1998-035 - Authorizing the Town Manager to execute documents required to restructure and acquisition loan to Community Housing Developers for the 95 Fairview Plaza Fourplex=80111119M
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN MANAGER TO EXECUTE DOCUMENTS
REQUIRED TO RESTRUCTURE AN ACQUISITION LOAN TO
COMMUNITY HOUSING DEVELOPERS FOR THE
95 FAIRVIEW PLAZA FOURPLEX
WHEREAS, Community Housing Developers (CHD) owns and manages a Victorian
fourplex at 95 Fairview Plaza that houses very low income households.
WHEREAS, in 1986, Town Community Development Block Grant (CDBG) funds were
used to finance a $111,500 deferred loan, due and payable in May 1997, to CHD at 5% interest.
WHEREAS, the Town and CHD desire to defer payment on the loan through July 2004,
at which time monthly payments of $1,269.30 will commence and continue through June 2027,
when the loan plus interest at 5% will be paid in full.
NOW, THEREFORE, THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
DOES HEREBY RESOLVE THAT THE TOWN MANAGER IS AUTHORIZED TO
EXECUTE:
1) all documents required to restructure the $111,500 loan to Community Housing
Developers.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of
Los Gatos, California, held on the 20th day of April, 1998, by the following vote.
COUNCIL MEMBERS:
AYES: Randy Attaway, Joanne Benjamin, Steven Blanton, Jan Hutchins
Mayor Linda Lubeck
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED: c
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
CLERK OF THE TOWN OF LOS aTOS
LOS GATOS, CALIFORNIA