My WebLink
|
Help
|
About
|
Sign Out
Home
Cornerstone Community Development CDBG Loan Agreement 20230701
CityHall
>
City Clerk
>
City Council
>
Agreements
>
2023
>
Cornerstone Community Development CDBG Loan Agreement 20230701
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/8/2023 1:25:54 PM
Creation date
8/8/2023 1:25:44 PM
Metadata
Fields
Template:
CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
7/1/2023
Retention
PERM
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
39
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<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 />J. The California Environmental Quality Act (Public Resources Code Sections 21000 et seq.) <br />(“CEQA”) imposes no conditions on the City's consideration and approval of this Agreement because the <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 />K. 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-Five 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 CDBG Loan shall be evidenced by an CDBG Note, which shall be dated as of the Effective <br />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 CDBG Loan, which is equal to Six Thousand Five Hundred <br />Twenty-Two Dollars and Ninety Cents ($6,522.90), annually on the anniversary of the Effective <br />Date. On the tenth (10th) anniversary of the Effective Date, provided that no default or breach by <br />Participant has occurred pursuant to Article IV, the entire outstanding principal and interest accrued <br />on the CDBG Loan shall be forgiven. If Participant sells or transfers the Property or changes the <br />use of the Property without written approval from the City, the CDBG Loan shall become due and <br />payable upon sale. <br /> <br /> 1.2.2 TIMELINE TO SPEND THE LOAN. Participant shall expend the entire CDBG <br />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 CDBG Loan at a <br />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 CDBG Note. Any <br />DocuSign Envelope ID: 057135D4-E785-4F2C-BAEE-D4B277B0C49C
The URL can be used to link to this page
Your browser does not support the video tag.