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EV RET F CITY COUI[.IL AGENDA TEM COYER.SH T <br /> PROJECT TITLE: 17 <br /> Subordination Agreement with 10/27/10 Briefing COUNCIL BILL# <br /> the Assistance League of Proposed Action Originating Department Planning <br /> Everett to refinance current Consent Contact Person Dave Koenig <br /> loan 11/3/10 Action Phone Number 425-257-8736 <br /> First Reading FOR AGENDA OF 10/27 <br /> Second Reading 11/3/10 <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President Al <br /> Location Preceding Action Attachments Department(s) Approval <br /> 5107 Evergreen Way Council Approval of Subordination Legal and Planning <br /> funding 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 /> On September 19, 2001,the Everett City Council approved$225,000.00 in Community Development Block <br /> Grant funds to be used by the Assistance League of Everett to purchase property for the new Operation <br /> School Bell Program. On December 8, 2003,the City subordinated to permanent financing of$1,600,000.00 <br /> and is now being asked to subordinate to a new loan of$675,000.00 at a lower interest rate. The property is <br /> estimated to be worth$3,700,000.00. <br /> Approval of the subordination agreement will allow the Assistance League of Everett to refinance the <br /> existing mortgage. <br /> RECOMMENDATION (Exact action requested of Council): <br /> Authorize the Mayor to sign the Subordination Agreement substantially in the form provided for the <br /> Assistance League of Everett to refinance existing mortgage and to sign necessary documents, as approved <br /> by the City Attorney's Office,to implement the Agreement. <br /> 189 <br />