minhead.gif (11357 bytes)approved Approved 11/10/99

October 6, 1999

HOUSING AUTHORITY AND COMMUNITY SERVICES AGENCY

Harris Hall Main Floor - 9:00 a.m.

Commissioner Bobby Green, Sr., presided with Commissioners Bill Dwyer, Anna Morrison, Peter Sorenson and Cindy Weeldreyer present. County Administrator Bill Van Vactor, County Counsel Teresa Wilson and Recording Secretary Melissa Zimmer were also present.

1. PUBLIC COMMENTS

None.

2. REGULAR BUSINESS

a. ORDER 99-10-6-1H Entering Into a Loan Agreement with the Bank of America for Permanent Financing of the Jacob's Lane Affordable Housing Development, Eugene, Oregon.

Jim McCoy, HACSA, reported this item represents the last step in the development process for Jacobs Lane. He said it authorizes them to close the permanent loan with the Bank of America in the amount of $710,000. He noted the draft documents the Board received have since gone through legal review by the attorney at Preston, Gates & Ellis, and there have been suggested changes that have been penciled. He added the term remains the same at 20 years.

Green asked what the specific change was.

McCoy said all the documents have suggested revisions that the Bank of America has agreed to.

Morrison asked if the changes made altered what was in the document originally.

McCoy responded the changes clarified that it is a limited recourse loan.

MOTION: to approve 99-10-6-1H.

Weeldreyer MOVED, Dwyer SECONDED.

VOTE: 5-0.

There being no further business, Commissioner Green adjourned the meeting at 9:20 a.m.

Melissa Zimmer, Recording Secretary

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