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Agenda Item

7.8 17-0383 Subject: Modify City Loans On E. C. Reems Gardens Apartments From: Housing And Community Development Recommendation: Adopt A Resolution Authorizing The City To (1) Assign The City Loans And Deeds Of Trust Secured By The E.C. Reems Gardens Apartments Located At 2700 Alvingroom Court To Renaissance Housing Communities, LLC (Or Affiliate), (2) Consolidate And Modify The City Loans On The Property Into A Secured Deferred-Payment Loan At 3% Simple Interest For Fifty-Five Years, And (3) Modify And Extend The Term Of The Regulatory Agreement Encumbering The Property