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Home My WebLink AboutAgenda Statement 1980/09/16 Item 15, 15a, b Reso. 10261 ....... COUNCIL AGENDA STATEMENT Item IS, Isa, b -..--- Meeting Date 9/16/80 IS. Resolution IO~/,{) Approving Contract with Bank of America for Financial Services Relative to Block Grant a. Resol uti on I"~~ I~provi ng Agreement with Chul a Vi sta Town Centre Development Corporation b. Resolutionlt>~''-Approving Amendments to Tvm Credit Agreements wit:, Crocker Bank for Financial Services Relative to CHIP Prograw. and ITEM TITLE: Mobile Home Loan Rehabilitation Program SUBMITTED BY: Community Development Director ~ (4/5ths Vote: Yes No~) In conformance with its existing Housing Rehabilitation contract, the Bank of America notified the City that it wished to amend the contract to provide for a 16% yield rate instead of the current 12%. At the same time, the City initiated negotiations to establish a commercial rehabilitation program utilizing Block Grant funds that have been given to the Local Development Corporation. To maintain standard interest rates City-wide, the City also asked Crocker Bank to amend its contracts for housing rehab- ilitation and mobile living unit rehabilitation. Therefore, it is my RECOMMENDATION: That the Council 1. Adopt the resolution approving a contract with the Bank of America. 2. Adopt the resolution approving an agreement with the Chula Vista Town Centre Development Corporation. 3. Adopt the resolution amending two agreements with Crocker Bank. BOARDS/COMMJSSION RECOMMENDATION: The Chula Vista Town Centre Development Corporation in its meeting of September 1980 approved the attached agreement (Exhibit C) and supported the City's proposed contract with the Bank of America. DISCUSSION: See report. FINANCIAL IMPACT: A total of $300,000 has been allocated for housing rehabilitation and $35,000 for commercial rehabilitation in the 1980-81 Block Grant. The 1979-80 Block Grant also contains $25,000 for commercial rehabilitatior. which is unencumbered. Both grants have been approved by the City Council and by HUD. DG:as ro",~1 \ ~~ I \~--c~, c~,_,~_-~~,::;~ _ J 1 C:2~2~1 ____l~/~~~- ~"",--~,_~"'L """"'____,....-......-...~~..-'" Form A-113 (Rev. 11/79)