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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 9 <br /> PROJECT TITLE: <br /> Briefing COUNCIL BILL# <br /> Agreement to Confirm Proposed Action Originating Department Planning <br /> Subordination of City Loan Consent Contact Person Dave Koenig <br /> Documents for the Silver 5/27/2015 Action Phone Number 425-257-8736 <br /> Woods Apartments and First Reading FOR AGENDA OF 5/27/2015 <br /> necessary documents, as Second Reading <br /> approved by the City Third Reading <br /> Attorney's Office,to Public Hearing <br /> implement the Agreement Initialed by: <br /> substantially in the form Department Head <br /> provided CAA <br /> Council President 9 <br /> Location Preceding Action Attachments Department(s)Approval <br /> Approval of HOME Subordination Legal and Planning <br /> Funding 12/05/2007 Agreement <br /> Amount Budgeted - -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> City Council approved on December 5,2007, an Agreement with Senior Services of Snohomish County,to <br /> provide$100,000.00 of HOME funds to Senior Services of Snohomish County to provide rehabilitation at <br /> the Silver Woods Apartments. The Everett Housing Authority is assuming the sponsorship of these <br /> apartments and is refinancing the original debt to reduce the interest rate. The proposal is to subordinate to <br /> this new FHA loan while keeping all other liens in the same order. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign the Agreement to Confirm Subordination of City Loan Documents for the Silver <br /> Woods Apartments and to sign necessary documents, as approved by the City Attorney's Office,to <br /> implement the Agreement substantially in the form provided. <br /> 99 <br />