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HA-1. AUTHORIZE EXECUTIVE DIRECTOR TO PURSUE A NEW LOAN IN AN AMOUNT NOT-TO-EXCEED $2.5 MILLION; REVISE THE ROSE TERRACE PARTNERSHIP AGREEMENT; AND AMEND HUD DOCUMENTS IN SUPPORT OF RESTRUCTURING ROSE TERRACE Adopt Resolution No. 12-005 authorizing the Executive Director to secure a new loan in an amount not-to-exceed $2.5 million to refinance the current debt and cover financing costs. Revise and execute partnership and operating agreement documents to establish the HAMC as the new managing general partner of Rose Terrace Partnership; and amend relevant Department of Housing and Urban Development (HUD) documents to recognize HAMC's new management role in the project. The new loan will reduce the current Rose Terrace Partnership debt service loan. The original loan payment is $17,457 per month. The new loan payment will be $6,933 per month. This is a savings to the partnership in the amount of $10,524 per month or $126,288 annually. (C-66-12-039-M-00)

Vote: approved

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H-1. AMEND DOLLAR VALUE ASSOCIATED WITH THE ORGANIZATIONAL AND FINANCIAL RESTRUCTURE OF ROSE TERRACE Adopt Resolution 12-026 and amend Resolution 12-005 authorizing the Executive Director to secure a loan in an amount not-to-exceed $2.68 million to pay off current loan, all closing costs, and fund reserves for the Rose Terrace project. Resolution 12-005 approved by the Board of Commissioners on April 11, 2012 (C-66-12-039-M-00) authorized assumption of full management and operations of the project and approval to obtain a loan in an amount not-to-exceed $2.5 million which will pay off the current loan. (C-66-12-039-M-01)