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<br />~~~TiNG ~A°C': <br />MARCH 6, 2000 <br />"CI'~.. <br />VINTAGE APARTMENTS <br />BOND AMENDMENTS <br />/~. <br />... ~ ~'fV ~I~O~OF~ <br />~~°Ti <br />R~OO~O~NG S~ORST'ARY U5E OtdLY: <br />APPROVEC7 <br />C~ As Recommended <br />® As Amended <br />COfVTI[VIfED ~O <br />Adopt a resolution approving a supplemental indenture of trust, an <br />amendment to loan agreement and an amendment to regulatory agreement and <br />declaration of restrictive covenants, an intercreditor agreement and <br />authorizing the execution and delivery thereof, and other agreements in <br />connection therewith, and authorizing and directing the execution and <br />delivery of documents and actions taken in connection therewith, a11. with <br />respect to the vintage Apartments. <br />REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION <br />Recommend that the Housing Authority: <br />Adopt a resolution approving a supplemental indenture of trust, an <br />amendment to loan agreement and an amendment to regulatory agreement and <br />declaration of restrictive covenants, an intercreditor agreement and <br />authorizing the execution and delivery thereof, and other agreements in <br />connection therewith, and authorizing and directing the execution and <br />delivery of documents and actions taken in connection therewith, all with <br />respect to the Vintage Apartments by a vote of 6:0 (Bustamente and Simons <br />absent) . <br />DISCUSSION <br />In February 1996 the Housing Authority issued refunding tax exempt bonds <br />to provide permanent refinancing for the Vintage Apartments located at <br />3200 W. Fifth Street. The project consists of 170 one- and two-bedroom <br />rental units, 20 percent of which have been set aside for low/moderate- <br />income tenants. The tax exempt bond issue was far a total of $7,900,000 <br />and structured with a variable interest rate. <br />F` ,.,~ <br /> <br />