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Home My WebLink AboutURA RES 2022-10RESOLUTION NO. 202-Z-- I u RESOLUTION OF THE CALDWELL URBAN RENAWAL AGENCY AUTHORIZEING THE WRITE OFF OF BAD DEBT FOR THE ARISPE HOUSING PROJECT LOAN PROMISSORY NOTE FOR THE AMOUNT REMAINING OF 3,973.43. BE IT HEREBY RESOLVED by the Caldwell Urban Renewal Agency has approved the write off of the Promissory Note with a remaining balance of 3,973.43 PASSED BY THE CALDWELL URBAN RENEWAL AGENCY this 14t}' day of March, 2022. APPROVED BY THE CHAIRMAN OF THE URBAN RENEWAL AGENCY City of Caldwell, Idaho this 14`n day of March, 2022. ATTEST: I January 21, 2003 FOR VALUE RECEIVED, the undersigned, Norma C. Arispe ("Borrower"), promises to pay to the order of Caldwell East Urban Renewal District ("Lender"}, at 621 East Cleveland, Caldwell, ID 83605, or at such other places as Lender may from time to time designate, the principal sum of Five Thousand Dollars ($5.000.00), together with all subsequent advances made, expenditures authorized and additional payments provided for in this Promissory Note, and in any of the Loan Documents (defined below). 1. Definitions. As used in this Note, the following terms shah have the meanings set forth below: "Deed of Trust" means the Deed of Trust dated the same date as this Note, executed by Borrower, as grantor, in favor of Lender and encumbering the Property. "Improvements" means the improvements that Borrower intends to construct on the Property with the proceeds of the Loan. . "Loan" means the credit facility advanced by Lender to Borrower under the terms and conditions of the Loan Agreement in the original principal amount of Five Thousand ($5,000.00). "Loan Agreement" means the Loan Agreement dated the same date as this Note, executed by Borrower, as borrower, and Lender, as lender, which governs the disbursement and repayment of the Loan proceeds. "Loan Documents" means the following documents dated the same date as this Note entered into by Borrower and Lender in conjunction with this Note: the Loan Agreement, the Deed of Trust, and such other documents as may now be given or as may be entered into after the date of this Note by Borrower or any other party for the benefit of Lender as security for this Note. "Maturity" means April 9, 2013�7 "Month" means a calendar month. "Note" means this Promissory Note and any extensions, renewals or modifications thereo#. "Payment Date" means the first day of each Month on which Borrower shall pay to Lender accrued interest, or principal and accrued interest, on the outstanding principal of this Note, as required by the terms of this Note. "Payment Period" means the first day of a Month through and including the first day of the next succeeding Month, "Prime Rate" means that certain rate of interest regularly and periodically published or generally announced by Lender as its "Prime Rate." The Prime Rate is the rate of interest Lender from time to time establishes as its prime rate and is not necessarily the lowest rate of interest which tender collecfs from any borrower or class of borrowers. "Principal Indebtedness" means at any time and from time to time during the term of this Note all advances, disbursements, expenditures and payments made by Lender after the date of this Nate pursuant to the terms of this Note or any of the Loan Documents. "Property' means the real property owned or being acquired by Borrower and situated in Canyon County, Idaho, as more particularly described on Exhibit "A" attached to and incorporated by reference in this Note. 2. Security, This Note is issued pursuant to and as part of the loan transaction described in the Loan Agreement, and is entitled to the benefits and is subject to the terms, covenants and conditions contained in the Loan Agreement. This Note is secured by the Deed of Trust, and other loan Documents, as described in the Loan Agreement. Reference is made to such documents for a description of the property and interest encumbered or pledged as security for this Note, and the rights, remedies and obligations of Lender with respect thereto. 3. Interest Accruals, Payments. Interest shall accrue on the outstanding Principal Indebtedness and Borrower shall make payments to Lender as follows, (a) The outstanding balance of the Principal Indebtedness, as disbursed from time to time during the course of construction of a Improvements, shall bear interest form the date of each disbursement at a fixed rate equal to no Percent (1 %)I which interest shall be calculated on the basis of a year consisting, of three hundred sixty (360 days. (b) Borrower will pay this loan in[t1 9 regular payments of $43.60jeach and one irregular last payment . Borrower's first payment is due May 1, 2003, and all subsequent pa meats are due on the same day of each month after that. Borrower's final payment will be due on April 1, 2013and will be for all principal and all accrued interest not yet paid, Payments include principal and Interest. 4. Application of Payments. At! payments on this Note shall, at the option of Lender, be applied first to the payment of late charges, If any, then accrued interest and after all such interest has been paid, any remainder shall be applied toward repayment of any additional advances then outstanding, and the balance, if any, toward the reduction of principal, 5. Incorporation of Lvan Documents. The terms, conditions, covenants, provisions, stipulations and agreements of the Loan Document are hereby made a part of this Note by reference to such documents in the same manner and with the same effect as if the Loan Documents were fully set forth herein. Borrower hereby covenants and promises to abide by and comply with each and every covenant and condition set forth in the Note and Loan Documents, G. Prepayment. Borrower shall have the right to prepay all or a portion of the Principal Indebtedness owing on this Note at any time or times prior to Maturity. 7. Late Payments. If any payment to be paid by Borrower under the terms of the Note is not received by Lender within fifteen (15) days after such installment is due, Borrower shall pay to lender a late fee charge equal to five percent (5%) of Vch late p yment. 8. Waivers, Substitution of Security. Borrower waives presentment for payment, notice of dishonor and protest, and consents to any extension of time with respect to any payment due under this Note, to any ition or release of any party. No waiver of any payment under this substitution or release of collateral, and to the add Note shall operate as a waiver of any other payment, No delay or failure of Lender in the exercise of any right or remedy provided for under this Note shall be deemed a waiver of such right by Lender, and no exercise of any right or remedy shall be deemed a waiver of any other right or remedy which Lender may have, 9. Governing Law: This Note shah be governed by and construed in accordance with the laws of the State of Idaho. 10. General. Time is of the essence hereof. Upon the occurrence and continuance of an Event of Default (as defined in the Loan Agreement), Lender shall have in addition to all rights and remedies available to Lender at law or in equity, all rights and remedies specified in any of the Loan Documents. DATED effective as of the date first above written, Norma C. Arispe Arispe Loan Payment Schedule Loan Amount Interest Rate Term in Months Payment Amount 1 st Payment Date $ 5,000.00 1% 120 $ 43.80 7/1/2003 Norma Arispe 723 N. 4th St. Caldwell, ID 83605 Pmt Payment Check Late # Amount Number Interest Principal Fee Remaining 6/1/2003 $ 5,000.00 7/l/2003 1 $ 43.60 271 $ 4.17 $ 39.43 $ - $ 4,960.57 8/1/2003 2 $ 43.60 302 $ 4.13 $ 39.47 $ - $ 49921.10 9/1/2003 3 $ 43.60 335 $ 4.10 $ 39.50 $ - $ 4,881.60 10/1/2003 4 $ 43.60 344 $ 4.07 $ 39.53 $ - $ 41842.07 ll/1/2003 5 $ 43.60 351 $ 4.04 $ 39.56 $ - $ 41802950 12/1/20031 6 ( $ 43.60 362 $ 4.00 $ 39.60 $ - $ 45762091 Pavn,enta s„cnended clue, to illness. No additional charges incurred. E1Jav Waite Chairman CEURA 12/1/2004 7 $ 50.00 404 $ 3.97 $ 46.03 l/1/2005 8 $ - $ 3.93 $ (3.93) $ 2.19 $ 41723,00 2/1/2005 9 $ - $ 3.94 $ (3.94) $ 2.19 $ 4,729.12 3/1/2005 10 $ - $ 3.94 $ (3.94) $ 2.19 $ 49735025 4/l/2005 11 ,$ - $ 3.95 $ (3.95) $ 2019 $ 45741.39 5/l/2005 12 $ - $ 3.95 $ (3.95) $ 2.19 $ 4,747.53 6/1/2005 13 $ - $ 3.96 $ (3.96) $ 2.19 $ 4,753.68 7/l/2005 14 $ - $ 3.96 $ (3.96) $ 2.19 $ 4,759.83 8/1/2005 9/1/2005 15 16 $ $ 43.60 - $ $ 3.97 3.93 $ $ 39.63 (3.93) $ $ - 2.19 $ $ 4,720.19 49726.32 10/1/2005 17 $ - $ 3.94 $ (3.94) $ 2.19 $ 4,732.45 11/l/2005 18 $ - $ 3.94 $ (3.94) $ 2.19 $ 49738.58 12/1/2005 19 $ - $ 3.95 $ (3.95) $ 2.19 $ 4,744.72 1/1/2006 20 $ 43.60 453 $ 3.95 $ 39.65 $ - $ 4,705.07 2/1/2006 21 $ - $ 3.92 $ (3.92) $ 2.19 $ 49711918 3/1/2006 22 $ - $ 3.93 $ (3.93) $ 2.19 $ 4,717.30 4/1/2006 23 $ - $ 3.93 $ (3.93) $ 2.19 $ 4,723.42 5/l/2006 24 $ 43.60 $ 3.94 $ 39.66 $ - $ 403.76 6/1/2006 25 $ - $ 3.90 $ (3.90) $ 2.19 $ 409.85 7/1/2006 26 $ 43.60 $ 3.91 $ 39.69 $ - $ 4,650.16 8/1/2006 27 $ - $ 3.88 $ (3.88) $ 2.19 $ 4,656.22 9/l/2006 28 $ - $ 3.88 $ (3.88) $ 2.19 $ 4,662.29 10/1/2006 29 $ - $ 3.89 $ (3.89) $ 2.19 $ 41668.37 11/l/2006 30 $ - $ 3.89 $ (3.89) $ 2.19 $ 4,674A5 12/1/2006 31 $ - $ 3.90 $ (3.90) $ 2.19 $ 49680.53 1/1/2007 32 $ - $ 3.90 $ (3.90) $ 2019 $ 406.63 2/l/2007 33 $ - $ 3.91 $ (3.91) $ 2.19 $ 402.72 3/l/2007 34 $ - $ 3.91 $ (3.91) $ 2019 $ 41698082 4/1/2007 35 $ - $ 3.92 $ (3.92) $ 2.19 $ 49704.93 5/2/2007 36 $ 50.00 473 $ 3.92 $ 46.08 $ - $ 4,658.85 6/1/2007 37 $ 95.00 472 $ 3.88 $ 91.12 $ - $ 45567.73 7/2/2007 38 $ - $ 3.81 $ (3.81) $ 2.19 $ 4,573.73 8/2/2007 39 $ - $ 3.81 $ (3.81) $ 2.19 $ 49579.73 9/1/2007 40 $ - $ 3.82 $ (3.82) $ 2.19 $ 4,585.73 10/1/2007 41 $ - $ 3.82 $ (3.82) $ 2.19 $ 4,59L75 11/l/2007 42 $ 50.00 $ 3.83 $ 46.17 $ - $ 45545.57 12/1/2007 43 $ - $ 3.79 $ (3.79) $ 2019 $ 41551.55 1/1/2008 44 $ - $ 3.79 $ (3.79) $ 2.19 $ 4,557.53 2/1/2008 45 $ - $ 3.80 $ (3.80) $ 2.19 $ 4,563.52 3/l/2008 46 $ - $ 3.80 $ (3.80) $ 2.19 $ 4,569.51 4/l/2008 47 $ - $ 3.81 $ (3.81) $ 2019 $ 49575.51 5/1/2008 48 $ - $ 3.81 $ (3.81) $ 2.19 $ 4,58L52 6/1/2008 49 $ 50.00 $ 3.82 $ 46.18 $ - $ 4,535.33 Arispe Loan Payment Schedule Loan Amount Interest Rate Term in Months Payment Amount 1 st Payment Date $ 5,000.00 1% 120 $ 43.80 7/1/2003 Norma Arispe 723 N. 4th St. Caldwell, ID 83605 Pmt Payment Check Late Remaining Date # Amount Number Interest Principal Fee Balance 7/1/2008 50(3.78) $ 2.19 $ 4,541.30 8/l/2008 51 $ - $ 3.78 $ (3.78) $ 2.19 $ 4,547.28 9/1/2008 52 $ - $ 3.79 $ (3.79) $ 2019 $ 49553.26 10/1/2008 53 $ - $ 3.79 $ (3.79) $ 2.19 $ 4,559.24 11/1/2008 54 $ - $ 3.80 $ (3.80) $ 2019 $ 4,565.23 12/1/2008 55 $ - $ 3.80 $ (3.80) $ 2.19 $ 4,571.22 1/l/2009 56 $ - $ 3.81 $ (3.81) $ 2019 $ 4,577.22 2/1/2009 3/l/2009 57 58 $ $ 87.20 - $ $ 3.81 3.74 $ $ 83.39 (3.74) $ $ - 2.19 $ $ 45493984 45499.77 4/1/2009 59 $ 50.00 $ 3.75 $ 46.25 $ - $ 41453452 5/1/2009 60 $ - $ 3.71 $ (3.71) $ 2.19 $ 4,459.42 6/1/2009 61 $ 50.00 $ 3.72 $ 46.28 $ - $ 4,413.14 7/1/2009 62 $ - $ 3.68 $ (3.68) $ 2.19 $ 45419.01 8/l/2009 63 $ - $ 3.68 $ (3.68) $ 2.19 $ 45424688 9/1/2009 64 $ - $ 3.69 $ (3.69) $ 2.19 $ 4,430.76 10/1/2009 65 $ - $ 3.69 $ (3.69) $ 2.19 $ 45436064 11/1/2009 66 $ - $ 3.70 $ (3.70) $ 2.19 $ 4,442.53 12/1/2009 67 $ - $ 3.70 $ (3.70) $ 2.19 $ 49448642 1/1/2010 68 $ - $ 3.71 $ (3.71) $ 2019 $ 4,454.32 2/1/2010 69 $ - $ 3.71 $ (3.71) $ 2019 $ 49460622 3/1/2010 70 $ 50.00 $ 3.72 $ 46.28 $ - $ 49413694 4/1/2010 71 $ - $ 3.68 $ (3.68) $ 2019 $ 49419.80 5/1/2010 72 $ 50.00 $ 3.68 $ 46.32 $ - $ 49373049 6/1/2010 73 $ 55.00 $ 3.64 $ 51.36 $ - $ 4,322.13 7/1/2010 74 $ - $ 3.60 $ (3.60) $ 2.19 $ 45327692 8/1/2010 75 $ 50.00 $ 3.61 $ 46.39 $ - $ 4,281.53 9/1/2010 76 $ - $ 3.57 $ (3.57) $ 2.19 $ 4,287.29 10/1/2010 77 $ - $ 3.57 $ (3.57) $ 2019 $ 4,293.05 11/1/2010 78 $ - $ 3.58 $ (3.58) $ 2.19 $ 45298.82 12/1/2010 79 $ - $ 3.58 $ (3.58) $ 2.19 $ 41304,59 1/1/2011 80 $ - $ 3.59 $ (3.59) $ 2.19 $ 4,310.37 2/1/2011 81 $ 50.00 $ 3.59 $ 46.41 $ - $ 45263.96 3/1/2011 82 $ - $ 3.55 $ (3.55) $ 2.19 $ 4,269.70 4/1/2011 83 $ - $ 3.56 $ (3.56) $ 2.19 $ 4,275A5 5/1/2011 84 $ - $ 3.56 $ (3.56) $ 2019 $ 41281020 6/1/2011 85 $ - $ 3.57 $ (3.57) $ 2.19 $ 45286096 7/1/2011 86 $ 45.00 $ 3.57 $ 41.43 $ - $ 4,245.53 8/1/2011 87 $ - $ 3.54 $ (3.54) $ 2019 $ 45251,26 9/1/2011 88 $ - $ 3.54 $ (3.54) $ 2.19 $ 41256499 10/1/2011 89 $ - $ 3.55 $ (3.55) $ 2.19 $ 41262.73 11/1/2011 90 $ - $ 3.55 $ (3.55) $ 2.19 $ 45268.47 12/1/2011 91 $ - $ 3.56 $ (3.56) $ 2.19 $ 4,274.22 1/l/2012 92 $ - $ 3.56 $ (3.56) $ 2019 $ 41279.97 2/1/2012 93 $ 50.00 $ 3.57 $ 46.43 $ 45233.54 3/1/2012 94 $ - $ 3.53 $ (3.53) $ 2019 $ 4,239.26 4/1/2012 95 $ - $ 3.53 $ (3.53) $ 2.19 $ 43244.98 5/1/2012 96 $ - $ 3.54 $ (3.54) $ 2019 $ 41250.71 6/1/2012 97 $ 50.00 $ 3.54 $ 46.46 $ 4,204.25 7/1/2012 98 $ - $ 3.50 $ (3.50) $ 2019 $ 45209694 8/ 1 /2012 99 $ - $ 3.51 $ (3.51) $ 2.19 $ 4,215.64 9/1/2012 100 1 $ - $ 3.51 $ (3.51) $ 2.19 $ 45221,34 Arispe Loan Payment Schedule Loan Amount Interest Rate Term in Months Payment Amount 1 st Payment Date Pmt Norma Aispe 723 N. 4th St. $ 5,000.00 Caldwell, ID 83605 1% 120 $ 43.80 7/l/2003 Payment Checic Late Remaining Date 10/1/2012 # 101 $ Amount - Number $ Interest 3.52 $ Principal (152) $ Fee 2.19 $ Balance 49227.05 11/1/2012 102 $ - $ 3.52 $ (152) $ 2.19 $ 45232477 12/l/2012 1/1/2013 103 104 $ $ 50000 - $ $ 3053 3049 $ $ 46.47 (3649) $ $ - 2019 $ $ 45186029 4,191.97 2/1/2013 105 $ 60.00 $ 3649 $ 56.51 $ 4,135.46 3/l/2013 106 $ - $ 3445 $ (3.45) $ 2019 $ 4,14LIO 4/1/2013 107 $ 50.00 $ 3645 $ 46655 $ 4,094.55 5/1/2013 6/1/2013 108 109 $ $ - - $ $ 141 3.42 $ $ (3441) (142) $ $ 2019 2.19 $ $ 43100615 45105.76 7/1/2013 110 $ 50.00 $ 142 $ 46.58 $ 2.19 $ 49061.37 8/1/2013 111 $ - $ 3.38 $ (3.38) $ 2.19 $ 4,066.95 9/1/2013 112 $ 50.00 $ 3.39 $ 46061 $ 4,020.34 10/1/2013 113 $ - $ 3.35 $ (3635) $ 2.19 $ 4,025.88 11/1/2013 114 $ - $ 3035 $ (3.35) $ 2.19 $ 4,031*42 12/1/2013 115 $ - $ 3436 $ (3.36) $ 2019 $ 4,036.97 1/1/2014 116 $ - $ 3936 $ (3,36) $ 2.19 $ 4,042.52 2/1/2014 117 $ 4160 $ 3.37 $ 40923 $ 4,002.29 3/1/2014 118 $ 43.60 $ 3.34 $ 40026 $ 35962*03 4/1/2014 119 $ 3430 $ (3930) $ 119 $ 3,967.52 5/1/2014 120 $ 4160 $ 3.31 $ 40a29 $ - $ 3,927.23 6/1/2014 121 $ 3027 $ (3927) $ 2.19 $ 3993169 7/1/2014 122 $ 3628 $ (3.28) $ 2.19 $ 35938*16 8/1/2014 123 $ (8000) $ 3.28 $ (11628) $ - $ 3,949A4 9/1/2014 124 $ 3629 $ (3.29) $ 2919 $ 3,954.92 10/1/2014 125 $ 45.00 $ 3430 $ 41470 $ - $ 3,913.22 11/1/2414 126 $ 126 ' $ (126) $ 2.19 $ 31918.67 12/1/2014 127 $ 3427 $ (3427) $ 2919 $ 3,924.12 1/1/2015 128 $ 327 $ (327) $ 2.19 $ 31929458 2/1/2015 129 $ 127 $ (127) $ 119 $ 3,935.05 3/1/2015 130 $ 128 $ (328) $ 2.19 $ 31940*52 4/1/2015 131 $ 3.28 $ (3.28) $ 2.19 $ 33945.99 5/1/2015 132 $ 3429 $ (329) $ 2.19 $ 31951.47 6/1/2015 133 $ 3.29 $ (329) $ 2.19 $ 31956.95 7/1/2015 134 $ 3430 $ (3430) $ 2.19 $ 31962444 8/1/2015 135 $ 3.30 $ (3.30) $ 2,19 $ 31967*93 9/1/2015 136 1 $ 3431 $ (3.31) $ 119 $ 3,973.43 TO: Caldwell Urban Renewal Agency Meeting Date March 14, 2022 AGENDA ITEM INFORMATION SUBJECT: Approve the write off of the Arispe Promissory Note in the amount of 3,973.43 Department Submittals X to mark Initials Building Department CDBG Clerk City Attorney Finance Department X Human Resources Planning & Zoning Fire Department Police Department Public Works Street Department Water Department WWTP Engineering Mapping COST IMPACT: 3,973.43 Parks and Recreation FUNDING SOURCE: URA Airport Information Systems TIMELINE: Golf Course OTHER. SUMMARYSTATEMENT: On January 21, 2003, property owner of 723 N 4th St, Norma C Arispe, signed a promissory Note in the amount of 5,000.00 to pay for construction improvements to her home. This was originally set up as a 10 year repayment plan with an interest rate of 1 %. Since then sporadic and irregular payments have been received, with no payment received since 2014. According to the attorneys, enforcement is barred by the 5 year statue of limitations under Idaho Code 5- 216. The city has tried to contact the homeowner and received little to no response. It is believed that she is elderly and may have fallen ill. RECOMMENDED A CTION: Staff recommends the URA to approve the write off of the remaining balance of the Arispe Promissory 973.43 note in the amount of 3,