Minutes 1993 0927 - Laserfiche WebLink

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