County of Santa Barbara - File #: 13-00719

• File #: 13-00719
• Version: 1
• Type: Agenda Item
• Status: Passed
• In control: BOARD OF SUPERVISORS
• On agenda: 9/17/2013
• Final action: 9/17/2013
• Title: HEARING - Consider recommendations regarding the Purchase and Loan Agreement for Pescadero Lofts Affordable Housing Project, Third District, as follows: (4/5 Vote required) (EST. TIME: 45 MIN.) a) Contingent upon approval of Recommended Action (D), below, approve and authorize the Chair to execute the Purchase Agreement and Grant Deed, between the County, as Seller, and Pescadero Lofts Isla Vista, L.P., as Buyer, for the County-owned real property located at 761 Camino Pescadero in Isla Vista, to be financed by, and subject to approval of, the $2,900,000.00 residual receipts County Land Loan Agreement set forth in Recommended Action (B); b) Contingent upon approval of Recommended Action (D), below, approve and authorize the Chair to execute the County Land Loan Agreement with Pescadero Lofts Isla Vista, L.P., in the amount of $2,900,000.00, with a three percent simple interest rate and residual receipts payments that are deferred until after completion of construction of the Pes...
• Sponsors: COMMUNITY SERVICES DEPARTMENT

Date	Action By	Action	Result
9/17/2013	BOARD OF SUPERVISORS	Acted on as follows:	Pass

Title
HEARING - Consider recommendations regarding the Purchase and Loan Agreement for Pescadero Lofts Affordable Housing Project, Third District, as follows: (4/5 Vote required) (EST. TIME: 45 MIN.)

a) Contingent upon approval of Recommended Action (D), below, approve and authorize the Chair to execute the Purchase Agreement and Grant Deed, between the County, as Seller, and Pescadero Lofts Isla Vista, L.P., as Buyer, for the County-owned real property located at 761 Camino Pescadero in Isla Vista, to be financed by, and subject to approval of, the $2,900,000.00 residual receipts County Land Loan Agreement set forth in Recommended Action (B);

b) Contingent upon approval of Recommended Action (D), below, approve and authorize the Chair to execute the County Land Loan Agreement with Pescadero Lofts Isla Vista, L.P., in the amount of $2,900,000.00, with a three percent simple interest rate and residual receipts payments that are deferred until after completion of construction of the Pescadero Lofts affordable housing project and to execute the County Land Loan Regulatory Agreement and Declaration of Restrictive Covenants, which exclusively restricts the use of the property to affordable rental housing for a period of 55 years;

c) Contingent upon approval of Recommended Action (D), below, approve the County Land Loan Promissory Note, the County Land Loan Permanent Deed of Trust, Assignment of Rents, and Security Agreement, and the County Land Loan Notice of Affordability Restrictions on Transfer of Property;

d) Contingent upon approval of the Purchase Agreement (Recommended Action (A) above) and the County Land Loan Agreement (Recommended Action (B) above and Recommended Action (C) above) with Pescadero Lofts Isla Vista, L.P., accept the Quitclaim Deed referenced in the letter from the Housing Authority of the County of Santa Barbara, by authorizing the Clerk of the Board to execute the Certificate of Acceptance, thereby terminating the Option Agreeme...