Report Prepared by: Mark E. Hamilton, Housing Program Supervisor, Housing Division, Department of Development Services
Title
SUBJECT: Loan Agreements for Gateway Terrace II Apartments Housing Project
REPORT IN BRIEF
Authorizes the City to enter into various loans, subordinations, notes, and deeds of trust necessary to complete the financing of the Gateway Terrace II Housing Project.
RECOMMENDATION
City Council - Adopt a motion:
A. Adopting Resolution 2018-34, a Resolution of the City Council of the City of Merced, California, approving a HOME investment partnerships loan to Merced Gateway Investors II, LP, in the principal amount of $500,000, approving and authorizing the execution of a loan agreement, regulatory agreement, subordination agreement, and related loan documents, and authorizing certain other actions in connection therewith; and,
B. Approving the HOME regulatory agreement; and,
C. Approving the HOME notice of affordability; and,
D. Approving the HOME deed restriction covenants and loan agreement; and,
E. Approving the HOME agreement containing covenants affecting real property; and,
F. Approving the HOME note; and,
G. Approving the HOME deed of trust and security agreement; and,
H. Adopting Resolution 2018-35, a Resolution of the City Council of the City of Merced, California, approving a Community Housing Development Organization HOME investment partnerships loan to Merced Gateway Investors II, LP, in the principal amount of $514,410, approving and authorizing the execution of a loan agreement, regulatory agreement, subordination agreement, and related loan documents, and authorizing certain other actions in connection therewith; and,
I. Approving the CHDO-HOME note; and,
J. Approving the CHDO-HOME deed of trust and security agreement; and,
K. Approving the CHDO-HOME deed restriction covenants and loan agreement; and
L. Approving the CHDO-HOME notice of affordability restrictions; and,
M. Approving the CHDO-HOME regula...
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