HomeMy WebLinkAbout4-10-08-2f - Resolution - 04/10/2008RESOLUTION 1 4- 10 -08 -2f
A RESOLUTION OF THE CITY OF COLLEGE STATION, TEXAS, APPROVING A
MODIFICATION AND EXTENSION OF NOTE AGREEMENT FOR THE LOAN OF HOME
INVESTMENT PARTNERSHIP PROGRAM FUNDS TO SANTOUR COURT, - LTD.
WHEREAS, the City of College Station received a request from Santour Court, Ltd., an
affordable rental housing development, to modify the Note for the loan of Home Investment
Partnership Grant funds; and
WHEREAS, Santour Court, Ltd. has received an award from the Texas Department of Housing
and Community Affairs for a tax credit allocation for the year 2007; and
WHEREAS, the City Council previously unanimously approved a resolution ( #9 -13- 2007 -2k) for
this specific affordable housing development on September 13, 2007; and
WHEREAS, the City Council previously approved a resolution ( #2- 14- 08 -2g) for a Modification
and Extension of Note Agreement modifying the original Note from 0% interest to 4.3% interest
rate, or the Applicable Federal Rate at the time of funding of the Loan, and providing for the
possibility of extending the loan term; and
WHEREAS, the construction of affordable rental housing is in accordance with the City of
College Station 2005 -2009 Consolidated Plan which demonstrates a need for this type
development; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF COLLEGE STATION,
TEXAS:
PART 1: That the City Council hereby approves the Modification and Extension of the Note
Agreement with Santour Court, Ltd., modifying the Note to provide for the possibility
that the borrower may request a change in the interest rate at the conclusion of the tax
credit compliance period.
PART 2: It is found and determined that the meeting at which this Resolution passed was open
to the public as required, and that public notice of the time, place, and purpose of said
meeting was given as required by the Open Meetings Act.
PART 3: That this resolution shall take effect immediately from and after its passage.
RESOLUTION NO. 4- 10 -08 -2f Page 2
ADOPTED this 10th day of April , A.D. 2008.
APPROVED:
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Mayor
ATTEST:
APPROVED:
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City Attorney