4/14/2022 1:02:18 AM
4/13/2022 8:21:12 AM
TO FORGIVE THE BALANCE OF THE COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) AGREEMENT BETWEEN THE CITY AND THE ANACORTES HOUSING AUTHORITY (AHA)
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
All rights reserved.
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Download electronic document
View plain text
DocuSign Envelope ID:CC260930-C131-4F24-877B-33EC6B7D9D88 <br /> RESOLUTION NO. 3079 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ANACORTES TO <br /> FORGIVE THE BALANCE OF THE COMMUNITY DEVELOPMENT BLOCK GRANT <br /> (CDBG) AGREEMENT BETWEEN THE CITY AND THE ANACORTES HOUSING <br /> AUTHORITY (AHA) <br /> WHEREAS, in 2004 the City of Anacortes began the process of working with the Anacortes <br /> Housing Authority (AHA) to redevelop the New Wilson Hotel building into a mixed use of low- <br /> income housing units and retail space; and <br /> WHEREAS, the loan repayment amount annually is based on net cash flow from the low- <br /> income housing project as laid out in the promissory note, which fluctuates from year to year and <br /> is difficult to forecast; and <br /> WHEREAS, any payment over$25,000 to the City triggers additional reporting and accounting <br /> requirements, which are administratively burdensome under the CDBG regulations; and <br /> WHEREAS, on six occasions, the AHA has had to make payments to the City and only twice <br /> were those payments over $25,000; and <br /> WHEREAS, the repayment of the loan is creating a fiscal hardship for the AHA who is in the <br /> midst of developing additional low-income housing opportunities for the less fortunate citizens <br /> of Anacortes, which include two projects reliant on Affordable Housing Sales Tax that is <br /> collected by the City and passed through to the AHA; and <br /> WHEREAS, the granting agency is U.S. Department of Housing and Urban Development <br /> (HUD) and their grant representative has confirmed with the City that the City has the authority <br /> to cancel the existing loan agreement, and relieve the AHA of the burden of repaying the <br /> remaining balance of the loan; and <br /> WHEREAS, the City of Anacortes is desirous of supporting affordable housing, and would like <br /> to forgive the balance of the existing New Wilson Hotel loan to allow more AHA funds to be <br /> used on other projects that will directly increase the amount of affordable housing available in <br /> the City of Anacortes. <br /> NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of Anacortes, <br /> Washington, that that the balance of the loan between the AHA and the City of Anacortes as of <br /> March 31, 2022, in the amount of$160,912.51 is now hereby forgiven, and authorizes the <br /> Finance Director to make the necessary accounting entries to eliminate that balance from the <br /> City accounting records. <br /> Resolution 3079 1 <br />
The URL can be used to link to this page
Your browser does not support the video tag.