Item 23B
approved grant consent calendarMay 23, 2012
Authorize to accept the donation of capital improvements that will be completed at the Bridges House from the Friends of the Bridges House, a nonprofit corporation that has raised private funds and acquired a Community Development Finance Authority grant to restore portions of the Bridges House with a total value of $750,000. Effective upon G&C approval. (2)Further authorize to enter into a Capital Improvements Gift Acceptance Agreement with The Friends of Bridges House, detailing mutual covenants, conditions, and agreements to allow for the improvements to the property. Effective upon G&C approval through June 30, 2013. (3)Further authorize to enter into a mortgage deed agreement with the Community Development Finance Authority as beneficiary of the original CDFA $500,000 award to the Friends of the Bridges House, with the building and land to serve as financial security for the award. Effective upon G&C approval through October 10, 2020.