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Home/Meetings/Mar 10, 2021 Regular/Item 10.01
PassedFinal tally · 5–0·Mar 10, 2021 · Regular·Item 10.01

Approve Sale of Del Rio Apartments and Restructure of SHIP Loan Agreement

HousingBudget & Finance
Plain-language summary

The Commission approved the sale of Del Rio Apartments at 517 Yaeger Street to FLM Yeager, LLC and restructured the existing $300,088.49 SHIP loan into a forgivable loan. The loan balance will be reduced by approximately $30,088 per year over 10 years, provided the buyer rehabilitates the units and rents them to households at or below 80% of Area Median Income.

✓ Reviewed by editor · Generated from source document, May 2026

How each commissioner voted

5 present
Curtis Richardson
Curtis RichardsonSeat 4
Voted Yes
Dianne Williams-Cox
Dianne Williams-CoxSeat 5
Voted Yes
Jack Porter
Jack PorterSeat 1
Voted Yes
Jeremy Matlow
Jeremy MatlowSeat 3
Voted Yes
John E. Dailey
John E. DaileyMayor
Voted Yes

The Motion

As stated on the record

“Voted 5-0 to authorize the City Manager, or his designee, to execute a mortgage, loan agreement, and promissory note approving the sale of Del Rio Apartments to FLM Yeager, LLC, and restructure the $300,088.49 SHIP program loan into a forgivable loan”

Official agenda title

Authorize the City Manager to execute a mortgage, loan agreement, and promissory note approving the sale of Del Rio Apartments at 517 Yaeger Street to FLM Yeager, LLC, and restructure the $300,088.49 SHIP program loan into a forgivable loan

📄BoardDocs · Mar 10, 2021 packet · page ↗

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