City of Racine - File #: Res.0326-18

• File #: Res.0326-18
• Version: A
• Name: CDBG Multifamily Loan for the St. Paul Commons Project
• 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 St. Paul Commons Project Resolved, that Brinshore Development is approved for a loan of up to $350,000 for eligible costs related to the St. Paul Commons project 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: 1062-18

Date	Ver.	Action By	Action	Result
10/16/2018	A	Common Council	Approved as Presented	Pass

Sponsor

Alderman Land

Title

CDBG Multifamily Loan for the St. Paul Commons Project

Resolved, that Brinshore Development is approved for a loan of up to $350,000 for eligible costs related to the St. Paul Commons project 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.