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10N ATS Review
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Packet 20230620
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10N ATS Review
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3/21/2024 5:53:11 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
6/20/2023
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<br /> <br />CDBG Loan Agreement 7/1/2023 <br />Between City of San Leandro and <br />Building Futures with Women and Children Page 2 of 18 <br />Improvements are exempt from CEQA requirements under the categorical exemption set forth in 14 California <br />Code of Regulations Section 15303(b). <br /> <br />J. In accordance with the National Environmental Policy Act of 1969, as amended (42 USC <br />4321-4347) (“NEPA”), the City has completed and approved all applicable environmental review for the <br />activities proposed to be undertaken under this Agreement. <br /> <br /> NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby <br />acknowledged, the Parties hereto agree as follows: <br /> <br />ARTICLE I <br />LOAN TERMS; USE AND DISBURSEMENT OF PROCEEDS <br /> <br /> 1.1 LOAN. City agrees to loan to Participant, and Participant agrees to borrow from City a sum <br />of up to Sixty Fifty Thousand Two Hundred Twenty Nine Dollars ($65,229.00) (the “CDBG Loan”) upon the terms <br />and conditions and for the purposes set forth in this Agreement for construction of Improvements approved <br />by the City. The ARPA and CDBG Loan is funded with the City’s allocation of CDBG Funds. The ARPA and <br />CDBG Loan shall be evidenced by a ARPA and CDBG Note, which shall be dated as of the Effective Date. <br /> <br /> 1.1.1. FEDERAL AWARD IDENTIFICATION. Federal award identification information <br />regarding the funding provided to Participant by this Agreement, as required by 24 CFR 200.331, is <br />included in Exhibit C, attached hereto and incorporated herein. <br /> <br /> 1.2 REPAYMENT; INTEREST RATE; FORGIVENESS. <br /> <br /> 1.2.1 LOAN TERM AND REPAYMENT. The Term of this Agreement shall be ten (10) <br />years. Provided that Participant is not in default under the Loan Documents, the City shall forgive <br />one tenth (1/10th) of the principal of the ARPA and CDBG Loan, which is equal to Fourteen <br />Thousand Three Hundred Seventy Two Dollars and Fifty Cents ($15,022.90), annually on the <br />anniversary of the Effective Date. On the tenth (10th) anniversary of the Effective Date, provided <br />that no default or breach by Participant has occurred pursuant to Article IV, the entire outstanding <br />principal and interest accrued on the ARPA and CDBG Loan shall be forgiven. If Participant sells <br />or transfers the Property or changes the use of the Property without written approval from the City, <br />the ARPA and CDBG Loan shall become due and payable upon sale. <br /> <br /> 1.2.2 TIMELINE TO SPEND THE LOAN. Participant shall expend the entire ARPA and <br />CDBG Loan within twenty-four (24) months of the effective date of this Agreement. <br /> <br /> 1.2.3 INTEREST. Interest shall accrue on the principal balance of the ARPA and CDBG <br />Loan at a rate of three percent (3%) simple interest per annum. <br /> <br />1.3 PREPAYMENT. Participant may, without premium or penalty, at any time and from time to <br />time, prepay all or any portion of the outstanding principal balance due under the ARPA and CDBG Note. <br />Any prepayment of principal must be accompanied by interest accrued but unpaid to the date of receipt of
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