Your vote is needed by end day Monday, April 20th
Dear Members of the Board of Directors,
In order to close on the loan from the New Hampshire Housing Finance Authority for the construction of The Family Place Resource Center & Shelter, we need to have 100% approval from members of the Board of Directors. The vote allows FIT to borrow the money and for me to sign the necessary paperwork. The property consists of 3 parcels of land, the parking lot in the back has 2 addresses which is why 4 addresses are listed. Also, the funds from New Hampshire Housing Finance Authority is a typical soft debt loan where we pay 50% of cash flow as debt service on their loan. If there is no cash flow there is no payment. It is imperative that we receive a 100% board response on this vote and that you vote right away as this is the final piece on our attorney finalizing our piece of the closing. Because we are not meeting in person, it is important to please post all votes, comments, questions or concerns on the portal so that everyone is informed about each other’s response to the resolution as though we are in a meeting. Thank you for support in making this shelter a reality!
FAMILIES IN TRANSITION
- $750,000.00 NEW HAMPSHIRE HOUSING FINANCE AUTHORITY LOAN
RESOLVED: That the Corporation be and hereby is authorized to borrow $750,000.00 from New Hampshire Housing Finance Authority (“NHHFA”) in the form of a commercial loan, for the purpose of renovating certain land with the buildings and improvements thereon, located at 167, 187 and 189 Lake Avenue and 120 Spruce Street in the City of Manchester, State of New Hampshire (the “Premises”) and to secure said loan with a mortgage and assignment of leases and rents on the Premises and assets related thereto and Maureen Beauregard, President of the Corporation, is authorized to execute and deliver such notes, loan agreements, mortgages, assignment of leases and other documents (the “Loan Agreements”) and take any action necessary or desirable to effectuate and implement the transaction contemplated by the Loan Agreements and is in the best interest of the Corporation and is hereby approved.
Enjoy the weekend. Be well,