HomeMy WebLinkAboutReso 234-03 FairwyRchLoanDocsRESOLUTION NO. 234 - 03
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING TWO LO~S FOR FAIRWAY RANCH
AND AUTHORIZING EXEc~I0N ~OF LOAN DOCUMENTS
WHEREAS, the City Council finds that there is a severe shortage of housing affordable to lower-
income households in the City of Dublin; and
WHEREAS, the development of affordable housing in the City of Dublin will serve a public
purpose; and
WHEREAS, the Fairway Ranch project will provide 162 affordable units in excess of the
affordable units required for the site; and
WHEREAS, the Fairway Ranch development, which includes both Fairway Family Apartments
and Dublin Ranch Senior Apartment has received an allocation of multifamily tax-exempt bonds to
provide financing for both projects; and
WHEREAS, the City of Dublin has provided a commitment to provide a loan of up to $2,250,000
for the Fairway Family Apartments from the Inelusionary Housing In Lieu Fund; and
WHEREAS, the City of Dublin has provided a commitment m provide a loan of up to $2,250,000
for the Dublin Ranch Senior Apartments from the Inelusionary Housing In Lieu Fund; and.
WHEREAS, the City of Dublin has decided that it would be advantageous to secure both City
loans with collateral property, separate from the Fairway Ranch development; and
WHEREAS, as a condition to providing financing for the developments, the construction and
permanent lenders will require the City to subordinate its Affordable Housing Regulatory Agreements and
its right to receive payment from project cash flow to the rights of such lenders; and
WHEREAS, repayment of the City's loans will be secured by a first lien on separate collateral
property; and
WHEREAS, a Declaration of Covenants, Conditions and Restrictions imposing affordability
restrictions wilt be recorded against the projects in a position senior to the construction and permanent
lender liens.
NOW, THEREFORE, BE IT RESOLVED that the city Council of the City of Dublin, a
Municipal Corporation, approves the Loan Agreements, Promissory Notes and Deed of Trust for the
Fairway Family Apartments and Dublin Ranch Senior Apartments attached to the Agenda Statement for
December 2, 2003.
FURTHER RESOLVED, that the City Council authorizes and directs the Mayor, the Mayor Pro
Tempore or the City Manager to sign the foregoing agreements., substantially in the form attached to the
Agenda Statement which accompanied this Resolution. The Council further authorizes the City Manager
or his designee to undertake such further action as may be necessary and deSirable to carry out the intent
of this Resolution, including without limitation the execution of subordination agreements and such other
certificates and documents as may be necessary to effectuate the transactions contemplated hereby as such
agreements, certificates and documents may be approved by the City Manager and City Attorney.
PASSED, APPROVED, AND ADOPTED this 2nd daY of December 2003.
AYES:
NOES: None
ABSENT: None
ABSTAIN: None
Councilmembers McCormick, Oravetz, Sbranti and Zika and Mayor Lockhart
ATTEST~~..~~
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K2/G/12.2.03/reso-fairway-loandocs.doc (Item 8.5)
G:XPAgX2003\03-010 Fairway Ranch\CC-Reports for Loan Docs~Resolution.Fairway Loan Approval. Libby. DOC