HomeMy WebLinkAboutAgenda Statement 1980/09/16 Item 15, 15a, b Reso. 10262
COUNCIL AGENDA STATEMENT
Item -l5, 15a, b
Meeting Date 9/16/80
15. Resolution/0c260 Approving Contract with Bank of ftmerica for Financial
Services Relative to Block Grant
a. Resolution/d~~1 Approving Agreement with Chula Vista Town Centre
Development Corporation
b. ResolutionI62~~pprOVing ftmendments to Two Credit Agreements 1:1 it:, Crocker
Bank for Financial Services Relative to CHIP Program 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 ftmerica
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 resol ution approvi ng an agreement with the Chul a Vi sta Town Centre
Development Corporation.
3. Adopt the resolution amending two agreements with Crocker Bank.
BOARDS/COMMISSION 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 rehabilitation which is unencumbered. Both grants
have been approved by the City Council and by HUD.
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Form A-113 (Rev. 11/79)
by the City Council of
Chura Vista, California
Dated 9-/t... Po