HomeMy WebLinkAboutMINUTES - 10131992 - 1.58 58
HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA •
TO: BOARD OF COMMISSIONERS DATE: October 13, 1992
FROM: Richard J. Martinez, Interim Acting Executive Director
SUBJECT: AUTHORIZE EXECUTION OF LOAN DOCUMENTS FOR CONSTRUCTION
LOAN FROM BANK OF AMERICA STATE BANK FOR THE''82-UNIT
CASA DEL RIO SENIOR HOUSING DEVELOPMENT, ANTIOCH
I. RECOMMENDED ACTION:
AUTHORIZE the Interim Acting Executive Director of the Housing Authority of the
County of Contra Costa ',to execute the loan agreement and any amendments thereto, a
promissory note and any other documents required to secure a construction loan for
$2,295,000 from the Bank of America State Bank Affordable Housing Group on behalf of
the Chair of the Board 'of Commissioners.
II. FINANCIAL IMPACT:
None.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
.i4
On September 22, 1992 the Board of Commissioners adopted Resolution No. 3656
which authorized the Chair of the Board to apply for and accept a $2,295,000
construction loan from" Bank of America State Bank Affordable Housing Group and to
execute all required loan documents and any amendments thereto, a promissory note,
and any other documents necessary to secure said loan. As the date of closing on
this construction loan, is indefinite, it is requested that the Interim Acting
Executive Director of the Housing Authority be authorized to execute the loan papers
in connection with this construction loan on behalf of the Chair of the Board of
Commissioners.
IV. CONSEQUENCES OF NEGATIVE ACTION:
Should the Board of Commissioners elect to not authorize the Interim Acting
Executive Director of the Housing Authority to execute the loin documents required to
secure a $2,295,000 construction loan from the Bank of America. State Bank Affordable
Hosuing Group on behalf of the Chair of the Board of Commissioners, the Housing
Authority would be unable to proceed with the 82-unit Casa Del Rio Senior Housing
Development in the City of Antioch.
CONTINUED ON ATTACHMENTS YES SIGNATUfiEt
RECOMMENDATION OF EXECUTIVE: DIRECTOR RECOMMENDATION BOARD COMMI EE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON APPROVED AS RECOMMENDED _;ZS OTHER
VOTE OF COMMISSIONERS
u�.
UNANIMOUS (ABSENT ) I HEREBY CERTIFY THAT THIS A TRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSIO/NEERS ON THE DATE SHOWN.
CC: ATTESTED (ye,r,4�
Phil Batchelor, Clerk of the
Board of Commissioners
Maes/7-e3 BY , DEPUTY