File #: 21-G-188    Version: Name:
Type: Item of Discussion - GC Status: Recommended Motion (Section H)
File created: 6/16/2021 In control: City Council
On agenda: 6/28/2021 Final action: 6/28/2021
Title: INTERIM CONSTRUCTION FINANCING - REDWOOD PARK COMMUNITIES AMENDMENT #1 Moved by: Councillor, R. Thomson Seconded by: Councillor, J. Harris That motion 21-G-188 Section "H" of the General Committee Report June 21, 2021 concerning Interim Construction Financing - Redwood Parks Communities be amended by adding the following as paragraph 4: "4. That the loan be fully repaid to the City by June 30, 2023, and the Director of Legal Services and Director of Finance/City Treasurer be delegated authority to enter into a loan agreement with Redwood Park Communities." CARRIED AMENDMENT #2 Moved by: Councillor, S. Morales Seconded by: Councillor, M. McCann That motion 21-G-188 Section "H" of the General Committee Report June 21, 2021 concerning Interim Construction Financing - Redwood Parks Communities be amended by adding the following: "5. That Redwood communities be charged a 2% interest rate for the money lent, interest accruing 6 months after the draws are extended to Redwood. 6...
Related files: A6 210628

Title

INTERIM CONSTRUCTION FINANCING - REDWOOD PARK COMMUNITIES

 

AMENDMENT #1

 

Moved by:                      Councillor, R. Thomson

Seconded by:                      Councillor, J. Harris

 

That motion 21-G-188 Section “H” of the General Committee Report June 21, 2021 concerning Interim Construction Financing - Redwood Parks Communities be amended by adding the following as paragraph 4:

 

“4.                     That the loan be fully repaid to the City by June 30, 2023, and the Director of Legal Services and Director of Finance/City Treasurer be delegated authority to enter into a loan agreement with Redwood Park Communities.”

 

CARRIED

 

AMENDMENT #2

 

Moved by:                      Councillor, S. Morales

Seconded by:                      Councillor, M. McCann

 

That motion 21-G-188 Section “H” of the General Committee Report June 21, 2021 concerning Interim Construction Financing - Redwood Parks Communities be amended by adding the following:

 

“5.                      That Redwood communities be charged a 2% interest rate for the money lent, interest accruing 6 months after the draws are extended to Redwood.

 

6.                     That Redwood be refunded/credited to redwood upon then meeting their targets.”

 

LOST

 

Upon the question of the original motion moved by Deputy Mayor, B. Ward and seconded by Councillor, R. Thomson, the motion was CARRIED AS AMENDED BY AMENDMENT #1 and the recorded vote was taken as follows:

 

Yes: 7 -                      Mayor, J. Lehman

                     Councillor, C. Riepma

                     Councillor, K. Aylwin

                     Councillor, A. Kungl

                     Deputy Mayor, B. Ward

                     Councillor, R. Thomson

                     Councillor, J. Harris.

 

No: 2 -                      Councillor, G. Harvey

                     Councillor, S. Morales

                     Councillor, M. McCann.

 

Absent: 1 -                      Councillor, N. Harris.