City Council

HA CC 1.​Subordination Agreement, allowing Urban Renual, L.P. to Proceed with a Refinance of the Senior Loan for Arbor Gardens Senior Apartments​ Recommendation(s): ​1. Adopt Resolution No. 24 - authorizing the Executive Director, or his designee, to finalize terms, modify, and execute a subordination agreement in a form approved by the City Attorney with respect to a $3,300,000.00 Lancaster Housing Authority Loan, a $475,000.00 Lancaster Housing Authority (“Authority”) loan, and a new loan of $5,900,000.00 from PNC Bank, National Association, allowing Urban Renual, L.P. to proceed with mortgage refinance of the senior loan for Arbor Gardens Senior Apartments. ​ 2. Authorize the Executive Director, or his designee, to execute all related documents. ​PNC Bank, National Association is making a loan to Urban Renual L.P. in the original principal amount of $5,900,000.000 (Senior Loan), upon the terms and conditions of a Multifamily Loan and Security Agreement dated as of October 31, 2024. The Senior Loan is secured by a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing. COUNCIL ACTIONS CONSENT CALENDAR