File #: FRG 17    Version: Name:
Type: Staff Report Status: Recommended Motion (Section F)
File created: 4/15/2025 In control: General Committee
On agenda: 5/7/2025 Final action:
Title: REDWOOD PARK COMMUNITIES LOAN FORGIVENESS REQUEST That Redwood Community's request for loan forgiveness be approved in the amount of $500,000 against Redwood Park Communities Inc.'s $3 million promissory note agreement with the City of Barrie dated March 8, 2024, on the condition that they repay $1.8 million of the promissory note by June 30, 2025 and $700,000 by September 1, 2025, with the loan forgiveness being funded from the Reinvestment Reserve or through federal government funding allocated for housing.
Attachments: 1. Report Redwood Park Communities Loan Forgiveness, 2. Appendix A - Redwood Loan Forgiveness Request - April 3 2025, 3. Appendix B - Staff Memo - Redwood Park Communities CIP Funding Request - February 19 2025

Title

REDWOOD PARK COMMUNITIES LOAN FORGIVENESS REQUEST

 

That Redwood Community’s request for loan forgiveness be approved in the amount of $500,000 against Redwood Park Communities Inc.’s $3 million promissory note agreement with the City of Barrie dated March 8, 2024, on the condition that they repay $1.8 million of the promissory note by June 30, 2025 and $700,000 by September 1, 2025, with the loan forgiveness being funded from the Reinvestment Reserve or through federal government funding allocated for housing.