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DATE SUBIvunED: 1-24-05 BILL # 05"'" 03S
AGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
........................................................................................
SUBJECT: Harborside Condominiums Committee Meeting Date: 1-26-05
Agreement between Kitsap County, Kitsap COUNCIL MEETING Date: 2 2 05 ~ _. S- 2 -, (g- o~
County Consolidated Housing Authority and Department: City Attorney's Office
the City of Bremerton regarding a Presenter: Roger A. Lubovich
Contingent Loan Agreement Phone: 473-2345
SUMMARY:
Two agreements are proposed for execution by the City, Kitsap County, and the Kitsap County
Consolidated Housing Authority (KCCHA). The first is the Harborside Condominiums
Agreement and the second is the Contingent Loan Agreement. (There is a second contingent loan
agreement between Kitsap County and KCCHA of which the City is not a party) These
agreements provide guarantees for financing and development ofthe condominium project by the
Kitsap County Consolidated Housing Authority.
ATTACHMENTS:
1. Harborside Condominiums Agreement
2. Contingent Loan Agreement
3. Harborside Condominiums Uses and Sources of Funds Exhibit
FISCAL IMPACTS (Include Budgeted Amount): The City will be undertaking a commitment of
$2,000,000 (plus related interest) of contingent debt liability in the event sale proceeds from the
condominium project are not sufficient to repay the KCCHA's project debt. However, this contingent
liability is not invoked until Kitsap County has fully exercised its contingent debt guarantee of
$11,867,292.
APPROVALS:
DEPARTMENT DIRECTOR: - ;:-:';-' .. _'. __ ~~
CITY ATTORNEY: /..-- ~
FINANCE DIRECTOR: ../."~-:.::;...~.
MAYOR:
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FISCAUBUDGET: iu~b / -;-?' CONSENT AGENDA 0
OPERATIONS: -.:..1\, _.~~ f~ --?/ -....
COUNCIL PRESIDENT: ~ ',AM-11"A ...--...
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RECOMMENDED MOTION:
Move to approve the Harborside Condominiums Agreement and the Contingent Loan
Agreement between the City of Bremerton, Kitsap County and Kitsap County Consolidated
Housing Authority and authorize the Mayor to execute the agreements in substantially the same
form as presented subject to final approval of the City Attorney and Director of Financial
Services.
COUNCIL ACTION: ~pprove 0 Deny 0 Table 0 Continue 0 No Action