Page One

Berkeley City Council to consider $800,000 home loan to City Manager at special meeting on Tuesday

Becky O'Malley
Friday March 31, 2017 - 04:50:00 PM

At 4:10 pm on Friday afternoon, March 31, the Planet received a notice from the Berkeley City Clerk with a proclamation from Mayor Jesse Arreguin that there will be a special meeting of the City Council on Tuesday, April 4, at 4:30 pm, with the following item on the Consent Calendar:

1. Authorizing Home Loan Agreement with Dee Williams-Ridley

From: Mayor Arreguin

Recommendation: Adopt a Resolution authorizing a housing assistance loan to Dee Williams-Ridley of up to $800,000 for the purchase of a residence within a ten mile radius of the City of Berkeley, for a 20 year term with an annual interest rate equal to 3%, and repayment of the loan with interest required within 24 months of separation from the City, and authorizing the Mayor to execute the resulting loan repayment agreement and promissory note.

Financial Implications: See report

Contact: Jesse Arreguin, Mayor, 981-7100
No report was attached to the notice however.