HomeMy WebLinkAbout2003-04-07 URA Minutes, Special MeetingMEETING MINUTES
Special Meeting
CALDWELL URBAN RENEWAL AGENCY
April 7, 2003 - 12:00 noon
Caldwell City Hall Conference Room
A special meeting of the Caldwell Urban Renewal Agency was held April 7, 2003 at
12:00 noon in the Conference Room at City Hall, with Chairman Waite presiding. The
roll was called; those present were ElJay Waite, Mayor Nancolas, Dennis Callsen, Matt
Beebe and Leona Fouts.
Chairman Waite presented the loan documentation for the Ashton Place Apartments
for discussion and review. The documents represent URA’s agreement to loan
$150,000 for 10 years at a 00% interest rate. Annual payments of $4,000 to $5,000 will
be made to URA if net cash flow allows. Sixty days following each year-end, a report
will be provided by Caldwell Ashton Place Association to the CEURA detailing the
financial status and allowing us the opportunity to accept or reject their determination of
whether or not the annual payment is made. Two certificates of deposit in the amounts
of $50,000 and $55,000, will be established by Ashton Place developers to guarantee
repayment of the loan balance at the end of the ten-year period. All documents have
been reviewed by Mark Hilty, city attorney, with several minor modifications
recommended.
The Intercreditor Agreement was signed by ElJay Waite prior to the meeting of the
commissioners in order to facilitate the timely release of the $250,000 through IHFA,
and based upon the approval and recommendation of the city attorney.
Motion to ratify ElJay Waite’s signature on the Intercreditor Agreement, and authorize
ElJay Waite to sign the following final documents, modified as recommended by the city
attorney: Deed of Trust Note, Deed of Trust Security Agreement, Deed of Trust Loan
Addendum, and the Deed of Trust Note Addendum: Beebe/Fouts M/S/P
Motion to adjourn: Fouts/Beebe M/S/P
Meeting adjourned 12:40p.m.
Respectfully Submitted,
Leona R. Fouts
Secretary