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<br /> <br /> <br />e. Borrower: <br />The City of Eugene will act as borrower for the Section 108 loan funds. The City has entered <br />into an agreement with the URA to carry out the project. (The URA would lend Section <br />108/BEDI funds to Beam for the rehabilitation of the building.) <br /> <br /> <br />4. Repayment Schedule <br /> <br /> YearPrincipal RepaymentYearPrincipal Repayment <br />1$ -11$ 288,000 <br /> <br /> 2$ -12$ 288,000 <br /> <br />3$ 288,000 13$ 288,000 <br /> <br />4$ 288,000 14$ 288,000 <br /> <br />5$ 288,000 15$ 288,000 <br /> <br />6$ 288,000 16$ 288,000 <br /> <br />7$ 288,000 17$ 288,000 <br /> <br />8$ 288,000 18$ 288,000 <br /> <br />9$ 288,000 19$ 288,000 <br /> <br />10$ 288,000 20$ 293,000 <br /> <br /> <br />Total$ 5,189,000 <br /> <br /> <br />5. Collateral <br />The URA has positions on Washburne Building and the Centre Court and adjacent property as <br />part of the existing Section 108/BEDI financing (loan #1), assignment of which were used to <br />secure the HUD borrowing. The URA would seek expanded positions on the properties for loan <br />#2 and provide expanded assignments to HUD. The value of the Centre Court Building at <br />stabilization is projected to be $8,659,679. The appraised value of the Washburne building is <br />$1,721,000. The combined value of the Centre Court and Washburne buildings is $10,380,679. <br />The combined debt on the two properties will be $8,649,000, resulting in a loan to value ratio of <br />81%. Additional collateral may include assignment of leases for the Centre Court, expanded <br />assignment of Washburne leases, and personal guarantees from the Beam owners. <br /> <br /> <br />6. Project Implementation <br />a. Estimated Project Schedule & HUD 108 Timing: <br />Several required Federal processes have already been completed to enable the use of Section 108 <br />funds for construction financing. The target date for the dispersal of funds to Beam is the end of <br />February 2010. <br /> <br />Environmental Review <br />The City of Eugene completed an Environmental Assessment for the West Broadway project <br />area in September 2007, which included acquisition and rehabilitation of the Centre Court <br />Building. Subsequently, the HUD Regional Office signed the Request for Release of Funds on <br />September 24, 2007. <br /> <br />3 <br />