HomeMy WebLinkAbout2008 CC RESO 2008-56 CDCRESOLUTION NO. 2008 — 56
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF NATIONAL CITY (CDC) AUTHORIZING
THE CHAIRMAN TO EXECUTE AN AMENDMENT
TO THE COMMUNITY DEVELOPMENT COMMISSION
FA?ADE IMPROVEMENT AGREEMENT WITH
MIKE N. DALLO AND MONA DALLO AND FOODLAND, INC.
FOR THE PURPOSE OF INCREASING THE AMOUNT OF
THEIR LOAN FROM THE CDC FROM $347,320 TO $542,349,
AND AUTHORIZING THE CHAIRMAN TO EXECUTE
A RECONVEYANCE OF THE CURRENT DEED OF TRUST
IN ORDER TO RECORD A NEW DEED OF TRUST FOR $542,349
WHEREAS, on or about September 18, 2006, the Community Development
Commission of the City of National City ("CDC"), Mike N. Dallo and Mona Dallo ("Property
Owners") and Foodland, Inc. ("Participant") executed the Facade Improvement Agreement for
purposes of rehabilitating the facade at 303 Highland Avenue, which was funded by a loan from
the CDC to the Property Owners in the amount of $347,320; and
WHEREAS, on or about September 18, 2006, the Property Owners executed a
Deed of Trust for the purpose of securing payment of the indebtedness, in the principal sum of
$347,320.00; and
WHEREAS, on September 4, 2007, the CDC Board approved an increase in the
budget for the project to $542,349; and
WHEREAS, the facade improvement costs have exceeded the original loan
amount, and the Property Owners have requested that the CDC increase the amount loaned to
them to pay for those increased costs, which would result in a new total loan amount of
$542,349; and
WHEREAS, in order to increase the loan amount, it is proposed that the Facade
Improvement Agreement be amended to provided that the amount of the CDC loan to the
Property Owners increase from $347,320 to $542,349, and that a new Deed of Trust be
executed by the Property Owners to secure the payment of $542,349, with all other provisions
of the Facade Improvement Agreement to remain in full force and effect.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby authorizes the Chairman to execute an
Amendment to the Facade Improvement Agreement with Mike N. Dallo and Mona Dallo and
Foodland, Inc. to increase the loan amount for the Foodland Facade Improvement Agreement
Project from $347,320 to $542,349.
BE IT FURTHER RESOLVED that the Chairman is authorized to execute a
Reconveyance of the current Deed of Trust, and the City Clerk is directed to record the new
Deed of Trust securing the payment of $542,349.
--- Signature Page to Follow ---
Resolution No. 2008 — 56
April 1, 2008
Page 2
PASSED and ADOPTED this 1st day of April, 20
on Morrison,'m
ATTEST:
APPROVED AS TO FORM:
Geni , -, (.4 ;I:, . a g 1 1 m
orge H. Eiser, II
Legal Counsel
Passed and adopted by the Community Development Commission of the City of
National City, Califomia, on April 1, 2008, by the following vote, to -wit:
Ayes: Commissioners Morrison, Natividad, Parra, Ungab, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secretary, ommunity Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2008-56 of the Community Development Commission of the City of
National City, Califomia, passed and adopted on April 1, 2008.
Secretary, Community Development Commission
By:
Deputy