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Loan Agreements with <br />Townsend & Raitt, LLC and <br />Authorization of Relocation Plan <br />817 and 821 S. Townsend Street and <br />834 S. Raitt Street <br />January 7, 2008 <br />Page 2 <br />CITY COUNCIL ACTION <br />1. Direct the City Attorney to prepare a loan agreement with Townsend <br />& Raitt, LLC for the acquisition and rehabilitation of residential <br />property located at 817 S. Townsend Street in an amount not to <br />exceed $409,284 and authorize the Deputy City Manager for <br />Development Services or designee to execute all required documents. <br />2. Direct the City Attorney to prepare a loan agreement with Townsend <br />& Raitt, LLC for the acquisition and rehabilitation of residential <br />property located at 821 S. Townsend Street in an amount not to <br />exceed $409,284 and authorize the Deputy City Manager for <br />Development Services or designee to execute all required documents. <br />3. Direct the City Attorney to prepare a loan agreement with Townsend <br />& Raitt, LLC for the acquisition and rehabilitation of residential <br />property located at 834 S. Raitt Street in an amount not to exceed <br />$545,712 and authorize the Deputy City Manager for Development <br />Services or designee to execute all required documents. <br />4. Adopt a resolution approving the Relocation Plan for residential <br />properties located at 817 and 821 S. Townsend Street, and 834 S. <br />Raitt Street. <br />COMMUNITY REDEVELOPMENT AGENCY ACTION <br />1. Direct the Agency General Counsel to prepare a loan agreement with <br />Townsend & Raitt, LLC for the acquisition and rehabilitation of <br />residential property located at 817 S. Townsend Street in an amount <br />not to exceed $1,333,201 and authorize the Executive Director or <br />designee to execute all required documents. <br />2. Direct the Agency General Counsel to prepare a loan agreement with <br />Townsend & Raitt, LLC for the acquisition and rehabilitation of <br />residential property located at 821 S. Townsend Street in an amount <br />not to exceed $1,436,203 and authorize the Executive Director or <br />designee to execute all required documents. <br />3. Direct the Agency General Counsel to prepare a loan agreement with <br />Townsend & Raitt, LLC for the acquisition and rehabilitation of <br />80B-2 <br />