Resolution 4788 - Laserfiche WebLink

/11 RESOLUTION NO. 4788 A RESOLUTION authorizing the Mayor to execute such documents as necessary to establish financial and agreement priorities and to negotiate and execute such additional agree- ments and amendments which may be necessary to effectuate the Twelve Pines Apartments purchase with HOME funds. WHEREAS, the City of Everett and Everett Housing Authority entered into an agreement dated June 21, 1999, concerning the acquisition of the Twelve Pines Apartments; and WHEREAS, the City of Everett and Everett Housing Authority entered into an addendum to the agreement dated July 14, 1999; and WHEREAS, on the recommendation of the City Attorney, there is a need to clarify and have the City Council authorize the following actions; NOW, THEREFORE, BE IT RESOLVED THAT: 1. Authorize the City of Everett Rent Restriction Covenant Agreement to be in a secondary position to the Washington State Housing Finance Commission Regulatory Agreement (Extended Use Agreement). This action is subject to review and approval of the Extended Use Agreement by the City Attorney and the Mayor. 2. Authorize the Mayor to execute a subordination agreement which would: a. Allow an amount not to exceed $4,900,000.00 for financing to be in a priority position to the City's $950,000.00. b. Existing agreements placed on the property by the U.S. Department of Housing and Urban Development will remain in effect and be in priority to other documents/agreements. The existing agreements are: the Regulatory Agreement dated May 1, 1970, and the Use Agreement and Amendment of Regulatory Agreement dated April 1, 1995.