City of Racine - File #: 0826-16

• File #: 0826-16
• Version: B
• Type: Application
• Status: Passed
• File created: 9/22/2016
• In control: Loan Board of Review
• Final action: 9/29/2016
• Title: Subject: Request of the Director of City Development to make a loan for gap financing to Ms. Daisy B. Young, buyer of 1923 Mead Street, an NSP-1 property. The proposed terms are as follows (purchase price remains unchanged ($93,250)): a) Loan amount of $8,250 at 3% fixed interest for a period of 7 years b) Closing date extended to no later than October 15, 2016 The City will receive $93,250 in proceeds, minus commissions and closing costs.

Date	Ver.	Action By	Action	Result
9/29/2016	B	Loan Board of Review	Approved	Pass

Title

Subject:  Request of the Director of City Development to make a loan for gap financing to Ms. Daisy B. Young, buyer of 1923 Mead Street, an NSP-1 property.

The proposed terms are as follows (purchase price remains unchanged ($93,250)):

a)  Loan amount of $8,250 at 3% fixed interest for a period of 7 years

b)  Closing date extended to no later than October 15, 2016

The City will receive $93,250 in proceeds, minus commissions and closing costs.