HomeMy WebLinkAboutResolution 93-76 04/06/1993Resolution No. 93-76 N.C.s.
of t~hf~ City of Pc~t~~lun~~~~, C~~lifc~r~~~i~~
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RESOLUTION APPROVING PETALUMA ECUMENICAL PROJECT'S
ENCUMBRANCE OF LINDBERG LANE SENIOR APARTMENTS
WHEREAS, Petaluma Ecumenical Project has a history of developing and managing low-
income senior apartment complexes in Petaluma; and
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WHEREAS, the funding patterns for such apartments often require interim development
financing; and
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WHEREAS, Petaluma Ecumenical Project wishes to establish aline-of-credit with a lender
to pay for such interim costs; and
WHEREAS, lenders require such aline-of-credit to be secured by a deed of trust on real
property and PEP's Lindberg Lane Senior Apartments could serve as such a security; and
WHEREAS, City Council's permission to encumber Lindberg Lane is required as a
condition of conveyance of the property to PEP, as included in the Grant Deed of
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December 1987;
23 NOW, THEREFORE, BE IT RESOLVED that the City Council grants permission to
24 Petaluma Ecumenical Project to encumber the Lindberg Lane Apartment Complex for
25 purposes of aline-of-credit not to exceed $400,000 with the requirement that PEP cause to
26 be recorded the appropriate Notice of Default and Option Agreement as required by the
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Under the power and authority conferred upon this Council by the Charter of said City.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Approved as to
Council of the City of Petaluma at a (Regular) (~CC~QkIItAfl'~~kClmeeting fO~
on the ...6-th ............... day of .............A.pril....................---.......-..-., is-.9.3., by the ---'
following vote: •-•--•-•-•-.-•.--•'~-=.1-.-..--...--•---------
City Attorney
AYES: Nelson, Barlas, Read, Shea, Hamilton, Vice Mayor Sobel, Mayor Hilligoss
NOES: None
ABSENT: N , ne ~ %
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ATTEST : ...... .....:.................. ......................................::..................... ......_.--:..........----•--.......---..............--• --
City Clerk Mayor
Council File--._ ...............................
ca io-ss Hes. N~.........93,-76....... N.cs.