City Council

1. Approve Subordination Agreement Required for a Refinancing/Permanent Loan for the Las\nHaciendas Project (Which Pays Off the Existing Construction Loan Coming Due) (At the\nRequest of Subcommittee Members Kalfus and Schwank)\nRecommendation: That the City Council adopt a resolution entitled:\nRESOLUTION NO.\nA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF\nTEMECULA APPROVING A SUBORDINATION AGREEMENT\nWITH NEWPOINT REAL ESTATE CAPITAL, LLC, FOR ITS LOAN\nTO LAS HACIENDAS HOUSING ASSOCIATES, L.P. TO\nREFINANCE AND PAY OFF ITS EXISTING CONSTRUCTION\nLOAN\nAttachments: Agenda Report\nResolution\nSubordination Agreement\nSubordination Memorandum\nCITY ATTORNEY REPORT