5325705 Resolution 20-747, Department of Housing and Community Development Financing for The Grove at Parkside Emergency Approval Resolution of 2014

A RESOLUTION

                                                        

20-747

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

December 17, 2014         

 

 

To approve, on an emergency basis, the Department of Housing and Community Development financing for The Grove at Parkside, an affordable apartment development located in the Parkside neighborhood in Ward 7.

 

            RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Department of Housing and Community Development Financing for The Grove at Parkside Emergency Approval Resolution of 2014”.

 

            Sec. 2. Pursuant to section 451(b) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 803; D.C. Official Code § 1-204.51(b)), the Council approves the contract for the proposed loan agreement between the Department of Housing and Community Development (“DHCD”) and CI GD Parkside 7 LLC, in the amount of $11,052,173 from the Housing Production Trust Fund.  The proposed DHCD loan proceeds will be used to provide financing of the cost associated with the acquisition and new construction of The Grove at Parkside, which will consist of 186 affordable rental apartments located at 600 Kenilworth Terrace, N.E., in Ward 7.

 

Sec. 3. Fiscal impact statement.

The Council adopts the fiscal impact statement of the Budget Director as the fiscal impact statement required by section 602(c)(3) of the District of Columbia Home Rule Act, approved December 24, 1973 (87 Stat. 813; D.C. Official Code § 1-206.02(c)(3)).

 

Sec. 4. Transmittal.

The Council shall transmit a copy of this resolution, upon its adoption, to the Mayor.

 

Sec. 5. Effective date.

This resolution shall take effect immediately.