SUBJECT: Approval of a Community Development Block Grant Program Deed Restriction Covenant and Loan Agreement Between the City of Merced and Merced CA Apartments L.P., a Delaware Limited Partnership, Regulatory Agreement and Declaration of Restrictive Covenants, and Deed of Trust with Assignment of Rents; and Authorizing the City Manager or Designee to Execute these and Future Documents to Implement the Council’s Actions REPORT IN BRIEF Approving a Community Development Block Grant Program (CDBG) Deed Restriction Covenant and Loan Agreement between the City of Merced and Merced CA Apartments L.P., a Delaware Limited Partnership, Regulatory Agreement and Declaration of Restrictive Covenants, and Deed of Trust with Assignment of Rents; and authorizing the City Manager to execute said documents to implement the Council’s actions. RECOMMENDATION City Council - Adopt a motion: A. Approving a Community Development Block Grant Program (CDBG) Deed Restriction Covenant and Loan Agreement between the City of Merced and Merced CA Apartments L.P., a Delaware Limited Partnership, Regulatory Agreement and Declaration of Restrictive Covenants, and Deed of Trust with Assignment of Rents; and, B. Authorizing the City Manager or designee to execute these and any future documents necessary for completion of the project.

Consent Item Passed Introduced April 27, 2021

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Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: April 27, 2021
On agenda: June 7, 2021
Passed: June 7, 2021