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<br />of one (1) year the sum of Eight Hundred One Thousand and No/100 Dollars <br />($801,000.00), frc:m the Self Insurance Trust Fund to the RedeveloFfIEIlt <br />Agency of the City of Redwcx::xi City, such arrount to be used solely for <br />the purpose of assisting the Redwcx::xi City Cooperative Housing A5dOCiation, <br />Inc., to obtain HUD Tandem Financing for a low cost housing project. <br />2. The RedeveloFfIEIlt Agency hereby agrees to repay the aforerrentioned <br />loan, with interest thereon, using the City's average interest earning <br />rate on idle funds as of the first day of each calendar quarter, to the <br />City of Redwcx::xi City out of revenues accruing to the Agency frc:m tax <br />increrrents. <br />3. It is understood that if the Redwcx::xi City Cooperative Housing <br />Association, Inc., fails to obtain HOD Tandem Financing, the loan <br />authorized by this resolution will be repaid inmecliatel y upon <br />notification that such financing is unavailable. <br /> <br />* <br /> <br />* <br /> <br />* <br /> <br />-2- <br />