File #: 25-0993    Version: 1 Name: VoG Redev't - Mtge Reg'n & Final Project Approval
Type: Action Report Status: Reported to Board
File created: 9/18/2025 In control: Hospitals and Housing Committee
On agenda: 10/1/2025 Final action:
Title: Village on the Green Redevelopment - Mortgage Registration and Final Project Approval
Attachments: 1. Staff Report: VoG Redvlp't - Mtge Reg'n & Final Project Approval, 2. Appendix A: Draft Cert'd Resolution of Dirs-Repayable Mtge, 3. Appendix B: Draft Cert'd Resolution of Dirs-Forgivable Mtge, 4. Appendix C: Provisional Rent Levels, 5. Appendix D: Loan Commitment Letter - Repayable Mortgage, 6. Appendix E: Loan Commitment Letter - Forgivable Mortgage, 7. Appendix F: Draft BC Builds Contribution Agreement, 8. Appendix G: Draft Cost Overrun Agreement

Title

Village on the Green Redevelopment - Mortgage Registration and Final Project Approval

 

Recommendation

The Hospitals and Housing Committee recommends to the Capital Region Housing Corporation Board:

1. That the Resolution of Directors for the Repayable Mortgage in the form required by BC Housing Management Commission for the purposes of authorizing the execution of the Loan and Mortgage documents for the Village on the Green Redevelopment project (PID 032-599-307), substantially in the form as attached hereto as Appendix A, be approved;

2. That the Resolution of Directors for the Forgivable Mortgage in the form required by BC Housing Management Commission for the purposes of authorizing the execution of the Loan and Mortgage documents for the Village on the Green Redevelopment project (PID 032-599-307), substantially in the form as attached hereto as Appendix B, be approved; and

3. That Edward Robbins, Chief Administrative Office, and Nelson Chan, Chief Financial Officer, or their duly authorized delegates, or any two directors or officers of the Corporation be authorized to do all things necessary to affect the project and take such steps as are required to conclude the financing, construction, and operation of the Village on the Green Redevelopment project.