August 2012 - Empire State Development - New York State

DRAFT – SUBJECT TO REVIEW AND REVISION
PLAN” OR “PLAN”), WHICH IS INCORPORATED AND MADE PART OF SECOND
AMENDMENT TO THE GROUND LEASE, (III)ASSIGN MORTGAGE TO THE NEW LENDER,
AND (IV) TAKE ALL RELATED ACTIONS.
RESOLVED, that based on the materials presented to this meeting and ordered filed with the
records of the New York State Urban Development Corporation, relating to the Island House
Residential Project (UDC Loan No. 53) the Corporation be and hereby is authorized to (i)
Consent to Second Amendment to the Ground Lease, (ii) Revise Tax Equivalent Payment
(“TEP”) Terms Upon Implementation of Affordability Plan for Preservation of Affordable
Housing and Withdrawal from Mitchell-Lama Program (“Affordability Plan” or “Plan”), Which Is
Incorporated and Made Part of Second Amendment to the Ground Lease, (III) Assign Mortgage
to the New Lender, and (iv) Take All Related Actions, and be it further
RESOLVED, that the President and Chief Executive Officer of the Corporation or his designee(s)
are, and each of them hereby is, authorized to take such action and execute such documents as
may be necessary or appropriate to carry out the foregoing resolution.
* * *
Next, Ms. Roy asked the Directors to authorize ESD to take various actions in connection
with the Vernon Avenue Housing in Brooklyn, New York.
Ms. Roy provided background information with regard to this request and asked the
Directors to authorize ESD to accept a partial prepayment in satisfaction of the outstanding
mortgage; allow an assumption of the remaining balance of the outstanding mortgage; allow an
assumption of a tenant repair and improvement loan and take all related actions.
Following Ms. Roy’s full presentation, the Chair called for questions or comments.
Hearing none, and upon motion duly made and seconded, the following resolution was
unanimously adopted:
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