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Consider recommendations regarding approval and execution of First Amendments to the HOME loan documents and Partial Reconveyances for Cypress Court HOME Project, and Mortgagee Consent for City of Lompoc RDA loan documents; Fourth District, as follows:
a) Approve and authorize the Chair to execute the following documents (HOME Loan Documents) in order to change the legal description of the property that secures the County's HOME loan (Property) in accordance with the Amended Legal Description, which will be incorporated into each HOME loan Document as "Exhibit A";
i) First Amendment to the Deed of Trust Assignment of Rents and Security Agreement;
ii) First Amendment to the Regulatory Agreement and Declaration of Restrictive Covenants; and
iii) First Amendment to HOME Loan Documents;
b) Approve and authorize the Chair to execute the following documents (RDA Loan Documents) as Mortgagee Consent in order to facilitate a change to the legal description of the property that secures a loan held by the City of Lompoc as the successor agency to the Lompoc Redevelopment Agency (RDA) in accordance with the Amended Legal Description, which will be incorporated into the RDA Loan Documents as "Exhibit A";
i) First Amendment to Notice of Affordability Restrictions on Transfer of Property - City of Lompoc RDA loan;
ii) First Amendment to Deed of Trust - City of Lompoc RDA loan; and
iii) First Amendment to Agreement Containing Covenants - City of Lompoc RDA loan (Attachment G);
c) Approve and authorize the Chair to execute a Partial Reconveyance for Parcel 1 and Parcel 3 which releases the County's security interests in any real property not included in the Amended Legal Description;
d) Approve and authorize the Chair to execute two Substitutions of Trustees in order to facilitate the Partial Reconveyance for Parcel 3 and Parcel 2; and
e) Find that pursuant to the California Environmental Quality Act (CEQA) Guidelines Section 15162, no substantial changes are proposed and no new information of substantial importance has come to light regarding environmental effects of the project or of the sufficiency or feasibility of mitigation measures, and therefore these actions are within the scope of the Cypress Court project covered by the Mitigated Negative Declaration that was prepared by the City of Lompoc, which the Board considered and found was adequate for the project on March 6, 2012, and that therefore no new environmental document is required.