AgdaPkt 2007-12-17 - Laserfiche WebLink

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NOTE 3 -LOANS RECEIVABLE�CONTINUED� C. Flrst Tlme Homebuyer SllentLoa.n Program In 2000, the Redevelopment Agency established a First Time Homebuyer Silent Loan Program. Loans are deferred for the first five years, and then amortized at 4% interest over the remaining 25 years. An Equity Participation requirement shares appreciation based on the amount of the Agency's original loan amount. At June 3 0, 2007 the Agency had outstanding loans to 13 homebuyers totaling $1,23 5,454. Since these loans are not currently available for expenditure, fund balance has been reserved in this amount. D. Loarls wlth Non pro�ts and For Pro�t Organlzatlons The City and Agency have loaned $500,000 to MP Redwood Court Associates and $650,000 to Hallmark Apartments LLP. The MP Redwood Court Associates loan agreement was entered into in July 2003 for the repair and rehabilitation of housing units. The loan term is 55 years and bears 0% interest. The loan to Hallmark Apartments LLP has interest deferred for the first 3 0 years after which it bears interest at 3% until the December 205 8 maturity. E. Hous�ng Rehabllltation Loans The City and Agency have outstanding loans for housing rehabilitation in the amount of$2,455,556. F. City Attorrley Housing Assistance Loan In 2003/04 the City made a housing assistance loan to the City Attorney. The outstanding loan balance at June 3 0, 2007 was $171,5 81. Additional details of this loan agreement are outlined in Note 18. G. Shores Childcare Loan The City entered into an agreement with Shores Childcare, LLC whereby $3,200,000 was loaned to Shores Childcare, LLC for construction of a childcare facility on City-owned land in the Redwood Shores area. The term of the loan is 20 years maturing January 2023, with interest payable quarterly and calculated based on the quarterly rate of the State of California Local Agency Investment Fund. The outstanding balance of the loan at June 30, 2007 was $2,642,272. H. Parking Fi.�nd Loan The capital outlay fund has a loan receivable in the amount of $1,300,000 from the parking fund. Additional details of this loan agreement are outlined in Note 7. I. Flrst Community Housing Loan The City entered into an agreement with First Community Housing whereby $2,627,000 ($200,000 from Community Development Block Grant, $1,927,000 from Redevelopment Agency low and moderate housing fund, $500,000 pass-through from County of San Mateo) was loaned to First Community Housing for construction of the Villa Montgomery housing development at El Camino and Vera Avenue. The loan bears interest at 3% for 40 years. The loan will be repaid annually from 70% of the project's net cash flow. 40