HomeMy WebLinkAboutRESOLUTIONS-1995-073-R-95•
10/3/95
73-R-95
A Resolution
Authorizing Acting City Manager to Execute
a Subordination Agreement with
Illinois Facilities Fund for the Benefit
of Reba Place Day Nursery
WHEREAS, Reba Place Day Nursery (RPDN) received a $225,000 Community
Development Block Grant in 1993; and
WHEREAS, a portion of the Grant was used to purchase a building at 750 Custer
Avenue, adjacent to the existing RPDN building at 740 Custer Avenue; and
. WHEREAS, RPDN received a loan from Illinois Facilities Fund (IFF) to finance
rehabilitation of both RPDN buildings; and
WHEREAS, in connection with this loan, at IFF's request, the City executed a Second
Mortgage and a Subordination Agreement in December, 1993; and
WHEREAS, RPDN has refinanced its IFF loan via a Second Amendment to that
Mortgage so as to reduce RPDN's monthly payments; and
WHEREAS, IFF has asked that the City execute a Subordination Agreement to the
Second Amendment; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the Acting City Manager of the City of Evanston is hereby
0 authorized and directed to execute a Subordination Agreement to the Second Amendment
to the Original Mortgage with the IFF for the RPDN properties at 740 Custer Avenue and
750 Custer Avenue, Evanston, Illinois. Said Subordination Agreement shall be in substantial
conformity with that marked as Exhibit A, attached hereto and incorporated herein by
reference.
SECTION 2: That this Resolution shall be in full force and effect from and after the
date of its passage and approval in the manner provided by law.
TTEST:
Clerk
Adopted: (Oa;r�'4qA -/
, 1995
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Mayor
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