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Recommendation: <br />Adopt a resolution (1) approving a loan assumption and subordination request <br />for an existing loan from the City to KDF Hallmark, (2) authorizing the City <br />Manager or designee to execute the documents listed below, subject to any <br />minor, clarifying and conforming changes approved by the City Attorney, and (3) <br />authorizing the City Manager to take all actions necessary to complete this <br />transaction, including execution of any other necessary documents: <br />1. Assignment and Assumption Agreement <br />2. First Amendment to Declaration of Affordability Covenants <br />3. First Amendment to Deed of Trust with Assignment of Rents <br />4. First Amendment to Owner Participation Agreement <br />5. First Amendment to Promissory Note <br />6. Subordination Agreement <br />CEQA: <br />This is not a project under California Environmental Quality Act (CEQA) <br />Motion and second, Borgens and Reddy, to adopt a resolution approving a <br />loan assumption and subordination request for an existing loan from the City <br />to KDF Hallmark, authorizing the City Manager or designee to execute the <br />documents listed below, subject to any minor, clarifying and conforming <br />changes approved by the City Attorney, and authorizing the City Manager to <br />take all actions necessary to complete this transaction, including execution of <br />any other necessary documents: <br />1. Assignment and Assumption Agreement <br />2. First Amendment to Declaration of Affordability Covenants <br />3. First Amendment to Deed of Trust with Assignment of Rents <br />4. First Amendment to Owner Participation Agreement <br />5. First Amendment to Promissory Note <br />6. Subordination Agreement <br />The motion passes unanimously by roll call vote. <br />6.13. Update to preliminary ten-year General Fund forecast considering potential <br />financial impacts associated with COVID-19 (501) MO 20-054 <br />City Manager Melissa Stevenson gave a presentation. Financial Services <br />Manager Derek Rampone and Fire Chief Dave Pucci responded to Council <br />questions. <br />Recommendation: <br />Accept an update to the Preliminary Ten -Year General Fund Forecast. <br />Page 4 of 5 <br />