Loading...
CC Resolution No. 7217 RESOIlJI'ION No. 7217 A RESOIlJI'ION OF '!HE CITY CXXJNCIL OF '!HE CITY OF C1Jl'!:KJ:INO AIJ'lHQRIZING '!HE MAYOR AND CITY ATIORNEY '10 EXEaJ'I'E AN AGREDÅ’Nl' WI'IH SPARK FOONDATION, INC. FOR A IDAN OF $ 98,370 F'RC!>t '!HE CITY OF aJPERI'INO SENIOR CITIZENj1WIDICAPPED PERSONS HOOSING FUND FOR ACQJISITION OF REAL PROPERTY WHEREAS, on April 6, 1987, the City council authorized a loan to Spark Foundation, Inc. in the æoount of $125,000 for acquisition of real property at a location to be specified within 90 days of said date; arrl WHEREAS, $98,370 of the total $125,000 loan commitment is represented by fuOOs from the City of CUpertino Senior citizen / Handicapped PersOns Housing Fund WHEREAS, The - intent of said loan is to acquire said real property for rental houSing affordable to senior Citizens in a=rdance with the income limitations arrl purposes set forth in the Loan Agreement; arrl WHEREAS, the subject Loan Agreement sets forth the terms arrl puxposes of said loan. NCM, THEREFORE, '!HE CITY CXXJNCIL OF '!HE CITY OF aJPERI'INO roES RESOLVE AS roJ:I.OOS: SECI'ION ONE: The City Council of the City of Olpertino hereby authorizes the Mayor arrl City Attorney to affix their signatures to the Loan Agreement arrl supporting documents necessary to corrq;>lete the transaction. SECI'ION 'n'l): Prior to close of escr:cM, Spark Foundation, Inc. shall assume responsibility to correct all existing violations arrl deficiencies of the Uniform B..1ildin;J Code as identified in the iI1spection report dated July 1, 1987. SECI'ION 'niREE: The æoount of $98,370 is hereby appropriated from the city of CUpertino senior citizen Housing Fund for purposes of said loan proceer1" , The remaining $26,630 needed to corrq;>lete the total loan of $125,000 in accordance with section one of city council Resolution 7141 shall be allocated from the crnmmnUty Development Block Grant senior Citizen Housing Fund by separate Resolution. SECI'ION FCXJR: The City of CUpertino, acting as lead agency for said $98,370 Loan, fIDis that the proposed project arrl associated lending activity are Categorically Exempt from review um.er section 15303 of the California Environmental Quality Act. - 1 - RE'SOWI'ION 7217 ¡¡>age - 2- 07/06/87 PASSED AND AOOPl'ED this 6th day of J\me, 1987 at a Regular Meetin;J of the City Council of the City of CUpertino, state of California, by the followi.m roll call vote: ABSENT: cx:xJNCII.MEMBERS : cx:xJNCII.MEMBERS : cx:xJNCII.MEMBERS : cx:xJNCII.MEMBERS : Gatto, Johnson, Plungy, Rogers, Sparks None None None AYES: NAYS: ABSTAIN: A'lTFSl': APPROVED: /s/ Dorothy Cornelius Dorothy Cornelius, City Clerk city of CUpertino /s/ W. Reed Sparks W. Reed Sparks, Mayor City of CUpertino