HomeMy WebLinkAbout3A - HARBORPOINTEBONDAMENDMENTS61
ctCd~tr. nli n2~ ~~;~-
~~~~~c~~~~ ~~c~~r~~v use oNLV:
APPRC7VFD
L7 As Recammended
® As Amended
CO~V`~INEJ~C7 ~'O
p
62:~,,~PF....~-~.
EX~CIt~'IV~ ~l~TCT'~1~
~ ~~~I
Adopt a resolution approving a supplemental indenture of trust, an
amendmexa.t to loan agreement and an amendment to regulatory agreement and
declaration of restrictive covenants, an intercreditar agreement and
authorizing the execution and delivery thereof, and other agreements in
connection therewith, and authorizing and directing the execution and
delivery of documents and actions taken in connection therewith, all with
respect to the Harbor Pointe Apartments.
REDEVELOPMENT AND HOUSING COMMTSSTON RECOMMENDATION
Recommend that the Housing Authority:
Adopt a resolution approving a supplemental indenture of trust, an
amendment to loan agreement and an amendment to regulatory agreement and
declaration of restrictive covenants, an intercreditor agreement and
authorizing the execution and delivery thereof, and other agreements in
connection therewith, and authorizing and directing the execution and
delivery of documents and actions taken in connection therewith, all with
respect to the Harbor Pointe Apartments by a vote of 6:0 (Bustamante and
Simons absent).
DISCUSSION
1n December 1995 the Housing Authority issued refunding tax exempt bonds
to provide permanent refinancing for Harbor Pointe Apartments located at
1500 N. Harbor Blvd. The project consists of 130 ane- and two-bedroom
rental units, 20 percent of which have been set aside for low/moderate-
income tenants. The tax exempt band issue was for a total of $5,300,000
and structured with a variable interest rate.
at;,:,
Harbor Pointe
Bond Amendments
March 6, 2000
Page 2
The property owners,
Authority consent to t
Credit which expires
Fannie Mae which will
Housing Authority will
tax exempt bonds, the
Credit.
F~SCA~, IMPACT
Carmel, i,LC have requested that the Housing
he substitution of the Bank of America Letter of
in December 2005, with a Letter of Credit from
remain in effect until the bonds mature. The
not be incurring any financial liability for these
project, or the substitution of the Letter of
There is no fiscal impact associated with this action.
Cynthia J. Ne .son
Dxecutive Director
H:Actians120a0 HA1Harbor Poin#e
`-
_ ~;