AgdaPkt 2009-01-12 clsd and reg - Laserfiche WebLink

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. . . .; NOT.E.3 ~ LOANS RECEIVABLE:(CONTINUED)..:... : . ..: -Kainos Home and Training Center Loan . .: St. Claire Apartments Loan Total 57.500.' 27.720 . $1~..J O~701. A. 1~)'ndham Place First ,Time l/omebuyer Loa" Prtigraitl . , : The City established a FirstTime.Homebuyer Program during fiscal.year 1995 on a specific development . . ; :sponsored by the Redevelopment Agency called: Wyndham Place. The probrram :currently involves the .. :resale of Wyndham units. where the City has First. Right of Refusal.., The City or Agency exercises its .. .. First Right of Refusal and markets to solicit qualified buyers.: . . . . .. A portion of the .city and Agenyy's . Shared Appreciation. is :used. to assist the new buyer in the Resale Program. While".:.the: initial probrram 1n: i 9"95:. made. 0% interest loans~ :current: huyers in the, Resale. Probrram are assi.sted; according to the needs of the Borrower. Depending on the Borrower's ability to . secure private'financ.ing for a first mortgage, t~e City and Agency.loan is underwritten based on the Borrower's spen.dable income. . . . '. .. ... . . . " .. . .. ". .. . . . . . I .. . . '. . . . . . . . . . . , . . These.'lo~ms bear no interest and are secured'by secon.d deeds :of.:trust on :the property, and typically. no .payments. are. due until five .years after th:e date of p'urchase.. .As. of June 30, 20.0.8 the. Agency has outstanding 103.11s.:of$268,901 to nine \VYIldhani"Place:buyers,.:whilt~ the City :has loaned $364,805 from the .HO~fE. Investment Partnership Bloc.k Grant, Community Development Block Grant (CDBG), a.nd .. Rental Rehabilitation })rogram (RRP) funds to seven Wyndham Place homebuyers. Since.these loans are not currently available/or expen<ii~ur~, fund balance 'has been reserved in.this ambunL. .. . . , . B. City,.Celltre Plaza Loalts :' . The Redevelopment Agency .sold. se~eral .parcels. ~Lland to..the developers of the. City Centre Plaza . :: project(a.rcsidemiaI.and. commercial devel()pment)~ ,for. $}.,700,OOO ip 1996:' '1Jle developers constructed City Center Pla7..a. which contains 81 affordal?le .housing units.. a: chiIdcare Jacil~ty, residential and commercial" parking,' :a.~d 17,900 square feet. or" retail space. The proillissory note from Mezes Court ,. Associate in the amount .of $1,445,000 is to be .repaid through 2028 from surplus revenues :generated by the housing project and. accrucd...interest at 3%. The. promissory~hoteJrom J.H.R. .Trust in the amount of $255.000., is als"O due to' begin making payments beginning: in 2008: .and ,continUing until. 2028 arid , .acc~es Interest at 3% as well. The outstanding balallce ~t June' 30,. 2008 was $1.695,011. .. c... ,Fir.~t Time Homehuyer Silent LoanPr~ir(lm' ::: . , ..i in 2000; the Redevelopment Agency estahlished a First Time Homebuyer, Silent Loan Program. Loans - are deferrcd for the first five .years, and: then arnortized at 4% interest over the. remaining 25 years. . An Equity Participation re.quirerpen{.shares..appredation based on: the aInount 'of the Agency's original. loan amount.. At" Junc. 30, 2008 the Agency'had outstanding loans to 12 homebuyers totaling $1,082.692. Since these loans are not; currently available for exiJenditure,furtd balance has been 'reserved in this .. '. . ... '. ... . . amount. . . . . . . . D.. .. LlJQIlS witli Non-p,.oflts and J.or Profit OrganizatifJllS :.. . . " '. . . .' . . l)le City and Agency have loaned $500,000 to MP Redwood Court Associates and $650,0.00' to Hailmark . Apartments LLP.. The MP Redwood Court:Associates loan agreement was entered. into:in July 2003 for. .. the. re.pair and: rehabilitation of housing units. The loan term is 55 years.nnd .bears: O~ interest. The loan to Hallmark Apartments.'LLP has.interest defe~ed for the first 30 years afreT which it bears interest at 3% .'. until the December 2058 maturity.:...The outstanding balance at June 30~ 2008 was $1.,133,153. . . .. . '. i . 40.