Title
Consider recommendations regarding the Union Bank Subordination Agreement and Amendments to County HOME Loan Agreement, County Land Loan Regulatory Agreement and related Notice of Affordability Restrictions for Pescadero Lofts Affordable Housing Project, Third District, as follows:
a) Approve and authorize the Chair to execute the Subordination Agreement that subordinates the deeds of trust securing a County HOME Loan and a County Land Loan and subordinates the related County HOME Loan Regulatory Agreement and County Land Loan Regulatory Agreement to a deed of trust securing a loan from Union Bank, N.A. for Pescadero Lofts, an affordable housing project to be constructed at 761 Camino Pescadero in Isla Vista;
b) Approve and authorize the Chair to execute the First Amendment to the First Amended, Restated and Renamed County HOME Loan Agreement with revised Exhibit B, Budget and authorize the County's Community Services Department Director to approve subsequent line item changes to Exhibit B, Budget, as long as the total principal amount of the County HOME Loan is not increased;
c) Approve and authorize the Chair to execute the County Land Loan Regulatory Agreement that sets higher rent and income limits for the one project manager's unit;
d) Approve the County Land Loan Notice of Affordability Restrictions on Transfer of Property; and
e) After considering the previously certified Environmental Impact Report (EIR) for the Isla Vista Master Plan (03-EIR-08), determine pursuant to Public Resources Code sections 21090(b) and 21166 and CEQA Guideline sections 15162 and 15168 that, as reflected in the CEQA findings, no subsequent EIR or Negative Declaration shall be prepared for this project.