CIC Resolution 89-42CITY OF ALAMEDA
COMMUNITY IMPROVEMENT COMMISSION
RESOLUTION NO. 89-42
SUBORDINATION OF AFFORDABLE HOUSING AGREEMENT
BETWEEN HOUSING AUTHORITY AND CITY OF ALAMEDA
COMMUNITY IMPROVEMENT COMMISSION
WHEREAS, the Housing Authority needs $11.4 million in financing
for the Independence Plaza project; and
WHEREAS, such financing is to be provided by TRI Capital
Corporation; and
WHEREAS, the Affordable Housing Agreement between the Housing
Authority and the City of Alameda Community Improvement
Commission is now recorded in first position on the title to the
property; and
WHEREAS, TRI Capital Corporation requires that its note and deed
of trust be recorded in the first position if financing is to
Provided.
NOW THEREFORE, be it resolved that the attached Subordination
Agreement be approved.
* * * * * * * *
I, the undersigned, hereby certify that the foregoing
Resolution was duly and regularly adopted and passed by
the Community Improvement Commission of the City of Alameda
in regular meeting assembled on the 19th of September, 1989
by the following vote, to wit:
AYES: Commissioners Camicin, Thomas, Withrow and
Acting Chairman Arnerich - 4.
NOES: None.
ABSENT:
Chairman Corica - 1.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of said Commission this 20th day of
September, 1989.
ibtIV
Dia' Felsch, Secretary
Community Improvement Commission
Arnerich, Acting C airman
Community Improvement Commission