Res98 RD-98-09 - Laserfiche WebLink

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6~22/98 ORIGINAL RESOLUTION - RDA NO. 98- 09 RESOLUTION NO. RD-98-09 RD 98-09 RD-98-9 RD 98-9 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF SUBORDINATION AGREEMENTS AND SUPPORTING DOCUMENTS IN FAVOR OF CITIBANK AND UNION BANK RELINQUISHING PRIORITY OF OBLIGATIONS CONTAINED IN AFFORDABLE HOUSING COVENANT - MAIN/MIDDLEFIELD REDEVELOPMENT PROJECT WHEREAS, pursuant to Resolution RDA 96-01, this Agency approved and authorized the execution of a Disposition and Development Agreement (the "DDA") with Mezes Court Associates, a California limited partnership ("MCA") and J.H.R. Trust ("JHR"), for development of the Main/Middlefield Redevelopment Project (the "Project"); and WHEREAS, the Project included the construction of affordable housing, a childcare center, and a commercial component within this Agency's Redevelopment Project Area No. 2; and WHEREAS, the entirety of the residential portion of the project is now complete and MCA is refinancing its construction financing with Citibank for thirty (30) years in the approximate amount of $3,000,000 and with Union Bank for four (4) years in the approximate amount of $6,800,000; and WHEREAS, the lenders, as a condition of their participation require the subordination of the Affordable Housing Covenant currently recorded with priority against the property; and WHEREAS, it is in the best interest of the Redevelopment Agency of the City of Redwood City that such refinancing occur;