HomeMy WebLinkAboutCC RESO 13,042RESOLUTION NO. 13 042
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA AUTHORIZING AND ALLOCATING $200,000 FOR A LOAN
TO THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF
NATIONAL CITY, CALIFORNIA FOR MORGAN TOWERS, 1415 "D"
AVENUE, NATIONAL CITY, CALIFORNIA
WHEREAS, the Community Development Commission of the City
of National City is the owner of Morgan Towers, 1415 "D" Avenue,
National City, a 152 unit seniors and handicapped persons residential
building with dining facility which is now nearing completion of
construction by Roel Construction Company, San Diego, California; and
WHEREAS, the Community Development Commission needs a $200,000
loan to solve its cash flow problem in connection with completion of
construction and the start up of the building; and
WHEREAS, the Community Development Commission has a feasible
method of repayment of such loan, namely working capital being held
by the mortgage lender, excess mortgage funds under the FHA insured
mortgage, and the U. S. Dept. of Housing & Urban Development's first
Housing Assistance Payment for the Project, once occupied;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of National City that it hereby allocates and appropriates
$200,000 to be loaned to the Community Development Commission of the
City of National City for the period June 1, 1979 to December 31,
1979 at an interest rate of 8% per annum.
PASSED AND ADOPTED this 15th day of May, 1979.
Ki l e Morgan, Mayo
ATTEST:
Ione ampbell, City / lerk