HomeMy WebLinkAbout20-034 Authorizing the City Manager to Defer Homeward Bound's First Loan Payment Until October 1, 2020 and to Execute Any Documents Required to Defer the Payment Resolution 20-034
RESOLUTION NO. 20-034
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON AUTHORIZING THE CITY MANAGER TO DEFER HOMEWARD
BOUND'S FIRST LOAN PAYMENT UNTIL OCTOBER 1, 2020 AND TO EXECUTE ANY
DOCUMENTS REQUIRED TO DEFER THE PAYMENT
WHEREAS, Homeward Bound is developing an affordable housing in the City of Port
Townsend; and
WHEREAS, the City has contributed financially to the affordable housing development
including lending Homeward Bound financial resources towards the development; and
WHEREAS, the Homeward Bound's first loan payment is due July 1, 2020; and
WHEREAS, Homeward Bound has requested that the City defer the first payment until
October 1, 2020;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend, Washington, the City Manager is authorized to defer Homeward Bound's first loan
until October 1, 2020 and to execute documents required to defer the payment.
ADOPTED by the City Council of Port Townsend, Washington, at a regular meeting
thereof, held this 15th day of June 2020.
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Michel.l.e.. aildova
Mayor
Attest: Approved as to form:
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Joanna Sanders, MMC
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City Clerk City Atunic