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<br />. <br /> <br />. <br /> <br />. <br /> <br />",- <br /> <br />CGN: 716101 <br /> <br />. repayment of principal and accrued interest conditioned on <br />sufficient cash flow based on net operating income. <br /> <br />Rectinn 3- The Agency hereby approves amending the form of the Cornerstone <br />Village Owner Participation Agreements to allow the City and Agency to subordinate the <br />Facade and Courtyard Improvement Program loan to loans to finanœ or refinance the <br />purchase, of the property. <br /> <br />Sectinn 4. The Agency hereby authorizes the City Attorney to prepare and the <br />Chairman to execute amendments to the Cornerstone Village Owner Participation <br />Agreements consistent with terms of Sections 2 and 3 of this resolution. <br /> <br />RActinn 4 The Agency 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 on <br />sufficient cash flow based on net operating income. <br /> <br />ADOPTED this l£1h day of <br /> <br />July <br /> <br />,2001. <br /> <br />ATTEST: <br /> <br />~~~cSi~~èw- <br />~ Miguel A. Pulido <br />\) Chairman <br /> <br />iÞL <br /> <br />Joh~eekstin <br />Executive Director/Recording <br />Secretary <br /> <br />APPROVED AS TO FORM: <br />Joseph W. Fletcher <br />City Attorney <br /> <br />By: C{il h !/6-- <br />ChristopherG.Norrnan <br />Agency General Counsel <br /> <br />AYES: <br /> <br />Alvarez, Bist, Christy, Franklin, McGuigan, Solorio (6) <br /> <br />Members <br /> <br />NOES: <br /> <br />None (0) <br /> <br />Members <br />