Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify a loan agreement and related documents with Wheatland Crossing II in order to allow a change in the lender and an increase in the permitted first mortgage amount up to $4,000,000.
The loan agreement is funded by HOME Investment Partnerships Program (HOME) funds provided by the U.S. Department of Housing and Urban Development.
Original $250,000.00 ord. 2014-2018 PO221974
Mod 1 $ 0.00
Total $250,000.00
Emergency action is required in order to maintain the project schedule.
CONTRACT COMPLIANCE: The vendor’s number is 030728 and expires on 13/13/22.
FISCAL IMPACT: No additional funds are needed for this modification.
Title
To authorize the Director of Development to modify a loan agreement and related documents with Wheatland Crossing II to allow for a change in the lender and an increase in the permitted first mortgage amount up to $4,000,000.00; and to declare an emergency.
Body
WHEREAS, a loan agreement, promissory note, and mortgage were executed on or about November 15, 2019, to loan $250,000.00 in HOME funds to Wheatland Crossing II for new construction of sixty-four units of affordable, family housing; and
WHEREAS, it has become necessary to modify the loan agreement and related documents to allow a first mortgage by a new lender that is greater than what was initially planned; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development that it is immediately necessary to modify a loan agreement and related documents with Wheatland Crossing II in order to maintain the project schedule, thereby preserving the public health, peace, safety, and welfare; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the Director of Development be, and hereby is, authorized to modify a loan agreement and related documents with Wheatland Crossing II in order to allow for a new lende...
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