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Approve Commitment to Resubordinate Loans for Cornerstone Apartments <br />November 20, 2018 <br />Page 5 <br />FISCAL IMPACT <br />The Residual Receipt payment schedule under the current Loan Agreements call for the City <br />Loans to be repaid at the end of a 40 -year term. Under the proposed Resubordination, the City <br />and Housing Authority will receive approximately $500,000 from the resyndication at Bond <br />closing. The $500,000 payment will be applied to the various sources according to the table <br />below: <br />In FY 2017-18, residual repayments received by the City/Housing Authority for the existing loans <br />were as follows: <br />Program Account <br />Tax Increment <br />TI/CHFA <br />HOME <br />TOTAL <br />$ 84,172.36 <br />Fund 607 <br />Fund 607 <br />Fund 130 <br />$242,799.01 <br />Outstanding Loan <br />Balances as of <br />$3,130,677.28 <br />$920,751.43 <br />$4,987,981.50 <br />$9,039,410.21 <br />6/27/2018 <br />Projected Allocation of <br />$ 173,168.23 <br />$ 50,929.84 <br />$ 275,901.93 <br />$ 500,000.00 <br />$500,000 Payment <br />New Loan Balances <br />$2,957,509.05 <br />$869,821.59 <br />$4,712,079.57 <br />$8,539,410.21 <br />In FY 2017-18, residual repayments received by the City/Housing Authority for the existing loans <br />were as follows: <br />Program Account <br />Amount <br />HOME 13018002-56901 <br />$134,014.11 <br />Tax Increment 60718002-56901 <br />$ 84,172.36 <br />Tax Increment/CHFA 60718002-56901 <br />$ 24,612.54 <br />Total <br />$242,799.01 <br />The above annual receipts provide the scope of the revenues to be deferred as a result of the <br />recommended action. <br />The City is not forgiving any of the current debt or accrued interest, merely extending the term an <br />additional 55 years and Jamboree is not requesting any new funds in support of the proposed <br />rehabilitation. <br />