05-0461R AS AMENDED


RESOLUTION AMENDING RESOLUTION 05-0177 TO ADD CENTRAL HILLSIDE DEVELOPMENT LIMITED PARTNERSHIP, LLLP, AS A PARTY TO A SECTION 108 LOAN AGREEMENT WITH HILLSIDE BUSINESS ASSOCIATION, IN THE AMOUNT OF $7,282,000, SUBJECT TO APPROVAL OF THE SAME BY HUD.

BY COUNCILOR STAUBER:

     RESOLVED, that Resolution 05-0177 is hereby amended to add Central Hillside Development Limited Partnership, LLLP (developer), as a party to the Section 108 loan agreement, substantially in the form of that on file in the office of the city clerk as Public Document No. __________ with Hillside Business Association (HBA) related to the construction of the Fifth Street redevelopment housing project in the amount of $7,282,000 payable from Fund 264, said amendment to Resolution 05-0177 adding the developer as a party is hereby subject to approval of the same by HUD.


STATEMENT OF PURPOSE:  The purpose of this resolution is to add the developer as a party to the Section 108 loan agreement. The structure of the agreement and all substantial terms remain the same. This addition is made at the request of the tax credit investor.

 

 

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