Title
Consider recommendations regarding the County Loan to FLT San Simeon Oaks, L.P., for development of a Multi-Family Affordable Housing Development in the Unincorporated area of Eastern Goleta Valley and Agreement to Provide Affordable Housing, Second District, as follows:
a) Approve and authorize the Chair of the Board of Supervisors to execute an Agreement to Provide Affordable Housing by and among the County, FLT San Simeon Oaks, L.P., a Delaware limited partnership (Borrower), and RTA San Simeon, LLC, a Delaware limited partnership (Market-Rate Developer) memorializing affordable housing restrictions applicable to the San Simeon Oaks Multifamily Housing Development, County of Santa Barbara Planning & Development Case No. 25HSG-00005 (Project), and direct its recordation to be recorded against title to the Project property in accordance with County Conditions of Approval for the Project;
b) Approve a County Loan of In-Lieu Fee funds to Borrower in the original principal amount of $1,100,000.00 (County Loan) memorialized by a Promissory Note, and secured by a Deed of Trust to be recorded against title to the Project property;
c) Approve and authorize the Chair of the Board of Supervisors to execute:
i) A County Loan Agreement with FLT San Simeon Oaks, L.P. (Borrower) setting forth terms and conditions of the County Loan; and
ii) A Regulatory Agreement with Borrower to be recorded against title to the Project property, setting forth affordable housing restrictions on the Project property as a condition of the County Loan;
d) Approve and authorize the Chair of the Board of Supervisors to execute a Subordination Agreement with U.S. Bank, wherein the County agrees to subordinate the County's right to repayment of the County Loan to U.S. Bank's repayment rights under a Project construction loan provided to Borrower by U.S. Bank;
e) Approve and authorize the Chair of the Board of Supervisors to execute a Subordination Agreement with CitiBank, wherein the Co...
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