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10A Action 2014 0915
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10A Action 2014 0915
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9/17/2014 2:43:50 PM
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9/10/2014 12:39:36 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/15/2014
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_CC Agenda 2014 0915 CS+RG
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\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0915
Reso 2014-104
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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<br />2258177.2 2 <br /> <br />(i) The Borrower is unable to acquire the Property, despite Borrower's good <br />faith efforts; <br />Provided that Borrower is not in default under this Agreement, if Borrower elects to terminate <br />this Agreement as set forth above, and upon Borrower’s delivery to City of all Assigned <br />Documents (as defined in the Assignment Agreement), the City shall forgive all amounts owed <br />to City pursuant to this Loan Agreement. <br /> <br />3. The last sentence of Section 1.3 is amended and restated to read: "Draws from <br />replacement reserves in excess of $10,000 shall be subject to City approval." <br />4. The following is added to the end of Section 1.6: "The City agrees that the <br />Borrower may use the Loan Funds for the predevelopments costs set forth in Exhibit E, provided <br />that Borrower has submitted documentation to City evidencing that the Project has been awarded <br />tax credit financing." <br />5. Section 1.9 is amended and restated as follows: <br />"The Borrower shall execute, and pledges to operate the development in compliance with, a <br />Regulatory Agreement substantially in the form attached as Exhibit F which shall restrict eleven <br />(11) of the units in the Project for occupancy by Very Low- Income Households at affordable <br />rents (as more particularly described in the Regulatory Agreement) for twenty (20) years. The <br />Regulatory Agreement shall be recorded in the Official Records of Alameda County at <br />Construction Closing." <br />6. The following language is added to the end of Section 1.10.1: <br />“Notwithstanding Section 1.10.1(i) through (xii), the City shall disburse to Borrower up to Six <br />Hundred Fifty Dollars ($650,000) in HOME Funds to reimburse Borrower for the costs set forth <br />on Exhibit E provided that the Borrower (a) provides invoices evidencing such costs to the City, <br />in a form reasonably acceptable to the City, (b) provides City with documentation that Borrower <br />has been awarded tax credit financing for the Project and (c)) satisfies the conditions set forth in <br />Section 1.10.1 (ii), (iv), (vi) with respect to property (as may be applicable) and liability <br />insurance, (vii) and (viii).” <br />7. Exhibits A, B, C, and D to the Agreement are replaced in their entirety with the <br />Exhibits A, B C, and D that are attached to this Agreement. <br /> 8. Section 5.12 is amended and restated as follows: <br /> <br />"This Agreement, together with Exhibits A through F attached hereto and incorporated herein by <br />reference, and the agreements referenced herein, constitutes the entire agreement between the <br />parties with respect to the subject matter hereof, and supersedes all prior oral or written <br />agreements with respect thereto.”
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