TO: CRA Board of Commissioners
FROM: Jeff Costello, CRA Executive Director
DATE: January 15, 2019
Title
First Global Modifications and Amendments to THE Delray Beach CRA Mortgage and Other Loan Documents, and to THE Housing Finance Authority of Palm Beach County, Florida Mortgage and Other Bond Documents
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Recommended Action:
Recommendation
By separate motions:
A. Approve the First Global Modification and Amendment to the Delray Beach CRA Mortgage and Other Loan Documents, to correct a scrivener’s error made to the legal description referenced or included in the Loan Documents, associated with the Courts at Village Square Project; and,
B. Approve the First Global Modification and Amendment to the Housing Finance Authority of Palm Beach County, Florida Mortgage and Other Bond Documents, to correct a scrivener’s error made to the legal description referenced or included in the Bond Documents, associated with the Courts at Village Square Project.
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Background:
In 2011, the CRA Board approved a Loan Commitment Letter authorizing $2.7 million in gap funding for The Courts at Village Square, the 84-unit low-income elderly apartment complex development by Village Square Elderly, Ltd., a partnership between the Delray Beach Housing Authority and Roundstone Development, LLC. On July 17, 2014, the loan closed. As a condition precedent to the CRA's making of the Junior Loan, certain loan documents listed on Exhibit “B” of the attached loan amendment were entered into. amendments loan and bond documents. In addition, as a condition precedent to the Housing Finance Authority of Palm Beach County, Florida’s making of the Senior Loan, certain bond documents listed on Exhibit “B” of the attached bond amendment were entered into. The parties desire to amend and modify the Bond and Loan Documents to correct a scrivener’s error made to the legal description referenced or included in the Bond and Loan Documents.
Attachment(s): Exhibit A - First Global Modifi...
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