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not to exceed $1,200,326 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 <br />with Townsend & Raitt, LLC for the acquisition and rehabilitation of <br />residential property located at 709 S. Townsend Street in an amount <br />not to exceed $1,063,898 and authorize the Executive Director or <br />designee to execute all required documents. <br />5. LOAN AGREEMENTS WITH TOWNSEND &RAITT, LLC AND <br />AUTHORIZATION OF RELOCATION PLAN, 817 AND 821 S. TOWNSEND <br />STREET AND 834 S. RAITT STREET <br />At its Regular Meeting of November 20, 2007, the Community Redevelopment <br />and Housing Commission voted against recommending the actions for City <br />Council and Community Redevelopment Agency consideration listed below by a <br />vote of 2:3 (Pedroza, Rodriguez, Vasquez: No; Turner: absent), respectively. <br />Continued from the December 3, 2007, Agency meeting by a vote of 7:0. <br />Recommended Action: <br />Deny. If the City Council wishes to approve this project, the following <br />actions are necessary. <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 <br />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 <br />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 />CRA AGENDA 5 JANUARY 7, 2008 <br />