Resolution 25-R79 authorizes a loan for the Sunrise Village affordable housing project and approves associated loan documents. 

The Developer intends to build a 106 unit affordable housing project known as Sunrise Village. The Developer requested financial assistance from the City to support the project. City previously approved financial assistance to the Developer to assist in their ability to obtain a reduced interest rate loan from the Florida Housing Finance Corporation. Upon award of the Florida Housing Finance Corporation tax credits, the City and Developer have negotiated a loan for $460,000 with a 6.50% interest rate. The loan following documents comprise the "Loan Documents" to be approved to finalize the City's loan contribution to the affordable housing project:

City Mortgage
Promissory Note and Loan Agreement
Declaration of Covenants and Restrictions
Subordination Agreement
Right-of-Way Deed of Dedication
Utility Easement

The Loan Documents will be held in escrow until closing. 

Staff will proceed as directed.

Staff will proceed as directed.

Richard Chess, City Manager
Johnna Morris, Finance Director
Sara Hedges, City Attorney
Shyanne Harnage, Director of Community and Economic Development

Kevin Freeman, Planning Director
Mark Zrallack, City Engineer
Stefanie Beskovoyne, FPUA General Counsel
Randy Alligood, Esq., Nelson Mullins
Barbara Ferrer, Esq., Stearns Weaver Miller Weissler Alhadeff & Sitterson, PA