File #: 13-00425    Version: 1
Type: Agenda Item Status: Passed
File created: In control: BOARD OF SUPERVISORS
On agenda: 6/4/2013 Final action: 6/4/2013
Title: Consider recommendations regarding the execution of a subordination Agreement with Rabobank, N.A., concerning Paradise Ivy, LLC's development of six affordable housing units at 909 Embarcadero del Mar in Isla Vista, Third District, as follows: a) Approve and authorize the Chair to execute a Subordination Agreement between the County and Rabobank, N.A., that subordinates the County's existing loan to Paradise Ivy, LLC in the amount of $717,000.00 to Rabobank's new permanent financing loan to Paradise Ivy, LLC, in the amount of $5,500,000.00; and b) 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 Guidelines section 15162 that no subsequent EIR or Negative Declaration shall be prepared for this project.
Sponsors: COMMUNITY SERVICES DEPARTMENT
Attachments: 1. Board Letter, 2. Attachment A - Rabobank Subordination Agreement
Title
Consider recommendations regarding the execution of a subordination Agreement with Rabobank, N.A., concerning Paradise Ivy, LLC's development of six affordable housing units at 909 Embarcadero del Mar in Isla Vista, Third District, as follows:
 
a) Approve and authorize the Chair to execute a Subordination Agreement between the County and Rabobank, N.A., that subordinates the County's existing loan to Paradise Ivy, LLC in the amount of $717,000.00 to Rabobank's new permanent financing loan to Paradise Ivy, LLC, in the amount of $5,500,000.00; and
 
b) 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 Guidelines section 15162 that no subsequent EIR or Negative Declaration shall be prepared for this project.