HomeMy WebLinkAbout3B - VINTAGEAPTSBONDAMENDMENT
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MARCH 6, 2000
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VINTAGE APARTMENTS
BOND AMENDMENTS
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R~OO~O~NG S~ORST'ARY U5E OtdLY:
APPROVEC7
C~ As Recommended
® As Amended
COfVTI[VIfED ~O
Adopt a resolution approving a supplemental indenture of trust, an
amendment to loan agreement and an amendment to regulatory agreement and
declaration of restrictive covenants, an intercreditor agreement and
authorizing the execution and delivery thereof, and other agreements in
connection therewith, and authorizing and directing the execution and
delivery of documents and actions taken in connection therewith, a11. with
respect to the vintage Apartments.
REDEVELOPMENT AND HOUSING COMMISSION RECOMMENDATION
Recommend that the Housing Authority:
Adopt a resolution approving a supplemental indenture of trust, an
amendment to loan agreement and an amendment to regulatory agreement and
declaration of restrictive covenants, an intercreditor agreement and
authorizing the execution and delivery thereof, and other agreements in
connection therewith, and authorizing and directing the execution and
delivery of documents and actions taken in connection therewith, all with
respect to the Vintage Apartments by a vote of 6:0 (Bustamente and Simons
absent) .
DISCUSSION
In February 1996 the Housing Authority issued refunding tax exempt bonds
to provide permanent refinancing for the Vintage Apartments located at
3200 W. Fifth Street. The project consists of 170 one- and two-bedroom
rental units, 20 percent of which have been set aside for low/moderate-
income tenants. The tax exempt bond issue was far a total of $7,900,000
and structured with a variable interest rate.
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Vintage Apartments
Bond Amendments
March 6, 2000
Page 2
The property owners,
Authority consent to t
Credit which expires
Fannie Mae which will
Housing Authority will
tax-exempt bonds, the
Credit.
FISCAL IMPACT
Catalina, LLC have requested that the Housing
he substitution of the Bank of America Letter of
in February 2006, with a Letter of Credit from
remain in effect until the bonds mature. The
not be incurring any financial liabi~.ity for these
project, or the substitution of the Letter of
There is no fiscal impact associated with this action.
t
Cynt is J. Nelson
Executive Director
H:Actions12000 HAIVintage
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