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Res18 15645
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Res18 15645
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Last modified
10/11/2019 7:58:10 AM
Creation date
10/11/2019 7:58:10 AM
Metadata
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Joint
Agency Type
City Council and Successor Agency and Public Financing Authority
Date
2/12/2018
Description
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY ESTABLISHING A LOAN AGREEMENT IN THE AMOUNT OF $910, 000.00 FROM THE REDWOOD CITY GENERAL FUND (No. 150) TO THE REDWOOD CITY AFFORDABLE HOUSING FUND (No. 299) FOR THE 3752-3770 ROLISON ROAD AFFORDABLE HOUSING PROJECT
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02/12/2018 <br />RESOLUTION NO. 15645 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDWOOD <br />CITY ESTABLISHING A LOAN AGREEMENT IN THE AMOUNT OF <br />$910,000.00 FROM THE REDWOOD CITY GENERAL FUND (No. 150) <br />TO THE REDWOOD CITY AFFORDABLE HOUSING FUND (No. 299) <br />FOR THE 3752-3770 ROLISON ROAD AFFORDABLE HOUSING <br />PROJECT <br />WHEREAS, the City of Redwood City desires to loan $1,100,000 (the "Loan") from <br />the City's Affordable Housing Fund to MP Mosaic Garden Associates, L.P. for the purpose <br />of refinancing the property at 3752-3770 Rolison Road in Redwood City (the "Property"); <br />and <br />WHEREAS, on February 12, 2018, the City Council of Redwood City (the "City <br />Council") approved the Loan; and <br />WHEREAS, the City's Affordable Housing Fund lacks sufficient funds to issue the <br />Loan; and <br />WHEREAS, the City's General Fund has sufficient funds to temporarily loan the <br />sum of $910,000.00 to the Affordable Housing Fund. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY, AS FOLLOWS: <br />1. The sum of nine hundred ten thousand dollars ($910,000.00) from the Redwood <br />City General Fund (No. 150) is hereby ordered to be loaned to the Redwood City <br />Affordable Housing Fund (No. 299), as a temporary loan for the above described purpose <br />in accordance with the following terms: <br />a. Said loan shall be for a term of one (1) year, commencing February 15, <br />2018 and expiring February 14, 2019. <br />b. Principal shall be payable in full on February 14, 2019. <br />c. The loan shall be interest free during the term of the loan, provided, <br />however, that if the principal is not repaid on or before February 14, 2019, <br />interest shall be calculated on the outstanding balance of said loan <br />calculated on the City's monthly earned investment rate of return (blended <br />rate) and such interest shall be calculated and charged from the original <br />loan date. <br />d. Notwithstanding the foregoing, said loan may be repaid without penalty at <br />any time during the term thereof by fully paying the remaining balance of <br />ATTY/RESO.0010/CC RESO ESTABLISHING A SHORTTERM LOAN <br />REV: 02-06-18 JS <br />Page 1 of 2 <br />RESOLUTION NO. 15645 <br />MUFF NO. 304 <br />
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