7 16-1313 Subject: Purchase The HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments From: Housing And Community Development Department Recommendation: Adopt A Resolution (1) Authorizing The Purchase Of A HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments Located At 2700 Alvingroom Court (The "Property") For A Purchase Price Of Up To $4,000,000 Plus Accrued Interest, And (2) Authorizing The City Administrator To Take Actions To Facilitate The Preservation And Rehabilitation Of The Property, Including Contracting With An Interim Property Management Company, Foreclosing On City Loans Secured By The Property, And/Or Assigning City Loans Or Lien Rights On The Property To An Affordable Housing Entity - City of Oakland

Meeting: * Special Concurrent Meeting of the Oakland Redevelopment Successor Agency and Community & Economic Development Committee on 2017-07-11 1:00 PM

Meeting Time: July 11, 2017 at 1:00pm PDT

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Agenda Item

7 16-1313 Subject: Purchase The HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments From: Housing And Community Development Department Recommendation: Adopt A Resolution (1) Authorizing The Purchase Of A HUD-Held Mortgage Loan Secured By E.C. Reems Garden Apartments Located At 2700 Alvingroom Court (The "Property") For A Purchase Price Of Up To $4,000,000 Plus Accrued Interest, And (2) Authorizing The City Administrator To Take Actions To Facilitate The Preservation And Rehabilitation Of The Property, Including Contracting With An Interim Property Management Company, Foreclosing On City Loans Secured By The Property, And/Or Assigning City Loans Or Lien Rights On The Property To An Affordable Housing Entity

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