HomeMy WebLinkAboutResolution 92-316 12/07/19921
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Resolution No. 92-316 N.~.~.
(~f the' C;itti, of F'~~t~~lum<~, C~~lifor-~i~~
RESOLUTION APPROVING THE CONVERSION OF THE HOUSING
FUND ALLOCATION TO THE VALLEJO STREET SENIOR
APARTMENTS FROM GRANT TO LOAN
WHEREAS, the City Council has as one of its housing goals the provision of affordable
units for Petaluma's elders; and
WHEREAS, the City Council has allocated funds to Petaluma Ecumenical Project (PEP)
to assist in meeting that housing goal; and
WHEREAS, allocations made to PEP's Vallejo Street Senior Apartment Projects were put
in the form of a grant; and
WHEREAS, in order to secure project financing it is necessary to convert that grant to a
loan;
NOW, THEREFORE, BE IT RESOLVED that the City Council authorizes the City
Manager to sign the appropriate Vallejo Street Senior Apartment Loan documents upon
review and approval by the City Attorney.
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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) (IKki.~~~~~~ meeting fO~
on the .-....7th..-._....... day of .........D~~~.~~2~r ............................ 19.~~..., by the
following vote: ...-..-•--------•-r•--• - - ••--•-••-•---
City Attorney
AYES: Davis, Sobel, Nelson,.. Vice Mayor Cavanagh
NOES: None
ABSENT: Read, Woo r Hilligoss
ATTEST : .. ... .................. .................-......._.......... ..........................
City Clerk
CA 10-85
Cbtimcil Filann..r_r~~ ...............................
Res. No.......a?.,4.-.~.~6...... N.C.S.