HomeMy WebLinkAbout2-14-08-2g - Resolution - 02/14/2008RESOLUTION NO. 2-14-08-2g
RESOLUTION OF THE CITY OF COLLEGE STATION, TEXAS, APPROVING A MODIFICATION
AND EXTENSION OF ]VOTE 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 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 Note Agreement with
Santour Court, Ltd., 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.
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.
ADOPTED this 14th day of February , A.D. 2008.
APPROVED
A ST:
CO IE HOOKS, City Secretary BEN WHITE, Mayor
APPROVED:
E- sigped by An ela M Qe 2 .;
R 41 ith Uro It 4-
Y.
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City Attorney