City of Racine - File #: Res.0410-17

• File #: Res.0410-17
• Version: A
• Name: Home Loan to Gold Medal Lofts
• Type: Resolution
• Status: Passed
• File created: 12/5/2017
• In control: City Attorney's Office
• On agenda: 12/5/2017
• Final action: 12/5/2017
• Title: Home Loan to Gold Medal Lofts Resolved, that the HOME loan to Gold Medal Lofts for $300,000.00 at 1% interest with a 20 year term is approved. Repayment of full principal and interest will be required by the 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. Further, resolved that the Mayor and City Clerk be directed to enter into a contract with the ownership entity of Gold Medal Lofts consistent with its application and all applicable federal regulations. Fiscal Note: There are sufficient HOME funds to make the loan. All principal and interest would be returned to the city as program Income.
• Sponsors: Dennis Wiser
• Related files: 1151-17

Date	Ver.	Action By	Action	Result
12/5/2017	A	Common Council	Approved as Presented	Pass

Sponsor

Alderman Wiser

Title

Home Loan to Gold Medal Lofts

Resolved, that the HOME loan to Gold Medal Lofts for $300,000.00 at 1% interest with a 20 year term is approved. Repayment of full principal and interest will be required by the 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.

Further, resolved that the Mayor and City Clerk be directed to enter into a contract with the ownership entity of Gold Medal Lofts consistent with its application and all applicable federal regulations.

Fiscal Note: There are sufficient HOME funds to make the loan. All principal and interest would be returned to the city as program Income.