2017/06/14 Council Agenda Packet

RESOLUTION No. A RESOLUTION authorizing the Mayor to execute necessary documents forgiving the HOME funds loaned by the City of Everett to the Housing Authority of the City of Everett for the purchase of the Twelve Pines Apartments in the amount of$950,000.00 WHEREAS,the City of Everett and the Housing Authority of the City of Everett entered into an agreement dated June 21, 1999; subsequent addendum dated July 14, 1999, and a promissory note dated August 5, 1999 for the purpose of acquiring the Twelve Pines Apartments; and WHEREAS,the specifics of the agreement include a 25-year term due and payable in full by August 5,2024 in the amount of the principal $950,000 and simple interest of 3 percent; and WHEREAS,the Housing Authority of the City of Everett intends to retain the property in the community for affordable housing; and WHEREAS,the Housing Authority of the City of Everett indicates the property requires significant improvements; and WHEREAS,the Housing Authority of the City of Everett will seek funding for the necessary improvements by re-syndicating the Bond Credit Loan used to acquire the property; and WHEREAS,the Housing Authority of the City of Everett has requested the City of Everett forgive the entire loan and interest for the benefit of the community; and WHEREAS,this action is allowed under the federal HOME Investment Partnership Funds rules and regulations. NOW, THEREFORE,BE IT RESOLVED BY THE EVERETT CITY COUNCIL that the Mayor or his designee may fully execute the necessary documents and take all actions necessary to forgive the debt evidenced by the$950,000 Promissory Note from the Housing Authority of the City of Everett to the City of Everett. • Councilperson Introducing Resolution Passed and approved this day of , 2017. Council President 2