C2019-0708

That with respect to Report C2019-0708, the following be adopted: That Council: 1. Direct Administration to negotiate any agreements or documents required to: a. subordinate, postpone and defer all rights, claims and security interests that The City of Calgary currently has in property (real or personal) related to Attainable Homes Calgary Corporation's (“AHC”) Reach Martindale housing development project (the “Martindale Project”) in favour of AHC's primary lender, a financial institution, (“AHC's Lender”), subject to a maximum property value of $4.5 million, in relation to the satisfaction of indebtedness and obligations of up to $2 million; and/or b. consent to and facilitate the assignment by AHC to AHC's Lender of up to $2 million of proceeds from the sale of housing units within the Martindale Project; and authorize the Chief Financial Officer and the City Clerk to execute any agreements or documents so negotiated; and 2. Direct Administration to work with AHC to review AHC long term business plan when it is available and bring a progress update report back to Council through the Priorities and Finance Committee no later than 2019 November 5.