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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 2 <br /> PROJECT TITLE: <br /> Subordination Agreements 2/29/2012 Briefing COUNCIL BILL# <br /> and Assignment, Proposed Action Originating Dept. Planning& Community <br /> Assumption,Release and Consent Development <br /> Consent Agreements for Action Contact Person Dave Koenig <br /> Housing Hope to acquire a First Reading Phone Number 425-257-8736 <br /> multiple family and mixed Second Reading FOR AGENDA OF 2/29/2012 <br /> use building complex from Third Reading <br /> Hope Village Limited Public Hearing <br /> Partnership Budget Advisory Initialed by: <br /> Department Head - / <br /> CAA tlkA <br /> Council President MIN <br /> Location Preceding Action Attachments Department(s)Approval <br /> 5826 and 5830 Evergreen Approval of Funding Subordination Legal and Planning <br /> Way, 5811, 5813 and Agreements <br /> 5815 Fleming Street and Assignment, <br /> Assumption,Release and <br /> Consent Agreements <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> Housing Hope,a Washington nonprofit corporation, is purchasing from Hope Village Limted Partnership, a <br /> multifamily and mixed use building complex consisting of nineteen(19)low income housing units located at <br /> 5826 and 5830 Evergreen Way, 5811, 5813,and 5815 Fleming Street. As a part of this effort, Snohomish <br /> County asked that the City change its lien position for one of its loans. Please see the attached staff report. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Authorize the Mayor to sign Subordination Agreements and Assignment, Assumption,Release and Consent <br /> Agreements for Housing Hope to acquire a multiple family and mixed use building complex from Hope <br /> Village Limited Partnership. <br /> 3 <br />