RES 88239 - Laserfiche WebLink

S. Two (2) Subordination Agreements between the City and the Project owner which subordinate the City's HDG Deed of Trust to the construction lender's deed of trust and the permanent lender's deed of trust, respectively; and 9. Such other documents as may be reasonably required by HUD, the permanent lender, the construc- tion lender or are deemed necessary or desirable by City staff to implement or evidence the provisions of this resolution, provided that such documents are reviewed and approved by the City Manager and City Attorney. ~ectfon 4: The City Council approves Bogard Construc=ion, Inc. as the general contractor for the Project and EHI Property Management Services, Inc. as the Managemen= Agent. Section ~: The City Council hereby approves the form of the Management Agreement presented at this meeting. City Staff is hereby directed to continue with the preparation of the ProJect~s Management Plan. Section 6: City staff is hereby authorized and directed to proceed with the closing of the HDG Loan to the Project owner. City staff is authorized and directed to assist in the preparation and submission of the Evidentiary Materials to HUD as soon as possible, in order for HUD to approve the release of the $4,000,000 to the City. ~ction 7: If deemed appropriate or necessary by the City Manager after consultation with the City Attorney, the above- referenced documents may be revised prior to execution and delivery, provided the revisions, in the opinion of the City Attorney, are not inconsistent with the provisions of this resolution. Section $| This resolution shall become effective immediately upon its passage and adoption. THIS RESOLUTION ADOPTED MAY 17, 1988 BY THE FOLLOWING VOTE: AYES: Councilmembers - Brandes, Butler, Mohr, !~ilson and Mayor Mercer NOES: None ABSENT: None ABSTAIN: None ~~ KENNETH R. MERCER, MAYOR