Laserfiche WebLink
<br />IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br /> <br />RESOLUTION NO. 2007- <br /> <br />RESOLUTION APPROVING THE FORGIVENESS OF A $50,000 HOUSING SET- <br />ASIDE FUND LOAN FOR REHABILITATION OF THE SAFE HOUSE FOR <br />CORNERSTONE COMMUNITY DEVELOPMENT CORPORATION <br /> <br />Recitals <br /> <br />WHEREAS, pursuant to the Promissory Note dated February 14,2000, the <br />Redevelopment Agency of the City of San Leandro provided Recipient, Comerstone <br />Community Development Corporation (a.k.a. Building Futures with Women and <br />Children), with a loan in the amount of Fifty Thousand Dollars ($50,000) ("Loan") for <br />the purpose of assisting Recipient with the rehabilitation of a home to be used as a safe <br />house for battered women and their children; and <br /> <br />WHEREAS, Recipient has performed the duties and rendered the services <br />required under the Agreement; and <br /> <br />WHEREAS, pursuant to the original terms of the Promissory Note, the Loan was <br />to accrue simple interest at a rate of three percent (3%) per year to be forgiven at the end <br />of a thirty (30) year loan term on February 14, 2030, provided that Recipient was not in <br />default of the Agreement; and <br /> <br />WHEREAS, the Agency desires to forgive the Loan to the Recipient in its <br />entirety. <br />