Res82 RD-82-05 - Laserfiche WebLink

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SWC :mf 3/8/82 ORIGINAL RESOLUTION NO. RD-82-05 RD 82-05 RESOLUTION MAKING AVAILABLE CERTAIN FUNDS FOR LOW INCOME HOUSING COOPERATIVE; APPROVING OF CREDIT THEREFOR; AND PROVIDING FOR REIMBURSEMENT FROM REDWOOD CITY COOPERATIVE HOUSING ASSOCIATION WHEREAS, pursuant to the terms of concurrent Resolution Nos. 9065 and RD-82-04, adopted March 8, 1982, the City Council authorized a loan of City funds in the amount of Eight Hundred C~e Thousand and No/100 Dollars ($801,000.00) to the Redevelopment Agency for the purpose of assisting the Redwood City Cooperative Housing Association, Inc., in obtaining HUD Tandum Financing for a proposed low incc~ne housing project; and WHEREAS, the assistance of low incc~e housing is consistent with the purpose of the P~development Agency; NOW, THEREFORE; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF REDWOOD CITY ACTING AS THE REDEVELOPMenT AGenCY OF THE CITY OF REDWOOD CITY, AS FOLLOWS: 1. The P~develo~a~ent A~3ency hereby makes available the sum of Eight Hundred One Thousand and No/100 Dollars ($801,000.00) for the purpose of assisting the Radwood City Cooperative Housing Association, Inc. in obtaining HUD Tand~n Financing for a proposed low incc~e housing project. 2. Said s~ shall be in the form of a one-year Irrevocable Letter of Credit to the U.S. Department of Housing and Urban Development c/o BA Mortgage and International Realty Association, a copy of which is labeled Exhibit "A," attached hereto and incorporated herein by reference, and which Letter of Credit is hereby approved. 3. The R~dwood City Cooperative Housing Association, Inc., sb~ll be responsible for the reimbursement of all monies, with interest thereon, actually drawn against the Letter of Credit established by this resolution. RD-82-05