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Title:
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Subject: (Direct Referral) Request from the Manager of Housing and Community Development for $300,000 of HOME funds loaned to Gold Medal Lofts (Res. 0410-17)
Recommendation of the Community Development Committee on 11-30-17: This item was on the agenda for the November 30th meeting of the committee. However, the committee was unable to act due to lack of a quorum. This item is time sensitive and requires council action.
Staff Recommendation: That the Community Development Committee approve a HOME loan to Gold Medal Lofts for $300,000 at 1% interest with a 20 year term. Repayment of full principal will be required by end of the 20 year loan term. Mortgage, promissory note, land use restriction agreement, and HOME agreement to be signed at closing after demonstrating full project financing and environmental review.
Fiscal Note: There are sufficient HOME funds to make the loan. All principal and interest would be returned to the city as program Income.
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