1998-01 CRA R - Laserfiche WebLink

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. . . d. Using federal funds for such purposes as may be authorized by the applicable federal program; and e. Other purposes authorized by the Redevelopment Law. 4. The aggregate amount of all such loans shall be determined by the Agency as part of the approved annual budget. Within the maximum aggregate amount, the amount of any individual loan shall be determined on the facts and circumstances of each project, not to exceed the amount necessary to accomplish the purpose of the loan. 5. The Executive Director shall have the authority to make and approve the following loans on behalf of the Agency: a. Loans that are in accordance with a specific program that has been approved by the governing body of the Agency where the program contains specific authority for the Executive Director to make loans up to a given amount in accordance with the terms of the approved program; b. Loans that have been approved by the governing board of the Agency at a public meeting; and c. Other loans as may be authorized by the governing board of the Agency. 6. The terms and conditions of any loan approved by the Agency shall be set forth in such documents as the Executive Director or his/her designee may determine are necessary or appropriate, which may include, without limiting the generality of the foregoing, the following: loan agreements; promissory notes; deeds of trust; regulatory agreements, agreements affecting real property or agreements containing covenants; assignments of rents and leases; assignments of contracts; environmental indemnities; guaranties; UCC-1 financing statements; and/or such other or further documents as the Agency Executive Director may deem necessary or appropriate. All final loan documents shall be signed by the Agency's Executive Director or his/her designee and the person or persons authorized to sign on behalf of the borrower, as applicable. 7. The Agency shall require security, if any, for its' loans as may be appropriate in light of the circumstances of each project, and may subordinate its security interests to the liens of other government agencies or public or private lenders, to the extent required in order to make the project feasible. 8. The Agency shall determine appropriate repayment terms for each loan, based upon an assessment of the ability of the assisted project to generate sufficient cash flow to pay all operating costs and pay to the developer a reasonable return on equity, if applicable, and taking into consideration the costs of development, risks assumed by the borrower, use restrictions imposed by the Agency and any other restrictions on the economic use of property, and such other factors that may affect the economic feasibility of a project.