City Council

12.4 Adoption of a Resolution Approving an Addendum to Ramona Metro Point, L.P.’S\nLoans Granting Consent and Acknowledgement of the City of El Monte’s Subordinated\nLoan Priority to Los Angeles County, U.S. Bank, and East West Bank Loan\nModifications with Ramona Metro Point, L.P. for the Construction of a 51-Unit\nAffordable Housing Development Located at 3436 & 3454 Tyler Avenue and 11016\nRamona Boulevard.\nRECOMMENDATION OF BUSINESS ITEM UNDER CONSIDERATION:\nIt is recommended that the City Council:\n1. Adopt a Resolution to grant consent and acknowledgement for Ramona Metro Point, L.P.\nto restructure its loans that have priority over the City of El Monte’s loans and execute all\nnecessary subordination agreements; and\n2. Authorize the City Manager in consultation with the City Attorney’s Office, to execute the\nattached documents on behalf of the City and to make any additional nonmaterial\nchanges; and further authorize the City to execute and deliver all other documents\nrequired or deemed necessary, to effectuate City Council approval.\nTotal Cost: N/A Account No: N/A\nIs the cost of this item budgeted? N/A\nResolution No. 10429