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MINUTES <br /> SAN LEANDRO CITY COUNCIL MEETING <br /> SEPTEMBER 27, 1993 <br /> The City Council of the City of San Leandro met in Adjourned Session in the City <br /> Council Chambers of the City Hall on the above date at 8:12 p.m. , Mayor Faria <br /> presiding. <br /> 1. CALL TO ORDER • <br /> 2. ROLL CALL <br /> PRESENT: Council Members Corbett, Myers, Nahm, Perry, Polvorosa; <br /> Mayor Faria <br /> ABSENT: Council Member Kerr <br /> 3. PUBLIC COMMENTS Public Comments are limited to 3 minutes per person. <br /> See Item A below. <br /> 4. NEW BUSINESS <br /> A. Matter of "HOME" Program Funds Loan to Fenway Partners. <br /> Steve Meyers, City Attorney, informed the Council that the matter <br /> before them was a Motion to add an urgency item to the City Council 's <br /> Agenda, due to the fiscal year deadline imposed by HUD. <br /> Mr. Meyers explained the process to bring the matter to the Agenda and <br /> act on it. <br /> John Klein, Housing Coordinator, informed the City Council that HUD had <br /> reviewed the documents, Deed of Trust, Regulatory Agreement, and <br /> Regulations, and requested that the City revise and include legitimate <br /> costs, including management of the program. In order to meet the <br /> • <br /> Resolution Trust Corporation's deadline of September 30, 1993, escrow <br /> must close by the end of the fiscal year. <br /> He said the matter was being brought to the City Council to review the <br /> differences since the City Council reviewed and passed a previous <br /> Resolution outlining negotiations. Since some of the negotiated points <br /> have changed, it is necessary to come to the City Council for further <br /> approval . <br /> He said the City Attorney determined three items had changed: (1) <br /> Fenway Partners are the same principals as Worthing Capital ; (2) Total <br /> return of funds changed from $557, 196 to $517,800; and it is necessary, <br /> due to changes in the interest market and how competitive to other <br /> loans they are receiving; (3) Recognition and budgeting of program <br /> management by the owners. $49,800 over the life of the loan was <br /> allocated. <br />