Approve Agreement Related to Pre-payment - The Residence at The COR

Flaherty and Collins, the developer of The Residence at The COR, has offered an early principal reduction payment of $500,000 on their current construction financing note. This note has specific principal reduction payments due roughly 12 and 18 months following the first draw which occurred earlier this summer.

PNC Bank, the primary lender on the project, has reviewed the progress to date, and has allowed an exception in their agreements to allow F&C to draw down their developer's fee (which according to the agreement has been withheld until the completion of the project) for the purposes of advancing payment to the city.

The development team recommends the HRA accept the $500,000 early principal reduction payment, direct the team to execute the agreement, and transfer funds as outlined in the agreement.

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Accept the $500,000 early principal reduction payment, direct the team to execute the agreement, and transfer funds as outlined in the agreement.