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HRA Special Session <br />Meeting Date: 10/16/2012 <br />By: Darren Lazan, Housing & <br />Redevelopment Authority <br />Information <br />Title: <br />Approve Agreement Related to Pre -payment - The Residence at The COR <br />5. 5. <br />Background: <br />Flaherty and Collins, the developer of The Residence at The COR, has offered an early principal reduction payment <br />of $500,000 on their current construction financing note. This note has specific principal reduction payments due <br />roughly 12 and 18 months following the first draw which occurred earlier this summer. <br />PNC Bank, the primary lender on the project, has reviewed the progress to date, and has allowed an exception in <br />their agreements to allow F&C to draw down their developer's fee (which according to the agreement has been <br />withheld until the completion of the project) for the purposes of advancing payment to the city. <br />Notification: <br />Recommendation: <br />The development team recommends the HRA accept the $500,000 early principal reduction payment, direct the <br />team to execute the agreement, and transfer funds as outlined in the agreement. <br />Funding Source: <br />N/A <br />Council Action: <br />Accept the $500,000 early principal reduction payment, direct the team to execute the agreement, and transfer funds <br />as outlined in the agreement. <br />Attachments <br />Agreement with PNC for early principal payment <br />Bray Memo <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 10/11/2012 02:57 PM <br />Form Started By: Darren Lazan Started On: 10/11/2012 09:30 AM <br />Final Approval Date: 10/11/2012 <br />