corona Crescent, Inc., a subsidiary of Eden Housing; and
WHEREAS the structuring of such a loan would be of mutual benefit to both the.
homebuyers, by assisting with the upfront costs that accompany home purchasing, and to
PCDC by adding the possibility of future replenishment of the Housing Fund; and
WHEREAS the creation of this "debt instrument" requires the approval of the
Commission;
NOW THEREFORE BE IT RESOLVED that the Executive Director is hereby
authorized to sign all necessary loan documents after appropriate review by Commission's
legal counsel.
Adopted this 7th day of November, 1994.
Commissioner Aye No Absent
Barlas
Hamilton
Read
Shea
Parkerson
Vice Chair Sobel
Chairman Hilligoss
ATTEST:
J
. ernar , ecor mg ecretary
edenloan / bg17
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