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As you may recall, there is an underlying moRgage loan to Seattle First Nafional Bank
<br /> � (originally $200,000), which has a cucrent outstanding balance of 5102,000. The outstanding
<br /> loan to the City has a cuaent principal balance of$179,000 (originally$300,000) plus accrued
<br /> interest, with the nezt payment due on November 1, 1995.
<br /> At the Qme of the 1989 loan, Bethany provided the City with an appraisal showing that
<br /> property W have a value of more than $1 million. The property remains in ezcellent repair and
<br /> condidon, and, in the opinion of Bethany representatives, should readily appraise for ac much
<br /> or more than it did in 1989.
<br /> If the City were to grant the loan as outlined herein, the outstanding principal when added
<br /> to the exisCng loan, for pucposes of comparing the loan-to-value ratio on the apartment complex,
<br /> would result in a total ptincipal 6alance of 5656,000, which would be reduced by at least
<br /> 530,000 in November of 1995, so that at the time the loan actually closed, the principal balance
<br /> (including the requested amount) would be$626,000 less any principal paymenu on the Srafirst
<br /> loan. �
<br /> 5. ��y's ResultinQ Position if Reauest is Granted.
<br /> If the Ciry grants the loan request, when added to the ezisting City loan, the following
<br /> repayment schedule would ezist (assuming it is calculated on the basis of the above-referenctd
<br /> quotations):
<br /> CnMBINED RESUI,T TO CTTY (ASSUMIIdG A NOVEMBER 1, 1995 CLOSING):
<br /> Existing Propos�d
<br /> Yeaz Loan Plus I.oat► Plus Combined
<br /> ov 1) P�lpal IIlts�s� PS3ll�IR�1 Iu4�L4St .. . B�Sylt
<br /> i�s 30,000 + ia,�ia o o a aa,�ia.00
<br /> 1996 32,000 + 12,314 37,500 + 2,355.00 84,169.00
<br /> 1997 34,000 + 9,722 37,500 + 4,762.50 85,984.00
<br /> 1998 38,000 + 6,934 37,500 + 7,245.00 89,6'79.00
<br /> 1999 45,000 + 3,780 37,500 + 9,720.00 96,006.00
<br /> 2000 0 0 37,500 + 12,187.50 49,687.50
<br /> 2001 0 0 37,500 + 14,805.00 52,305.00
<br /> 2002 0 0 37,500 + 17,430.00 54,930.OQ .
<br /> 20Q3 0 0 37,500 + 20,160.00 57,660.00
<br /> 2004 0 0 37,500 + 22,747.50 6U,247.50
<br /> 2005 0 0 37,500 + 25,537.50 63,039.50
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