HomeMy WebLinkAboutResolution 91-323 11/04/1991~~S®Illtl®rl No. 91-323 N.C.S.
1 of the City of Petaluma, California
2 RESOLUTION APPROVING SUBORDINATION AGREEMENTS
3 FOR WASHINGTON CREEK APARTMENTS
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5 WHEREAS, the City of Petaluma has a General Plan goal of encouraging the
6 development of affordable rental apartments; and
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8 WHEREAS, in 1989 the City Council allocated $300,000 to Eden Housing Inc. to purchase
9 a site for the construction of 32 apartments for low income families; and
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11 WHEREAS, Eden Housing Inc. has been successful in arranging a financial package for
12 the construction of the apartments which includes funds from Wells Fargo Bank, the State
13 of California's Rental Housing Construction Program, and the Low Income Housing Tax
14 Credit Program; and
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1.6 WHEREAS, in order to consummate the loan arrangements, the City of Petaluma must
17 subordinate its Deed of Trust to these other financial partners; and
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19 WHEREAS, it has been determined that by doing so the City's interests in providing
20 affordable housing will be protected,
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22 NOW, THEREFORE, BE IT RESOLVED that the City Council authorizes that Mayor or
23 City Manager to sign the appropriate subordination agreements, as reviewed and approved
24 by the City Attorney.
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27 resosubo/bg6
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) (Ad§~Xr1~Td~}xti~T'~xmeeting form
on the ..-•---.~tZl.......... day of ......................1~4V~.I1~J.~?~1'..............-, 19......9,lby the
following vote: ....-.-..-.....----------------
City Attorney
AYES: Read, Davis, Cavanagh, Nelson, Vice Mayor Woolsey, Mayor Hilligoss
NOES: None /
ABSENT
ATTEST: ..
CA 10-85
Sobel ~`.._
City Clerk -
Gbuncil Fil(e~ ....................................
Res. No. ....71-32.53......... N.C.S.