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Title:
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Consider recommendations regarding Subordination of existing CDBG loan for Ellwood Apartments, located at 360 Ellwood Beach Drive in Goleta, Third District, as follows:
a) Approve the subordination of the County's existing $277,500 loan to the Montecito Bank and Trust loan for the Ellwood Apartment project;
b) Authorize Housing and Community Development to execute the subordination agreements, consistent with the terms and conditions (included in the Board Letter dated March 22, 2005).
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