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Home My WebLink AboutR-1993-105 Elderly / Loan / RehabA RESOLUTION RESOLUTION NO. R-93-105 Authorizing an Interfund loan from 123 -Economic Development Fund to the 124 -Community Development Fund, and providing for repayment. WHEREAS, 123 -Economic Development Fund has sufficient resources available for investment to make the Interfund Loan authorized by this resolution; and WHEREAS, funds must be loaned to the 124 -Community Development Fund in order to provide sufficient current resources to complete rehabilitation for the elderly, and the City Council deems it to be in the best interest of the City to make the Interfund Loan provided for herein, now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: The amount of $250,000 is hereby transferred and loaned from the 123 - Economic Development Fund to the 124 -Community Development Fund; which loan, together with interest at the rate of 6 percent per annum, is to be repaid from the 124 - Community Development Fund to the 123 -Economic Development Fund on or before June 30, 1994. The Director of Finance and Budget is hereby directed to make the necessary transfer to accomplish the loan authorized by this resolution. ADOPTED BY THE CITY COUNCIL this 28th day of September, 1993. ATTEST: City Clerk Mayor CHESTNUT MANOR SEPTEMBER - 1993 STATUS REPORT The Chestnut Manor is a 46 unit building that is being established as an elderly residential rental. The following is the present activity that is in progress and the anticipated activities that are being proposed. • Current occupants in building 36. Elderly occupancy is presently at 32. Proposed elderly occupancy in the next 3 months is 46. • Title ownership has been established into a 501 c(3) Non - Profit Corporation. The State incorporation documents and by-laws have been completed by legal counsel. Corporation board members have been selected and tenant Board members will be elected in October, 1993. • Rehabilitation of the building is 80% completed. • Title transfer from municipal ownership to non-profit is anticipated in October, 1993. • Financial applications have been discussed with a Washington Community Reinvestment Association and an application will be filed in October for the refinance of the buildings debt structure by the non-profit. A letter requesting lien subordination has been sent to the State for approval and a response is expected in October, 1993.