HomeMy Public PortalAbout16. Resolution 2012-002IN THE CITY COUNCIL OF THE CITY OF LIVERMORE CALIFORNIA
A RESOLUTION APPROVING AN APPROPRIATION OF 500000 IN HOUSING
TRUST FUNDS FUND 611 TOWARDS REPAYMENT OF THE RESIDENTIAL
DEVELOPMENT LOAN PROGRAM RDLP LOAN WITH CALIFORNIA HOUSING
FINANCE AGENCY AND AN EXTENSION OF THE RDLP LOAN TERM
THROUGH JANUARY 15 2014
BE IT RESOLVED by the City Council of the City of Livermore that
1 The City was awarded 5000000 in Residential Development Loan
Program RDLP funds from the California Housing Finance Agency RDLP06050602
for the purpose of developing housing units on the Livermore Village Project site
2 The loan term under the Amendment to Loan Agreement dated August
23 2007 states that the loan is due five years from the date of the Loan Agreement
The City and CaIHFA now wish to extend the term of the loan through January 15
2014
3 In acceptance of the terms of the amendment to the loan agreement the
City shall appropriate 500000 in Housing Trust Funds F611 towards an initial
payment on the loan to be paid upon acknowledgement and acceptance of the
amended loan agreement
4 The City Manager is authorized to execute all documents related to the
extension of the RDLP Loan and repayment
On the motion of Councilmember Gary seconded by Councilmember Turner the
foregoing resolution was passed and adopted on the 9th day of January 2012 by the
following vote
AYES Councilmembers Gary
NOES None
ABSENT None
ABSTAIN None
ATTEST DATE
CITY CLERK
SUSAN NEER
DATE January 10 2012
Turner Woerner Vice Mayor Horner Mayor Marchand
APPROVED AS TO FORM
Ze7
SENIOR ASSISTANT CITY ATTORNEY
JASON ALCALA
1 RESOLUTION NO 2012 002