HomeMy WebLinkAboutResolution 91-053 03/04/1991Fees®1LltiOrl N®. 91-53 N.C.S.
of the City of Petaluma, California
RESOLUTION AUTHORIZING THE CITY MANAGER TO SIGN
A CONSTRUCTION LOAN SUBORDINATION AGREEMENT WITH A REVISED
LOAN LIMIT ON BURBANK HOUSING DEVELOPMENT CORPORATION'S
CHERRY HILLS COMPLEX
WHEREAS, in 1987, the City Council committed $200,000 to Burbank Housing
Development Corporation in the form of a deferred payment, 3% loan for the purchase of
the site for the Cherry Hills complex; and
WHEREAS, in order for BHDC to secure construction financing, the City loan documents
contained an agreement to subordinate to a construction loan in an amount up to
$2,000,000; and
WHEREAS, the project has now been designed and approved; and,
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WHEREAS, construction costs for the project require a $2,585,000 construction loan; and
WHEREAS, a commitment has been secured for such a loan; and
WHEREAS, a commitment has been secured for permanent financing; and
WHEREAS, with -this proposed financing, this project will meet the affordability goals set
forth by City Council;
NOW, THEREFORE, BE IT RESOLVED that a subordination agreement reflecting the
revised construction loan amount is hereby approved and that the City Manager is
authorized to sign said documents on behalf of the City.
chillres /noticed
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) (~1}]d~C2(~~t~i~ad) meeting fOm'
on the ...4th ............... day of ..........1~/LBr.Ch..........-.....................-.-., 19.91.-., by the
following vote:
City Attorney
AYES: Read, Davis, Woolsey, Nelson, Vice Mayor Cavanagh, Mayor Hilligoss
NOES: None
ABSENT: Sobe
ATTEST : ............ -. .- .. .-....... ...................................
-~- ~ ~ 1 ... Mayc
~.'~." ~ P~' ¢ `f'!~ (°° 9 ~ , Cotmcil File .................................
CA ]0-85 Res. No......91-53 N.C.S.