File #: 11-00337    Version: 1
Type: Agenda Item Status: Passed
File created: 4/20/2011 In control: BOARD OF SUPERVISORS
On agenda: 5/3/2011 Final action: 5/3/2011
Title: Acting as the Board of Directors, Santa Barbara County Redevelopment Agency: Consider recommendations regarding a Public-Private Partnership for Six Affordable Housing Units at 909 Embarcadero del Mar in Isla Vista, Third District, as follows: (4/5 Vote Required) a) Approve and authorize the Chair to execute the Second Amendment to the Owner Participation Agreement with Paradise Ivy, LLC (Developer), a limited liability company, that includes a $717,000.00 loan of Isla Vista Project Area Redevelopment Agency Affordable Housing Funds for development of six studio housing units affordable to low-income residents, located at 909 Embarcadero del Mar in Isla Vista; b) Approve and authorize the Chair to execute an Intercreditor Agreement, which allows the developer’s construction lender, Wells Fargo Bank, National Association, to hold the remaining balance of committed Agency funds of $617,000.00 and disburse them in accordance with Agency-approved performance milestones; and c) Approv...
Sponsors: COUNTY EXECUTIVE OFFICE, BOARD OF DIRECTORS, REDEVELOPMENT AGENCY
Attachments: 1. Board Letter, 2. Attachment A: Second Amendment, 3. Attachment B: Increditor Agreement, 4. Attachment C: Budget Revision Request, 5. Attachment D: Notice of Exemption

Title

 

Acting as the Board of Directors, Santa Barbara County Redevelopment Agency:

 

Consider recommendations regarding a Public-Private Partnership for Six Affordable Housing Units at 909 Embarcadero del Mar in Isla Vista, Third District, as follows: (4/5 Vote Required)

 

a)  Approve and authorize the Chair to execute the Second Amendment to the Owner Participation Agreement with Paradise Ivy, LLC (Developer), a limited liability company, that includes a $717,000.00 loan of Isla Vista Project Area Redevelopment Agency Affordable Housing Funds for development of six studio housing units affordable to low-income residents, located at 909 Embarcadero del Mar in Isla Vista;

 

b) Approve and authorize the Chair to execute an Intercreditor Agreement, which allows the developer’s construction lender, Wells Fargo Bank, National Association, to hold the remaining balance of committed Agency funds of $617,000.00 and disburse them in accordance with Agency-approved performance milestones; and

 

c) Approve a Budget Revision Request in the amount of $617,000.00.