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consisting of: <br /> <br />· a three percent (3%) interest rate; <br />· principal and interest payments amortized over 30 years; and <br />· repayment of principal and accrued interest conditioned <br /> sufficient cash flow based on net operating income. <br /> <br />on <br /> <br /> Section 3. The City Council hereby approves amending the form of the <br />Comerstone Village Owner Participation Agreements to allow the City and Agency to <br />subordinate the Facade and Courtyard Improvement Program loan to loans to finance or <br />refinance the purchase of the property. <br /> <br /> Section 4. The City Council hereby authorizes the City Attorney to prepare and <br />the Mayor to execute amendments to the Cornerstone Village Owner Participation <br />Agreements consistent with terms of Sections 2 and 3 of this resolution. <br /> <br /> Section 5. The City Council hereby approves modifying the Cornerstone Village <br />Loan Programs to allow the City and Agency to offer alternative loan terms for the Stair <br />and Balcony Loan Program and the General Property Improvement Loan Program <br />consisting of: <br /> <br />· a three percent (3%) interest rate; <br />· principal and interest payments amortized over 30 years; and <br />· repayment of principal and accrued interest conditioned <br /> sufficient cash flow based on net operating income. <br /> <br />on <br /> <br />ADOPTED this 16~ day of July ,2001. <br /> <br />Patricia A. McGuigan ~ ~ <br />Mayor Pro Tem <br /> <br />APPROVED AS TO FORM: <br />Joseph W. Fletcher, City Attorney <br /> <br />~'~ristoph~r G. Norman <br />Assistant City Attorney <br /> <br />Resolution No. 2001-048 <br />Page 2 of 3 <br /> <br /> <br />