Title
Consider recommendations regarding the execution of Loan Documents for a $1,377,665.00 loan in State of California Community Development Block Grant Disaster Recovery Multi-Family Housing Program (CDBG-DR MHP) funds to Escalante Meadows, L.P. for Escalante Meadows (Project) in Guadalupe, Fifth District, as follows:
a) Approve and authorize the Chair to execute the following documents (together the “Loan Documents”), which relate to a CDBG-DR MHP loan of One Million Three Hundred Seventy-Seven Thousand Six Hundred Sixty-Five Dollars ($1,377,665.00), to Escalante Meadows, L.P., for development of the Escalante Meadows affordable housing development to be located at 1090 and 1093 Escalante Street in the City of Guadalupe:
i) County CDBG DR MHP Development Agreement;
ii) County CDBG DR MHP Promissory Note;
iii) County CDBG DR MHP Deed of Trust;
iv) County CDBG-DR MHP Senior Regulatory Agreement;
v) County CDBG DR MHP Junior Regulatory Agreement; and
vi) County CDBG DR MHP Rider to Development Agreement (together, the County CDBG-DR MHP Loan Documents)
b) Approve and authorize the Chair to execute the following two subordination agreements subordinating the County’s CDBG DR MHP Loan Documents (except the County CDBG-DR MHP Senior Regulatory Agreement) to construction and permanent loans being provided to the project by Pacific Western Bank, and to the Housing and Urban Development’s Rental Assistance Demonstration (HUD RAD) Use Agreement:
i) Subordination Agreement subordinating the County CDBG-DR MHP loan to Pacific Western Bank; and
ii) Subordination Agreement subordinating the County CDBG-DR MHP to HUD’s RAD Use Agreement; and
c) Consider the environmental effects of the Project as shown in the Mitigated Negative Declaration adopted by the City of Guadalupe, approved on January 16, 2020, and subsequent Notice of Determination regarding the Project on February 26, 2020, approved by State Governors Office of Planning and Research on March 2, 2020, and find that pursuant to 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 Guadalupe.