Res99 RD-99-20 - Laserfiche WebLink

Browse Search

0 R I G I N A L 4/26/99 RESOLUTION NO. RD-99-20 RD 99-20 RDA NO. 99-20 RESOLUTION APPROVING AND AUTHORIZING ISSUANCE OF CERTIYICATE OF COMPLETION AND EXECUTION OF SUBORDINATION AGREEMENT IN FAVOR OF WELLS FARGO BANK RELINQUISHING PRIORITY OF OBLIGATIONS CONTAINED IN PROMISSORY NOTE AND DEED OF TRUST TO WELLS FARGO BANK - CITY CENTER PLAZA 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 ("JBR"), for development of the Main/Middlefield Redevelopment Project (the "Project"); and WHEREAS, the Project included the construction of affordable housing, a childeare center, and a commercial component within this Agency's Redevelopment Project Area No. 2; and WHEREAS, the entirety of the commercial portion of the project is now complete and J.H.R. Trust is refinancing its construction financing with Wells Fargo Bank for fifteen (15) years in the amount of $1,375~000.00; and WHEREAS, the lender, as a condition of its participation requires the subordination of the Agency's promissory note and deed of trust 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;