HomeMy WebLinkAbout17-052 Related to Affordable Housing; Authorizing the City Manager to Extend the Repayment Date on the Loan to Homeward Bound D/B/A Olympic Housing TrustResolution 17-052
RESOLUTION NO. 17-052
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON RELATED TO AFFORDABLE HOUSING; AUTHORIZING THE
CITY MANAGER TO EXTEND THE REPAYMENT DATE ON THE LOAN TO
HOMEWARD BOUND D/B/A OLYMPIC HOUSING TRUST
WHEREAS, the City of Port Townsend ("City") adopted Resolution 17-019, which in
part authorized the City Manager to enter into a loan agreement with Homeward Bound, d/b/a
Olympic Housing Trust ("Homeward Bound") for $250,000, which loan was to be repaid not
later than December 26, 2017; and,
WHEREAS, because of market conditions, Homeward Bound has not been able to
secure commercial funding; and,
WHEREAS, the City Manager has recommended extension of the due date for one year,
to allow Homeward Bound's newly -elected Board of Directors to organize and seek additional
funding.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend that the City Manager is authorized to enter into agreements to extend the loan to
Homeward Bound until December 26th, 2018.
ADOPTED by the City Council of the City of Port Townsend at a special meeting
thereof, held this 13th day of November, 2017.
lac.Borah S. S'ti son
Mayor
Approvedas to form:
Steven L. Gross
City Attorney