R-854 - Laserfiche WebLink

Home

CITY ATIDRNEY'S OFFICE 3900 MAIN STREET RNERSIDE. CA 92522 (951) 826-5567 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 854 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, CALIFORNIA, AUTHORIZING REFINACING OF A U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) SECTION 108 LOAN TO THE REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE FOR REDEVELOPMENT OF UNIVERSITY VILLAGE. WHEREAS, on April 25, 1995, the City Counsel adopted Resolution No. 18685 authorizing the submission of applications for a Section 108 Loan Guarantee and an Economic Development Initiative (EDI) grant; and WHEREAS, on March 12, 1996, the Redevelopment Agency of the City of Riverside ("Agency") adopted Resolution No. 600, authorizing the Agency to enter into a loan guarantee for repayment of $4,130,000 in connection with the University Village project; and WHEREAS, the U.S. Department of Housing and Urban Development (HUD) has notified the Agency that the bonds were past their lO-year "no call period" and that the Agency could exercise its option to refinance the loan with HUD at a more favorable interest rate; and WHEREAS, the Agency desires to avail itself of the opportunity to refinance at a more favorable interest rate; and WHEREAS, HUD has designated the Agency as "Borrower" in refinancing documents and calls for an authorizing resolution by the Agency. NOW, THEEFORE, BE IT RESOLVED by the Redevelopment Agency of the City of Riverside, California as follows: 1. Declares its desire to refinance the Agency's University Village Section 108 Loan with HUD at more favorable interest rates. 2. The Executive Director of the Agency is authorized to sign all documents related to the refinancing of the University Village Section 108 Loan with HUD. 3. Authorize supplemental appropriations from the un-appropriated fund balance of the University Corridor Debt Service Fund as recommended in the staff report.