City Council

3. A JOINT RESOLUTION OF CITY COUNCIL AND SUCCESSOR AGENCY APPROVING\nBG HOUSING PARTNERS' SUBORDINATION REQUEST OF THE SUCCESSOR\nAGENCY'S LOAN AND AN ACCOMODATION DEED OF TRUST FOR THE CONTINUED\nUSE OF CITY PROPERTY AS COLLATERAL FOR THE REFINANCE OF SENIOR\nHOUSING PROPERTY LOCATED AT 6722 CLARA STREET\nJoint City Council and Successor Agency Resolution agreeing to the subordination of the\nSuccessor Agency’s existing loan for the property located at 6722 Clara Street (A.K.A., Parkview\nTerrace Senior Housing operated by BG Housing Partners, LLC) (APN: 6228-028-019) (the\n“Property”) to the new refinanced loan and agreeing to allow a deed of trust to be placed on the\nProperty as collateral for the new refinanced loan.\n[This Staff Report has been prepared for concurrent actions of the Successor Agency and the City\nCouncil. The documents require signatures from both the Successor Agency and the City Council.]\nRecommendation:\nIt is staff's recommendation that by concurrent action, the City Council and Successor Agency\napprove the Joint Resolution agreeing to the subordination of the Successor Agency’s existing\nloan for the property located at 6722 Clara Street (A.K.A., Parkview Terrace Senior Housing\noperated by BG Housing Partners, LLC) (APN: 6228-028-019) (the “Property”) to the new\nrefinanced loan and agreeing to allow a deed of trust to be placed on the Property as collateral for\nthe new refinanced loan.\nCITY COUNCIL PUBLIC HEARING (Item Nos. 4 - 5)