Legislation Details

File #: 22-905    Version: 1 Name:
Type: Discussion/Action Item Status: Agenda Ready
File created: 6/27/2024 In control: City Council
On agenda: 7/9/2024 Final action:
Title: Redevelopment Housing Successor and Business Loan Administration RECOMMENDATION: Provide direction on the administration of housing and business loans issued by the former Hercules Redevelopment Agency. Authorize writing off loans that are uncollectible due to foreclosure, bankruptcy, or business closure. Authorize staff to restructure non-performing loans that have overdue balances by negotiating amended loan agreements.
Attachments: 1. Staff Report - Housing Loan Administration Direction, 2. Attach 1 - Resolution, 3. Attach 2 - Appendix 1-Loan Program Summary

Title

Redevelopment Housing Successor and Business Loan Administration

RECOMMENDATION:

Provide direction on the administration of housing and business loans issued by the former Hercules Redevelopment Agency. Authorize writing off loans that are uncollectible due to foreclosure, bankruptcy, or business closure. Authorize staff to restructure non-performing loans that have overdue balances by negotiating amended loan agreements.