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Consider recommendations regarding the substitution of collateral property and Second Addendum to the Funding Agreement for AB 2034 One-Time Housing Funds to Transitions - Mental Health Association, as follows:
a) Approve the substitution of collateral property currently located at 117 W. Tunnell Street in Santa Maria, CA (Tunnell St.) with replacement collateral property located at 1114 S. Broadway in Santa Maria, CA (Broadway), which secures an existing loan in the amount of $125,000.00 of AB 2034 one-time housing grant funds to Transitions - Mental Health Association (the “AB 2034 Loan”) to provide affordable housing in the City of Santa Maria with three project units/beds dedicated for a term of thirty (30) years for qualified mentally ill adult clients of the County of Santa Barbara;
b) Approve and authorize the Chair and the Director of Behavioral Wellness to execute a Second Addendum (Second Addendum) to the Funding Agreement for AB 2034 One Time Housing Funds Between the County of Santa Barbara and Transitions - Mental Health Association (the “Funding Agreement”) (together, the “Funding Agreement and Second Addendum”);
c) Approve and accept an Amended and Restated Promissory Note on Broadway, in a form and content substantially similar to Attachment E included with the Board Letter, that reflects the above-described substitution of collateral;
d) Approve and accept a Deed of Trust on the Broadway facility, in form and content substantially similar to Attachment F included with the Board Letter, which will serve as substitute collateral securing performance of the Funding Agreement and Addendum and Amended and Restated Promissory Note;
e) Approve and authorize the Director of Behavioral Wellness to execute a Substitution of Trustee and Deed of Full Reconveyance, in a form substantially similar to Attachment G included with the Board Letter, which will release the deed of trust on the Tunnell St. property; and
f) Determine that the recommended actions are not the acceptance and approval of a project that is subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15378(b)(4), finding that the actions are a creation of government funding mechanisms or other government fiscal activities, which do not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment; and pursuant to CEQA Guidelines Section 15378(b)(5), finding that the actions consist of organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment.