Title
Consider recommendations regarding a Mental Health Service Act (MHSA) Housing Program Loan to The Residences at Depot Street, L.P., for The Residences at Depot Street in Santa Maria, Fifth District, as follows:
a) Approve a 55-year loan of unencumbered MHSA Housing Program funds in the amount of $2,410,379.91 to The Residences at Depot Street, L.P. (a California Domestic Limited Partnership) for development of an eighty (80) unit affordable rental housing project at 201 and 205 North Depot Street in the City of Santa Maria with thirty-five (35) units dedicated for a term of thirty-five (35) years for qualified MHSA tenants (MHSA Loan) and authorize the Chair of the Board of Supervisors and the Director of Behavioral Wellness to execute the following documents:
i) MHSA Depot Loan Agreement;
ii) MHSA Depot Deed of Trust;
iii) MHSA Depot Promissory Note; and
iv) MHSA Depot Regulatory Agreement (together, the MHSA Loan Documents);
b) Approve and authorize the Chair of the Board and the Director of Behavioral Wellness to execute a MHSA Depot Subordination Agreement, subordinating the County’s MHSA Loan Documents to construction and permanent loans being provided to the project by Wells Fargo Bank, in an amount not to exceed $22,500,000.00;
c) Approve and authorize the Director of Behavioral Wellness to execute the amended and restated MHSA Memorandum of Understanding and the MHSA Supportive Services Agreement with the Residences at Depot Street L.P. and the Housing Authority of the County of Santa Barbara, regarding case management services provided to MHSA clients residing in the 35 designated MHSA units at the Residences at Depot Street Project throughout the term of the loan;
d) Find that the MHSA loan to support development of the Residences at Depot Street Project will be in the public interest by providing affordable housing options for MHSA-eligible clients; and
e) Consider the environmental effects of the project as shown in the Mitigated Negative Declaration (adopted by the City of Santa Maria for the Project on December 19, 2016 and find that pursuant to the California Environmental Quality Act (CEQA) Guidelines Section 15162, no substantial changes are proposed, and there are no substantial changes in circumstances or new information of substantial importance regarding significant impacts or feasibility of mitigation measures and alternatives, and therefore approval of the Recommended Actions are within the scope of the Mitigated Negative Declaration adopted by the City of Santa Maria for the Project on December 19, 2016.