Laserfiche WebLink
EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET <br /> PROJECT TITLE: <br /> A RESOLUTION June 14, 2017 Briefing COUNCIL BILL# <br /> authorizing the Mayor to Proposed Action Originating Department Planning <br /> execute necessary Consent Contact Person Rebecca McCrary <br /> documents forgiving the Action Phone Number 425-257-7133 <br /> HOME funds loaned by First Reading FOR AGENDA OF June 14, 2017 <br /> the City of Everett to the Second Reading <br /> Housing Authority of the Third Reading <br /> City of Everett for the Public Hearing <br /> purchase of the Twelve Budget Advisory Initialed by: <br /> Pines Apartments in the Department Head <br /> amount of$950,000.00 CAA <br /> Council President dor <br /> Location Preceding Action Attachments Department(s)Approval <br /> 2703 through 2741 12th Resolution 4788 Resolution Planning,Legal, <br /> Street approved July 28, 1999 Administration <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> In 1999,the Housing Authority of the City of Everett(Housing Authority)purchased the Twelve Pines <br /> Apartment complex as an affordable housing property for low income residents located at addresses between <br /> 2703 and 2741 12th Street in the Delta Neighborhood. The property consists of 20 buildings containing a total <br /> of 80 units. Financing for the project included a loan from the City of federal HOME Investment Partnerships <br /> Program(HOME) funds structured as due and payable in 2024 (25 years)with 3% simple interest. A HOME <br /> agreement, deed and promissory were among the official documents executed to secure the loan. <br /> The Housing Authority has indicated that there are significant repairs and maintenance necessary to keep the <br /> project viable. It intends to retain and upgrade the site and buildings by re-syndicating its 4%bond credit <br /> financing to complete the project and have requested forgiveness of the City loan including interest to lower <br /> the cost and obligations of the refinancing,ultimately benefitting the community. This action is allowed <br /> under the federal HOME fund rules and regulations. <br /> RECOMMENDATION(Exact action requested of Council): <br /> Adopt a Resolution authorizing the Mayor to execute necessary documents forgiving the HOME funds <br /> loaned by the City of Everett to the Housing Authority of the City of Everett for the purchase of the Twelve <br /> Pines Apartments in the amount of$950,000.00.. <br /> 1 <br />