Items Types:
For Meeting of:
February 29, 2016
District: 6 From:
Contract ID: Document Number:
Exhibits: Yes On File (City Clerk) : Yes Draft Only: No
Grant Received by City?: No

Subordination Agreement between the City of Orlando and The Village of Orlando, Inc.


The City of Orlando has provided CDBG and Home Grant funding to The Village of Orlando, Inc. (TVO) for the acquisition and rehabilitation of several affordable housing developments including Hope Village, 2912 Orange Center Blvd.; Hope Square, 2919 Orange Center Blvd.; Hope Estates, 3005 Monte Carlo Trail; and Village Square, 927 S. Goldwyn Ave.

TVO has secured refinancing from Valley National Bank to take advantage of more favorable interest rates. One requirement of the refinancing is that the existing loans between TVO and the City of Orlando be subordinated to the new loan(s).

The financial restructuring of existing loans will help ensure these properties remain affordable in accordance with the terms of the funding provided by the City of Orlando. No additional funds are being requested from the City of Orlando.

City staff requests City Council’s approval of The Village of Orlando’s subordination request with no additional City responsibilities, and authorization for the mayor to execute all related documents.


Fiscal & Efficiency Data: No Fiscal Impact

Recommended Action:

Approve and authorize the Mayor and City Clerk to execute documents for subordination after review of the documents by the City Attorney's office.

Agenda Item attachment(s) on file in the City Clerks Office.

Note: All agenda items must be in the City Clerk's office by Noon Friday, six(6) business days prior to the regular Monday City Council meeting.

Contact: David Medley, Housing and Community Development Manager
Approved By:

Department Date and Time
Budget Outside Routing Approval 2/19/2016 5:07 PM
City Clerk 2/19/2016 5:17 PM

Name: Description: Type:
Valley_National_Bank_Commitment_Letter_-_TVO_Inc_(1).pdf Valley National Commitment Letter Backup Material
TVO_Subordination_Hope_Square_2_(HOME).doc TVO Subordination Hope Square 2 Backup Material
TVO_Subordination_Hope_Village_1(CDBG).doc TVO Subordination Hope Village 1 Backup Material
TVO_Subordination_Hope_Village_2_(CDBG).doc TVO Subordination Hope Village 2 Backup Material
TVO_Subordination_Village_Square_(CDBG).doc TVO Subordination Village Square Backup Material
TVO_Subordination_Monte_Carlo_1_(HHRP).doc TVO Subordination Monte Carlo 1 Backup Material
TVO_Subordination_Monte_Carlo_2_(HOME).doc TVO Subordination Monte Carlo 2 Backup Material
TVO_Subordination_Hope_Square_1_(CDBG).doc TVO Subordination Hope Square 1 Backup Material

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