City Council

3.E.City Council of the City of Norco and the Successor Agency of the NorcoRedevelopment Agency's approval of the transfer of ownership interests inHeritage Park Norco, LLC, a California limited liability company (“Owner”),pursuant to the May 22, 2007 Regulatory Agreement between Owner’spredecessor in interest and the City of Norco as the Successor Agency ofthe Redevelopment Agency of the City of Norco, as assigned to Owner asof October 27, 2025RECOMMENDATION:Approve (1) the transfer of ownership interests in Heritage Park Norco,LLC, a California limited liability company, (2) the refinancing of HeritagePark Apartments with a new Fannie Mae mortgage loan, and (3) the Cityentering into a Subordination Agreement subordinating the City’sRegulatory Agreement to the Fannie Mae loan.