HomeMy WebLinkAbout0202.094March 24., 1994
HONORABLE C!TY COu~CIL
Palo Alto. California
Members of the Council:
REPORT IN BRIEF
Thie is an informational staff report. and no action is required
of Council. On Never-ber 15, 1993, the counci 1 authorized a
ternporar./ bridge loan of $703, BOD to Lytton IV Heusing
Corporation, to a~low the sponsor to close escrow on the site
ac~~isition and their HUD Capital Advance pending receipt of the
remaining HUD amendment funding. The loan funds were delivered
to Lytton IV on December 7th, and escrow closed on December 8,
1993. Lytton IV remitted $706,268.12 as full repayment of the
bridge loan and interest due on January 7, 1994. The funds ;,;ere
outstanding for OTIe month. The project is now under construction
and is proceeding on schedule.
Respectfully submittedf
t1tl(w{t[t( 46;£/
CATHERINE SIEGEL () I
Senior Pla:mer
~~~
City Manager
CC; Lytton IV Housing Corporation
C>m.:2D2:94
KENNETH R. SCHREIBER
Director of :n.anning and
Comm~nity Environment
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