File #: 05-00372    Version: 1
Type: Agenda Item Status: Passed
File created: 3/28/2005 In control: BOARD OF SUPERVISORS
On agenda: 4/5/2005 Final action: 4/5/2005
Title: Consider recommendations regarding amendment and subordination of loan for K St. Apartments, Fourth District, as follows: a) Authorize the Director of Housing and Community Development to execute loan documents for the K Street Apartment Project to increase the existing loan in the amount of $155,234 from the City of Lompoc's HOME allocation funds under terms consistent with the Loan Amendment, for a total loan in the amount of $598,599; b) Authorize the Director of Housing and Community Development to execute subordination agreements to Los Padres Bank and the City of Lompoc in a form approved by County Counsel.
Sponsors: HOUSING AND COMMUNITY DEVELOPMENT
Attachments: 1. Board Letter
Title
Consider recommendations regarding amendment and subordination of loan for K St. Apartments, Fourth District, as follows:
 
a)  Authorize the Director of Housing and Community Development to execute loan documents for the K Street Apartment Project to increase the existing loan in the amount of $155,234 from the City of Lompoc's HOME allocation funds under terms consistent with the Loan Amendment, for a total loan in the amount of $598,599;
 
b)  Authorize the Director of Housing and Community Development to execute subordination agreements to Los Padres Bank and the City of Lompoc in a form approved by County Counsel.
 
Body
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