1818 PACIFIC AVE BASE FILE 2018-01-01 MF Import

-� BETHANY OF Tf� NORTHWFST LOW INCOME HOUSING LOAN REQUEST DATE: July 12, 1995 FROM: Bethany of the Northwest TO: City Council and Ciry Council Budget Committee CTTY OF EVERETI' City Iiall 3002 Wetmore Avenue Everett, WA RE: $375,000 - Low Income Housing Loan Request Dear Council Members: As you know, Bethany of the Northwest is a Washington non-pmfit, tax exempt corporation, which has provided sldlled nursing services in the Everett community for more than 60 years. You may reczll that in 1989, Bethany undertook the constmcfion of a 120-ba;sldlled nursing home facility at 2235 Lake Heights Road, Everett, Washington, in the Silver Lake area, as a low income housing project. At that dme, the City of Everett acsisted Bethany and the community in establishing that low income housing project by loaning 5300,000 wwazd completion of that proje�t. Attached hereto is the Memorandum dated October 18, 1989 summarizing the loan request, together with a copy of the City's Resoluda►►.authorizing the Loan and Repayment Agreement, a copy of which is also aiclosed. '� � 1. DsscriDtion of Proicct. At the present dme, Bethany is undertaldng the construction af a low income senior housing projxt on a pazcel of property at the souihwest corner of Pacific and Oakrs Avenues in the City of Everett to consist of approximate 120 housing units. The estimated cost of the pmjxt is 58.375 million to compiete. Enclosed is a statement of projxted Sources and Uses of Funds for the project, which, as you can sa, anacipates approumately SS.S�S million of long-term debt W be financed with a loan agrxment with a public authority which will issue taz- ea�empt bon6s (possibly the Everett Honsing AuthoriN or the Washington Scate Finance Commission, with whom Hethany has had preliminary discussions) and, hopefully,if Uris r�quest is granted, 5375,000 by way of a secured mortgage loan from the Ciry of Everett. - 1 -