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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 8 <br /> PROJECT TITLE: <br /> Briefing COUNCIL BILL# <br /> Priority and Subordination Proposed Action Originating Department Planning <br /> Agreement for the Silver Consent Contact Person Dave Koenig <br /> Lakes Cottages and necessary 5/27/2015 Action Phone Number 425-257-8736 <br /> documents, as approved by the First Reading FOR AGENDA OF 5/27/2015 <br /> City Attorney's Office,to Second Reading <br /> implement the Agreement Third Reading <br /> substantially in the form Public Hearing <br /> provided Initialed by: <br /> Department Head <br /> CAA <br /> Council President /I p <br /> Location Preceding Action Attachments Department(s)Approval <br /> Resolution No 5621 Subordination Legal and Planning <br /> 05/11/2005 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 Resolution No. 5621 on May 11,2005, which provided$200,000.00 of 2060 Housing <br /> Trust Funds to help Senior Services of Snohomish County purchase 20 units of low income senior housing. <br /> The Everett Housing Authority is purchasing the Silver Lakes Cottages from Senior Services of Snohomish <br /> County and wishes the City to subordinate to their new bank loan while keeping all other liens in the same <br /> order. The original loan was $877,850.00 and the new bank financing is $750,000.00. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign the Priority and Subordination Agreement for the Silver Lake Cottages and to <br /> sign necessary documents, as approved by the City Attorney's Office, to implement the Agreement <br /> substantially in the form provided. <br /> 81 <br />