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47 <br /> REQUEST FOR COUNCIL CONSIDERATION CJ"`n tho <br /> ills e C� <br /> Report Date: December 21, 2003 <br /> Meeting Date: January 6, 2004 Agenda Section: IV, E <br /> ITEM DESCRIPTION: Fannie Mae Funding <br /> MANAGER'S REVIEW: The City Council, by approving Resolution 04-016, agrees to <br /> enter into an agreement with Fannie Mae for loan funds to be used by the City to assist <br /> in acquiring commercial property in the Northwest Quadrant area. The proceeds to pay <br /> the loan back will come from the developer when the "For Sale" housing gets sold and <br /> from the future increment, if needed. We will not close on the loan until the developer <br /> has 20% of the "For Sale" housing pre-sold. <br /> This is funding needed by the developer to assist in the redevelopment of the <br /> Northwest Quadrant. We are anticipating closing on the loan on or before May 31, <br /> 2004. The term of the loan is 3 years, however, we can get a three year extension, if <br /> needed. <br /> This resolution was approved by the HRA on November 25, 2003. Fannie Mae is asking <br /> that the City Council approve the same resolution. <br /> Michael Mornson <br /> City Manager <br />