Title:
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Consider recommendations regarding Subordination of County Regulatory Agreement on a multi-unit residential property at 777 Camino Pescadero, Isla Vista, Third District, as follows:
a) Approve and authorize the Chair to execute a subordination agreement that subordinates a County Regulatory agreement to a $5,850,000.00 first mortgage; and
b) Determine that the recommended actions are not the acceptance and approval of a project that is subject to environmental review under the California Environmental Quality Act (CEQA) pursuant to CEQA Guidelines Section 15378(b)(5), organizational or administrative activities of governments that will not result in direct or indirect physical changes in the environment, and direct staff to file a Notice of Exemption.
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