August 2012 - Empire State Development - New York State
August 2012 - Empire State Development - New York State
August 2012 - Empire State Development - New York State
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DRAFT – SUBJECT TO REVIEW AND REVISION<br />
KINGS COUNTY – VERNON AVENUE HOUSES (UDC LOAN NO. 237) – REQUEST FOR<br />
AUTHORIZATION TO (I) ACCEPT A PARTIAL PREPAYMENT IN SATISFACTION OF THE<br />
OUTSTANDING MORTGAGE, (II) ALLOW AN ASSUMPTION OF THE REMAINING BALANCE<br />
OF THE OUTSTANDING MORTGAGE, (III) ALLOW AN ASSUMPTION OF A TENANT REPAIR<br />
AND IMPROVEMENT LOAN, AND (IV) TAKE ALL RELATED ACTIONS.<br />
RESOLVED, that, based on the materials submitted to this meeting and ordered filed with the<br />
records of the <strong>New</strong> <strong>York</strong> <strong>State</strong> Urban <strong>Development</strong> Corporation (“Corporation”) relating to the<br />
Vernon Avenue Houses (UDC Loan No. 237), the Corporation be and hereby is authorized to: (i)<br />
Accept a Partial Prepayment in Satisfaction of the Outstanding Mortgage, (ii) Allow an<br />
Assumption of the Remaining Balance of the Outstanding Mortgage, (iii) Allow an Assumption<br />
of a Tenant Repair and Improvement Loan, and (iv) Take All Related Actions, and be it further.<br />
RESOLVED, that the Officers of the Corporation, be, and each of them hereby is authorized and<br />
directed to take any and all actions necessary to carry out the foregoing resolutions and to<br />
carry out any authority or delegation granted to the Corporation or in conjunction with such<br />
authorizations, including, but not limited to, the preparation and execution of any agreements,<br />
instrumentation and/or documents as such authorized officer may deem necessary or<br />
appropriate.<br />
* * *<br />
Ms. Roy then asked the Directors to authorize ESD to take various actions in connection<br />
with the Ocean Village Residential Project in the Arverne section of Queens.<br />
Ms. Roy provided the relevant historical background with regard to this project and<br />
asked the Directors to authorize ESD to accept partial prepayment and allow the assumption of<br />
the remaining balance of the outstanding indebtedness and take all related actions.<br />
Ms. Roy stated that staff recommends that the Directors accept the prepayment and<br />
assign the remaining outstanding indebtedness to HDC so this project may be rehabilitated and<br />
the 1,093 units may remain as an affordable resource.<br />
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