Title
Authorizing Resolutions of Ann Arbor Housing Commission As Guarantor for Swift Lane Cinnaire Loan
Memorandum
I CERTIFY that I am the duly appointed Secretary and keeper of the records of Ann Arbor Housing Commission, a Michigan public body corporate, (the "Commission"), that the following is a true and correct copy of a Resolution duly and unanimously adopted by the Board of Directors of the Commission on December 19, 2018, at its regularly scheduled meeting that the Resolution does not conflict with any Bylaw or Governing Documents of the Commission nor has the Resolution been in any way altered, amended or repealed and is in full force and effect, unrevoked and un-rescinded as of this date, and has been entered in the records of the Commission as of the date of adoption, and that the Board of Directors of the Commission have, and at the time of adoption of the Resolution, had, full power and lawful authority to adopt the Resolution and to confer the powers granted in the Resolution to the officer(s) named in the Resolution, who have full power and lawful authority to exercise those powers:
Staff
Prepared and Approved by Jennifer Hall, Executive Director
Body
WHEREAS, the Commission has approved a proposal for Swift Lane Limited Dividend Housing Association Limited Partnership (the "Partnership") to borrow from the JPMorgan Chase Bank, N.A. ("Chase Bank") a construction loan in a sum not to exceed [Twelve Million Seven Hundred Forty-Two Thousand Three Hundred Ninety-Four and 00/100 Dollars ($12,742,394.00)] (the "Construction Loan") to be used to finance the acquisition and development of a housing development to be known as Swift Lane (the "Development"), which borrowing shall be evidenced by a Chase Bank Mortgage Note (the "Note") and secured by a Future Advance Mortgage (the "Mortgage") on real property and improvements owned or to be constructed by the Partnership and located at 3401, 3451 and Vacant Platt Rd. and 1514 White St., in the City...
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