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File #: Res.0327-18    Version: A Name: CDBG Multifamily Loan for the Ajax Redevelopment at 1520 Clark Street
Type: Resolution Status: Passed
File created: 10/16/2018 In control: City Attorney's Office
On agenda: 10/16/2018 Final action: 10/16/2018
Title: CDBG Multifamily Loan for the Ajax Redevelopment at 1520 Clark Street Resolved, that Cardinal Capital Management is approved for a loan of $600,000 for eligible costs related to the Ajax Redevelopment at 1% interest over 20 years contingent on cash flow be approved. Mortgage, note, and CDBG agreement to be signed at closing contingent on full project financing, environmental clearance, and compliance with all Federal, State, and local laws. Fiscal Note: There are sufficient CDBG Housing Loan funds available to meet this request following reallocation as recommended by City Development staff.
Sponsors: Mary Land
Related files: 1063-18, 1268-19, 0074-20

Sponsor

Alderman Land

 

Title

CDBG Multifamily Loan for the Ajax Redevelopment at 1520 Clark Street

 

Resolved, that Cardinal Capital Management is approved for a loan of $600,000 for eligible costs related to the Ajax Redevelopment at 1% interest over 20 years contingent on cash flow be approved. Mortgage, note, and CDBG agreement to be signed at closing contingent on full project financing, environmental clearance, and compliance with all Federal, State, and local laws.

 

Fiscal Note: There are sufficient CDBG Housing Loan funds available to meet this request following reallocation as recommended by City Development staff.