Title
RESOLUTION of the City of San Leandro City Council to Approve a Loan for $143,725 from CDBG Funds to the Building Futures for Women and Children, and to Authorize the City Manager to Execute the Loan Agreements
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WHEREAS, Saint Leander's Church owns the property located at 501 Davis Street, San Leandro, California (the "Property"); and
WHEREAS, Building Futures for Women and Children ("BFWC") leases the building where it operates the San Leandro Shelter? a 30-bed homeless shelter located on the grounds of St. Leander Catholic Church in San Leandro, that serves women and children who are homeless or victims of domestic violence; and
WHEREAS, BFWC seeks City's assistance to undertake certain capital improvements to renovate and repair the San Leandro Shelter, including replacement of the exterior ramp, stairs and entryway landing; rebuilding four bathroom shower stalls and subfloors, including the ADA shower stall; and, replacing the floors in the common area; and
WHEREAS, the City receives funds from the United States Department of Housing and Urban Development under Title I of the Housing and Community Development Act of 1974, as amended ("CDBG"), and will provide CDBG funded loans to qualified local nonprofit organizations, like BFWC, to assist such organizations with capital improvement projects, in conformance and accordance with CDBG and HUD laws and regulations; and
WHEREAS, the City Council has also determined that the improvements to be undertaken by BFWC will serve women and children who are homeless or victims of domestic violence from the San Leandro Community; and
WHEREAS, the City Council desires to provide BFWC with a forgivable loan of CDBG funds in the amount of One Hundred Forty-Three Thousand Seven Hundred Twenty-Five Dollars ($143,725) (the "CDBG Loan"); and
WHEREAS, the CDBG Loan will be for ten years at three percent (3%) interest, but will be forgiven at the end of the loan term if BFWC is not in default on any of the Loan'...
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