title
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A SUBORDINATION AGREEMENT AMONG DOUGHERTY MORTGAGE LLC, REGENCY GARDENS APARTMENTS, LTD. AND THE CITY OF POMPANO BEACH; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Miriam Carrillo/Mark Korman)
summary
Summary Explanation/Background:
Regency Gardens Apartments, LLC entered received $202,977.00 in SHIP funds in March, secured by a 50-year, 0% deferred Promissory Note and Second Mortgage. Regency Gardens Apartments, LLC has asked the City to subordinate its Second Mortgage to a substitute Senior Lender as provided by the Second Mortgage securing the original SHIP loan.
Origin of request for this action: Miriam Carrillo/Mark Korman
Fiscal impact and source of funding: SHIP - No additional fiscal impact