HomeMy WebLinkAbout1986-297
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RESOLUTION NO. 86 - 297
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RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING AND DIRECTING
3 EXECUTION OF SHORT-TERM LOAN AGREEMENT WITH SAN BERNARDINO NEIGHBORHOOD
HOUSING SERVICES, INC., FOR INFILL HOUSING PROGRAM.
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BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN
5 BERNARDINO AS FOLLOWS:
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SECTION 1. Recitals. The Mayor and Common Council of the City of San
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Bernardino has appropriated $20,000 of its 1985/1986 Community Development
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Block Grant funding to assist San Bernardino Neighborhood Housing Services,
Inc., with the implementation of its various housing programs, particularly
the Infill Housing Program sponsored by the City of San Bernardino. San
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Bernardino Neighborhood Housing Services, Inc., has made timely loan payments
in accordance with the terms, conditions and amortization schedule of its loan
agreement, and has requested $20,000 in financial assistance to be loaned
under substantially the same terms and conditions as its current agreement.
SECTION 2. Implementation. The Mayor of the City of San Bernardino
is hereby authorized and directed to execute, for and on behalf of the City of
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San Bernardino, that certain agreement between the City of San Bernardino and
Neighborhood Housing Services, Inc., for a short-term loan for Infill Housing
Program, a copy of which is annexed hereto as Exhibit "1" and incorporated
herein by reference. Upon execution thereof, the Community Development
Division staff is authorized to lend the sum of $20,000 to Neighborhood
Housing Services, Inc., from Community Development Block Grant funds, upon the
terms and conditions specified in said agreement.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Mayor and Common Council of the City of San Bernardino at a
reqular
meeting thereof, held on the 21st day of
, 1986, by the
July
following vote, to wit:
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9 of
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AYES:
Council Members Estrada, Reilly, Hernandez,
Ouiel. Frazier. Strickler
NAYS:
None
ABSENT:
Council Member Marks
A/VL$t?~~
/ City Clerk
The foregoing resolution is hereby approved t s c:?NA-
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Julv , 1986. /
Approved as to form:
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f) I 1986,
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SHORT-TERM LOAN AGREEMENT
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THIS AGREEMENT, entered into effective then . 'day Ofr- 'tt /t'rJ
by and between THE CITY OF SAN BERNARDINO, a public body corporate,
6 hereinafter "City", and NEIGHBORHOOD HOUSING SERVICES, INC., a California
7 non-profit corporation, hereinafter "NHS", sets forth the agreement of the
8 I parties as specified herein.
91 The parties hereto agree:
10 1. City shall forthwith advance to NHS the sum of $20,000, to assist
11 NHS until such time as NHS is able to make various draws upon funds due from
12 other entities.
13 2. NHS agrees to repay to City the sum of $20,000, with interest
14 accruing at a rate of seven-percent (7%) per annum, out of the closing
15 receipts from the sale of each home.
16 3. NHS shall execute and deliver to City, at such time as City is
17 prepared to issue a check or warrant to NHS, a Promissory Note in form
18 approved by City Attorney to assure repayment of the loan. NHS shall also
19 provide to City a Deed of Trust and assignment of rents pledging funds from
20 the sale of five (5) infill single family detached homes individually or
21 collectively. Such Promissory Note and Deed of Trust shall be in form
22 approved by City Attorney. Upon the sale of individual homes, the Community
23 Development Division staff will authorize partial release of the Deed of Trost.
24 4. Upon presentation of the duly executed Promissory Note and Deed of
25 Trust, in form approved by City Attorney, the Community Development Division
26 staff shall deliver its check or warrant for $20,000, as specified
27 hereinabove, using CoDlDl.lnity Development Block Grant funds.
2H IN WITNESS WHEREOF, the parties hereto have executed this agreement
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effective the day and year set forth above.
3 CITY OF SAN BERNARDINO
~ BY~~zY~
yor, C ty of Sa\. Bernardino
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8 i Attest:
!l i I BY ~L/I1~41t/
10 II / City Clerk
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11 ! I Approved as to form:
12lIBY~~~
*.~....C1tY A;tomey
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NEIGHBORHOOD HOUSING SERVICES,
INCORPORATED
By~_i
President ~
BY
Secreta ry