HomeMy WebLinkAbout1982-033-03/09/1982-AUTHORIZING THE CITY MANAGER TO RETIRE THE REHABILITATION CONSTRUCTION LOAN OF HOME FEDERAL SAVINGS RESOLUTION 82-33
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING THE CITY MANAGER TO RETIRE THE
REHABILITATION CONSTRUCTION LOAN OF
HOME FEDERAL SAVINGS AND LOAN ASSOCIATION
OF THE ROCKIES AND STANLEY KLEMETSON
WHEREAS, Stanley Klemetson did rehabilitate certain property located
at 234 N Grant Street in the City of Fort Collins by converting said
property into six (6) condominium units, and
WHEREAS, for the purpose of said rehabilitation, Stanley Klemetson did
obtain a Rehabilitation Construction Loan from Home Federal Savings and
Loan Association of the Rockies (Home Federal ) , and
WHEREAS, as additional collateral for said Rehabilitation Construction
Loan the City did pledge certain funds to Home Federal by depositing the
same in a savings account at Home Federal , and
WHEREAS, there is presently due upon the aforesaid Rehabilitation
Construction Loan, the sum of $96,427 26, including principal and all
accrued interest, and there remains as additional collateral for said loan,
the sum of $48 ,071 51 in the City' s savings account at Home Federal ,
and
WHEREAS, the Council of the City of Fort Collins has determined that
it is in the best interest of the City that said Rehabilitation Construc-
tion Loan be acquired by the City and that Home Federal assign all of its
right, title and interest therein to the City and authorize the withdrawal
of the balance of the City' s savings account at Home Federal
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that the City Manager be, and he hereby is, authorized to enter
into an agreement and to execute all necessary closing documents pertaining
thereto for the purpose of acquiring from Home Federal that certain promis-
sory note secured by a first deed of trust for a Rehabilitation Construc-
tion Loan made for the benefit of Stanley Klemetson, as above described, in
the amount of $96,427 26, including principal in the amount of $87,080,
and all accrued interest in the amount of $9347 26
Passed and adopted at a regular meeting of the City Council held this
9th day of March A D 1982
Mayor
ATTEST
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City Clerk